Dynamic Impact of Money Supply on Inflation: Evidence from ECOWAS Member Statesiosrjce
According to the monetarists, inflation is essentially a monetary phenomenon in the sense that a
continuous rise in the general price level is due to the rate of expansion in money supply far in excess of the
money actually demanded by economic units. But the link between changes in money supply and inflation is not
instantaneous. This study, therefore, assessed this dynamic linkage between money supply and inflation in
ECOWAS member states; West African Monetary Zone (WAMZ) and West African Economic Monetary Union
(WAEMU) for the period 1980-2012. The stationary properties of the series are explored both at univariate and
panel sense using KPSS and ADF; IPS and LLC. The results revealed that money supply and inflation are
stationary at the level for individual countries and at panel sense. The random effect model for ECOWAS
member states shows that the impact of money supply on inflation is effective in the current and first period.
While the impact is effective in the first period for WAMZ, WAEMU experiences the impact in current period.
The finding also reveals that there are significant specific-country effects on the variables. This implies that the
objective of macroeconomic convergence is yet to be achieved. The paper, therefore recommends that inflation
should be used as an operational guide in evaluating the effectiveness of monetary policy and also a strong
monetary cooperation programme among ECOWAS member states should be evolved.
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Trade Openness and Volatility of India’s Exports-an Analysisiosrjce
It is widely acknowledged that an economy’s vulnerability to exogenous economic shocks is largely
determined by its degree of exposure to the global economy—that is, by its degree of economic openness. In this
respect it is important to note that the size of impact depends on each country’s mix of exports and main trading
partners—that is, on its degree of export concentration. By all accounts, higher degrees of export concentration
are strongly correlated with greater volatility in export earnings. Present paper focuses on estimating the
degree of India’s openness and estimating the diversification of India’s exports calculating Herfindahl index.
The findings of the present study suggests increasing integration of Indian economy with world economy since
the initiation of reform process in 1991.It rose from 10.30 in 1987-88 to 40.58 in 2013-14. Further the findings
of the study are in line with theoretical arguments that economic openness explains the fact that an economy
may be vulnerable to external economic shocks as reflected by losses in export revenues and growth slowdowns
as the estimated correlation coefficients between variations in degree of openness and variations in earnings
from total exports and earnings from manufacturing exports (having largest share in total exports) are high and
positive. So far as product diversification of Indian exports is concerned, findings of the study suggest almost no
increase in it since 1990-91. Rather the concentration has slightly increased in recent past. Need for increasing
product diversification was also realised in Economic Survey 2012-13 after a drastic fall in exports in dollar
terms. The Economic Survey 2012-2013 presented by Finance Minister P Chidambaram in Parliament stated,
‘growth in exports can only be achieved with greater diversification of products’.
Бородулин Илья 9 лет
учащийся Астраханской средней школы №2
Акмолинской области Астраханского района с. Астраханка
Руководитель: Машевская Инна Ивановна
учитель начальных классов Астраханской средней школы №2
2. Здоровая полость рта – это …
Отсутствие боли
Отсутствие кариеса
2
1
Чистая поверхность
зубов
Нормальный цвет
десен
3
Показатели
здоровья
полости рта
4
5
Отсутствие кровотечений
из десен
3. Здоровье полости рта и всего организма
Заболевания сердца
Диабет
Заболевания ЖКТ
Заболевания
сосудов
головного мозга
Задержка роста и развития
...
И после этого болезни зубов – это не болезни!?
6. Сигналы об опасности для здоровья полости рта
Кровоточат десны
Припухлость и покраснение
десен, болезненные
ощущения
Трудности при жевании
Расшатывание зубов
7. Пародонтоз – хладнокровный враг здоровья
дца
сер
ния
ева
бол
За
За
бо
ле
ва
ни
я
по
че
к
Артрит
Заб
оле
ды
ва н
х ат
ель ия ор
ган
ны
хп
о
уте в
й
Пр
ые
нн
ме
ре
ев ды
д
ж ро
е
9. Противовоспалительный и обезболивающий
компонент - пеонол
Э кс т
р а ги
р
помо уется с
Пеонол
свер
щью
хк ри
ти
угле
кисл ческого
Экстракт из коры корня пиона
ог о г
аза
Антибактериальное действие
Очищение от жара и охлаждение крови, активизирует
кровообращение, предотвращает закупорку сосудов
Противовоспалительное средство, снижает
чувствительность десен, снимает боль
Минимум побочных действий, максимум безопасности
Клинические исследования показали, что пеонол в составе
зубной пасты оказывает профилактическое действие против
пародонтоза и симптомов повышенной чувствительности
дентина
12. Как правильно чистить зубы
Верхние зубы –
движения сверху-вниз
Внутренняя
поверхность
нижних зубов снизу-вверх
Нижние зубы –
движения снизу-вверх
Внутренняя
поверхность
верхних зубов –
сверху-вниз
Жевательная
поверхность движения назадвперед