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The design of a macro-prudential framework and its interaction with monetary policy has been at the forefront of the policy agenda since the global financial crisis…
The design of a macro-prudential framework and its interaction with monetary policy has been at the forefront of the policy agenda since the global financial crisis. However, most advanced economies (AEs) have little experience using macroprudential policies. As a result, relatively little is known empirically about macroprudential instruments’ effectiveness in mitigating systemic risks in these countries, about their channels of transmission, and about how these instruments would interact with monetary policy. This paper aims to fill in the gap.
The authors develop a new approach using the euro area bank lending survey to assess the effectiveness of macro-prudential policies in containing credit growth and house price appreciation in mortgage markets. Estimation is performed under the panel regressions (OLS, GLS) and panel VAR setup. Endogeneity issues arising from measures of macro-prudential policies are addressed by introducing GMM estimation and various instruments.
The authors find instruments targeting the cost of bank capital most effective in slowing down mortgage credit growth, and that the impact is transmitted mainly through price margins, the same banking channel as monetary policy. Limits on loan-to-value ratios are also effective, especially when monetary policy is excessively loose.
With limited data on macroprudential policy measures in the AEs, this paper proposed a new methodology of using answers from bank lending survey as proxies to assess the effectiveness of specific macroprudential measures and their transmission channels.
Sociology of sport in China has evolved from being an “exotic” subject to a localized subject over the past 35 years. It is closely associated with social changes, sports…
Sociology of sport in China has evolved from being an “exotic” subject to a localized subject over the past 35 years. It is closely associated with social changes, sports policy and athletic achievement of China. As a discipline of humanitarian and social sciences of sport, it is taught in virtually all universities with sports majors. There are about 500 scholars specializing in sport sociology in the country. Textbooks written by Chinese and foreign scholars are published. Academic papers on sport sociology are often published in the 15 accredited core sports journals. The most productive authors are from universities and the developed provinces and municipalities. The established research areas of sport sociology are extensive. These include national identity, athlete mobility, Olympic legacy, sport for all, sports industry issues, feminist studies, community sport, sport for the aged and disabled, etc. However, there are few studies with critical analysis and only a few in the areas of sport and religion, sport and race, and deviance in sport in China. Various kinds of financial support at different levels are available in the country. Empirical research is common with literature review, questionnaire, case study, and interview being the most frequently used methods. However, sport sociology is not considered as a major topic but as a research direction and it is not accepted widely by mainstream sociology. The future of sport sociology is promising, but not without challenges.
School consolidation reforms are underway in regional New South Wales (NSW), Australia. The purpose of this paper is to establish an evidence base of research literature…
School consolidation reforms are underway in regional New South Wales (NSW), Australia. The purpose of this paper is to establish an evidence base of research literature on school consolidation in regional, rural and remote locations.
A scoping study of empirical literature on school consolidation, with a particular focus on regional, rural and remote education, since the year 2000 was undertaken. A corpus of 35 papers were identified and subjected to analysis based on: year of publication, country of origin, unit of analysis, data sources, timeframe and theoretical model.
There remains a limited evidence base for the success of school consolidation reforms for turning around student outcomes. In addition, a number of social implications are experienced by communities losing their local school. These issues are amplified in regional, rural and remote locations.
School consolidation reforms are used by governments/systems wanting to reduce costs and address issues of student disengagement and under-achievement. Despite a lengthy history internationally, there is at best mixed evidence regarding these reforms. With a consider disparity gap between urban and regional, rural and remote school outcomes, robust evidence on the success of reforms has major policy implications for government, systems, educators and communities.
With reforms already underway in NSW (and elsewhere), the need for a rigorous and robust evidence base, such as this scoping study, is timely and significant.