25 research outputs found

    Money Supply, Inflation, and Economic Growth: The Case of the Eurozone (1990–2022)

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    International audienceThis article examines the relationship between money supply, inflation, and economic growth in the Eurozone over the period 1990–2022. The analysis builds on two complementary theoretical frameworks: the Cobb–Douglas production function and the classical quantity theory of money, interpreted through a monetarist lens. To capture structural breaks and evolving transmission mechanisms, the study employs a Regime-Dependent Conditional Mean (RDCM) model and a Time-Varying Parameter Vector Autoregression (TVP-VAR). The results reveal the existence of two distinct macroeconomic regimes. In stable environments, monetary expansions are associated with inflationary pressures and lower output, consistent with monetarist predictions. In contrast, during unstable periods, the effects of monetary shocks tend to weaken or even reverse, reflecting heightened uncertainty and lower monetary velocity. These findings underscore the need for regime-contingent policy strategies. Pre-emptive tightening appears more effective under stable conditions, whereas accommodative measures are preferable in times of crisis to support aggregate demand. The study highlights the limitations of monetary policy in isolation and calls for stronger fiscal coordination and enhanced real-time monitoring of regime dynamics to ensure macroeconomic stability and promote sustainable growth

    Banking regulation and supervision: can it enhance stability in Europe?

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    ABS 1International audiencePurpose – This paper aims to find the effects of regulatory and supervisory policies on bank risk-taking. The same regulation and supervision have different effects on bank risk-taking depending on influence factors. These factors were considered and a sample of the largest European banks from France, Germany, UK, Italy, Spain and Greece was used over the period 2005-2011. Design/methodology/approach – In this paper, the author analyses the effects of regulation and supervision on risk-taking. The author uses a sample of the biggest banks from six European countries (France, UK, Germany, Italy, Spain and Greece) over the period 2005-2011. Because the applicable entry of IFRS was in 2005, thus data of European banks are not available before this date. For each country in the sample, the 10 largest banks (defined by total assets) that lend money to firms were identified. The author does not include central banks or postal banks, which generally do not lend money to firms and are described as non-banking institutions (La Porta et al. , 2002). Findings – It was found that restrictions on bank activities, supervisors’ power and capital adequacy decrease risk-taking. Thus, regulation and supervision enhance bank’s stability. While, deposit insurance increases the risk due to its association to moral hazard. Finally, it was found that strengthening regulatory and supervisory framework raises the risk-taking and weakens the stability of European banks. Originality/value – The author contributes to existing empirical analyses in three ways. First, the existing literature has drawn a lot of attention on US banks. However, the purpose of this paper is to examine the biggest banks of three European leaders (France, Germany and UK) and three more European countries influenced by the recent crisis (Spain, Italy and Greece) over the period 2005-2011. Second, most studies focus mainly on the relationship between regulation and profitability, yet seldom on the relationship between regulation, supervision and risk-taking. The author focuses on this relationship. Third, this study applies the two-step dynamic panel data approach suggested by Blundell and Bond (1998) and also uses dynamic panel generalized method of moments (GMM) method to address potential problems. The two-step GMM estimator that the author uses is generally the most efficient

    Disclaiming authorial intent

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    Includes bibliographical references (leaves 63-67).This study focuses mainly on the significance of free readership as juxtaposed against authorial intent through examining the linguistic elements of the narrative discourse shaping the fictional worlds of William Faulkner’s The Sound and the Fury (1929) and Ghassan Kanafani’s ma Tabaqqa la-Kum (1966) (All That’s Left to You). To this effect, the study ventures on the methodology of deconstruction, precisely utilizing Michel Foucault’s notion of the author and Mikhail Bakhtin’s emphasis on heteroglossia, in order to delve into the dramatic and psychological dimensions of the characters inhabiting the two fictional worlds in question. This approach entitles the reader as critic to scrutinize the primacy of language, and at the same time it dethrones and brings the Author back to the parade of readers. Eventually, several inter-textual links are drawn between the two apparently strictly “regional” works, which will stratify the concept that literary art transcends the locale and summarily all authorial idiosyncratic restrictions.1 bound copy: 67 leaves; 30 cm. available at RNL

    Knowledge Management and the Competitiveness of Learning Organizations

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    Knowledge management is becoming a source of discriminative value in the competitive positioning of companies and is becoming a lever for the development and emergence of new forms of organization. In fact, knowledge is the result of a cooperative process in collective action. The next step is to promote the creation of this knowledge and its sharing by managing the cooperative work of a community of people: we no longer manage the knowledge itself, but the collective that creates it, where the notion of “cooperative management of knowledge” applies. The author reflects on the organizational factor: Can it influence the practice of knowledge management within the companies willing to improve their innovation processes in order to achieve competitiveness? This reflection falls within the field of management sciences through studying the organizational solutions to ensure a better capitalization, sharing and new knowledge creation, and a better comprehension of the success conditions of the knowledge management approach, which consists of adaptation to the environment. </jats:p

    Avenue de France de Colette Fellous : histoire des lieux et lieu des histoires

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    Résumé&nbsp; Colette Fellous est l’auteure de plusieurs récits qui convergent vers un même point d’ancrage, la Tunisie. Cet attachement à son pays d’origine a suscité en elle le besoin de revoir la petite et la grande histoire. Son éveil intellectuel à une telle entreprise s’est effectué avec Avenue de France, produit en 2001. La réécriture de sa vie quotidienne a pour assise la ville de Tunis. Afin de mieux communiquer avec son lecteur potentiel, l’auteure a préconisé deux éléments distincts : texte et image permettant de mieux saisir le passé. &nbsp; Mots-clés&nbsp;: Lieu, réel, représentation artistique, histoire, mémoire &nbsp; Abstract Colette Fellous is the author of several narratives converging towards a common anchor, Tunisia. Her attachment to her country of origin has sparked the need to revisit both small and grand history. Her intellectual awakening to such an endeavor took place with Avenue de France, created in 2001. The rewriting of her daily life is anchored in the city of Tunis. In order to better communicate with her potential reader, the author advocated for two distinct elements: text and image, allowing for a better grasp of the past. Keywords&nbsp;: Place, Real, Artistic representation, History, Memor

    Compositional profile of food supplements for honeybees

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    Mestrado de dupla diplomação com a Université Libre de TunisHoneybees (Apis mellifera L.) are the main pollinating agents for numerous plants and fruit trees and, hence, play a key role in agriculture and more generally in the maintenance of ecological biodiversity. Like the most of organisms, honeybees need a diverse diet consisting of minerals, carbohydrates (sugars), fats, and amino acids (proteins) to survive and reproduce. An adult honey bees carbohydrate requirement is satisfied by the nectar produced in flowers and also occasionally from extra floral nectarines or honeydew secreted by plant-feeding insects, while, flower pollen is the main source of amino acids, protein building blocks, largely used to feed developing larvae and young bees to provide structural elements of muscles, glands and other tissues. Bee-population declines are linked to nutritional shortages caused by land-use intensification, which reduces diversity and abundance of plant species. Together with the deficiency caused by adverse climatic changes and with the need to reduce colony mortality and particularly to ensure good nutritional/health status of bees in specific production moments, artificial supplementation of honeybee colonies became a major issue in beekeeping, and now is a common and growing practice within Portuguese beekeepers. This practice, in association with the reduced regulation in this area is leading to the proliferation of commercial products based on carbohydrates, protein and other substances of diverse origins and compositions. The impact of these products on hives may enable the beekeeper to remedy colony imbalances resulting from adverse or beekeeping conditions, but also may pose risks to the bee’s health and the bee products quality, depending on the used raw materials and the presence of harmful substances. The present work, inserted within the project ApisCibus - Artificial food for honeybees: quality survey, digestibility and performance on the bee hive, will have as main objective to evaluate the quality of commercial honeybee artificial supplementation through composition analysis of commercial supplements. The quality parameters evaluated are: minerals quantified through atomic absorption spectroscopy, fatty acids analyzed by gas chromatography coupled to mass spectrometry (GC-MS) and amino acids which are analyzed by ultra-performance liquid chromatography coupled with electro spray ionization mass spectrometry (UPLC-ESI-MS). Food supplements that are analyzed are largely used by beekeepers without knowing if they are benefic or not, toxic or not on the health of bees. Furthermore the results of the analysis shows that what is represented on the labels of products could be not exactly the same amounts of the real product inside the package. It shows also that some products may be considered as benefic or as toxic depending on the amount of these micronutrients. To continue this work in order to confirm these hypothesis, in vitro tests could be done on honeybees using these products analyzed in this thesis. Through the obtained results we could observe that the high amount of free amino acids presented in the studied supplements does not necessarily reflect a good source of nutrients, considering that for the bee it is important to have access to a diverse set of amino acids. Bee's nutritional requirements require 10 essential amino acids (Arg, Phe, His, Ile, Leu, Lys, Met, Thr, Trp and Val). The supplement P12 appears as the richest and most balanced, followed by P05. The C08 supplement, although containing an adequate proportion in most amino acids, has an excessive amount of Arg, which may cause adverse effects. Regarding fatty acids, the samples presented several compounds, among which the most abundant were hexanoic acids, 9-octadecenoic acid (oleic acid) and 9,12-octadecadenoic acid (linoleic acid). Although the role of fatty acids in bee nutrition is not yet fully understood, compounds such as linoleic acid, linolenic acid, myristic acid and dodecanoic acid appear to play an important role in inhibiting some microorganisms that affect bees, as Paenibacillus larvae larvae (American foulbrood). For this reason the sample P05 appears as the one with the highest nutritional quality, since it presented a higher number of fatty acids. In the analysis of minerals, it was observed that protein foods are significantly richer in micronutrients. In this work, the most common elements were potassium, sodium, calcium and magnesium, while copper and manganese appeared in some foods in small quantities. Cadmium, often an associated element with heavy metal contamination appeared in only one of the products, P05, but in very small quantities, lead was not detected in any of the supplements. In general, there were discrepancies between the results obtained and the description available on product labels, making clear the need for further quality control of these commercial products.As abelhas melíferas (Apis mellifera L.) são os principais agentes polinizadores de inúmeras plantas e árvores frutíferas e, portanto, desempenham um papel fundamental na agricultura e, de maneira mais geral, na manutenção da biodiversidade ecológica. Como a maioria dos organismos, as abelhas precisam de uma dieta diversificada, composta de minerais, hidratos de carbono, lípidos e aminoácidos (proteínas) para sobreviver e se reproduzir. A necessidade de hidratos de carbono de uma abelha adulta é satisfeita pelo néctar produzido pelas flores e também, ocasionalmente, por meladas segregadas por insetos, enquanto o pólen de flores é a principal fonte de aminoácidos, principais constituintes das proteínas, tendo um papel preponderante no desenvolvimento de larvas e abelhas jovens, fornecendo elementos estruturais de músculos, glândulas e outros tecidos. O declínio das populações de abelhas está ligado à escassez nutricional causada pela agricultura intensiva, que reduz a diversidade e a abundância de espécies de plantas.Juntamente com a deficiência causada por alterações climáticas adversas e com a necessidade de reduzir a mortalidade de colónias, particularmente para garantir um bom estado nutricional/saúde das abelhas, a suplementação artificial de colónias de abelhas tornou-se uma questão importante na apicultura, sendo uma prática comum e crescente entre os apicultores portugueses. Esta prática, associada à escassa regulamentação existente para este tipo de produtos, está a aumentar a oferta comercial destes produtos.O impacto destes produtos nas colmeias pode permitir ao apicultor remediar desequilíbrios existentes nas colónias, resultantes de condições adversas ou de apicultura, mas também pode representar riscos à saúde da abelha e à qualidade dos produtos apícolas, dependendo das matérias-primas usadas e da presença de substâncias nocivas. O presente trabalho, inserido no projeto ApisCibus - Alimentos artificiais para abelhas: levantamento de qualidade, digestibilidade e desempenho sobre a colmeia, teve como objetivo principal avaliar a qualidade de suplementos artificiais de abelhas comerciais através da análise da sua composição química. Os parâmetros de qualidade avaliados foram: minerais, quantificados por espectroscopia de absorção atómica, ácidos gordos, Analisados por cromatografia gasosa acoplada a espectrometria de massas (GC-MS) e aminoácidos analisados por cromatografia líquida de ultra-pressão acoplada à espectrometria de massas por ionização por eletrospray (UPLC- ESIMS). Através dos resultados obtidos pudemos observar que a elevada quantidade de aminoácidos livres apresentada nos suplementos estudados, não reflete necessariamente uma boa fonte de nutrientes, considerando que para a abelha é importante ter acesso a um conjunto de aminoácidos diversificados. As exigências nutricionais da abelha requerem 10 aminoácidos essenciais (Arg, Phe, His, Ile, Leu, Lys, Met, Thr, Trp e Val).O suplemento P12 surge como o mais rico e equilibrado, seguindo-se o P05. O suplemento C08, apesar de conter uma proporção adequada na maioria dos aminoácidos, apresenta uma quantidade excessiva de Arg, o que poderá provocar efeitos adversos. Relativamente aos ácidos gordos, as amostras apresentaram diversos compostos, entre os mais abundantes os ácidos hexanóico, ácido 9-octadecenóico (ácido oleico) e ácido 9,12-octadecadienóico (ácido linoleico). Embora o papel dos ácidos gordos na nutrição das abelhas ainda não seja totalmente compreendido, compostos como o ácido linoleico, ácido linolénico, ácido mirístico e ácido dodecanóico parecem ter um papel importante na inibição de alguns microorganismos que afectam as abelhas, como Paenibacillus larvae larvae (Loque Americana). Por esta razão a amostra P05 surge como a de maior qualidade nutricional, já que apresentou um maior número de ácidos gordos. Na análise dos minerais, observou-se que os alimentos proteicos são significativamente mais ricos em micronutrientes. Neste trabalho, os elementos mais comuns foram o potássio, sódio, cálcio e magnésio, enquanto cobre e o manganês surgiram em alguns alimentos em pequenas quantidades. O cádmio, um elemento associado frequentemente com a contaminação por metais pesados surgiu apenas num dos alimentos, P05, mas em quantidades muito reduzidas, já o chumbo não foi detetado em nenhuma dos suplementos. No geral, verificaram-se discrepâncias entre os resultados obtidos e a descrição disponível nos rótulos dos produtos, tornando-se evidente a necessidade de um maior controlo de qualidade destes produtos comerciais.The author thanks to Programa Apícola Nacional (2017-2019) for the funding to the Apiscibus and to Fundação para a Ciência e Tecnologia (FCT) and FEDER inside the Program PT2020 for the finantial support to CIMO (UID/AGR/00690/2019)
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