INVESTIGATING THE IMPACT OF FINANCIAL INNOVATION ON THE VOLATILITY OF THE DEMAND FOR MONEY IN THE UNITED STATED IN THE CONTEXT OF AN ARCH/GARCH MODEL

Payam MOHAMMAD ALIHA

Ph.D candidate, Universiti Kebangsaan Malaysia (UKM), Malaysia

payammaliha@gmail.com

Tamat SARMIDI

Associate Professor Dr. at Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM), Malaysia

tamat@ukm.edu.my

Fathin FAIZAH SAID

Dr. at Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM), Malaysia

fatin@ukm.edu.my

Abstract

This paper investigates the effect of financial innovation on real money demand in the United States using GARCH estimation technique between 1990 and 2016. Ratios of broad money stock to GDP and growth in net domestic credit to GDP were included in a conventional money demand function to account for the financial innovation. The results indicate that neither external shocks (financial innovation) nor internal shocks (previous years’ information) influence the volatility of the money demand.

Keywords: money demand, ARCH/GARCH, financial innovation, internal/external shock

JEL classification: C13, C40, C51, E40, E44
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EVALUATION OF ECONOMIC STRUCTURE DEVELOPMENT OF KUPANG CITY, NTT PROVINCE, INDONESIA TO MEET NATIONAL GHG EMISSION TARGET

Adrianus AMHEKA

Associate Professor, State Polytechnic of Kupang, Indonesia, Correspondence details: Dr. Adrianus Amheka, State Polytechnic of Kupang, Jl. Adisucipto PO.BOX 139 Penfui Kupang, NTT, Indonesia

adrianus.amheka@gmail.com

Abstract

Indonesian government through RAN/RAD-GRK program set target to reduce GHG emission between 26%~41% by 2020 based on 2005 emissions under BAU. Study begins by simple identify and evaluate current socio-economic structure condition to achieve Indonesia’s GHG emission reduction target. We assume optimal GHG reduction rate (n) between 0%~20% then investigate its impacts to related sectors. As result, found 0.015Gt is estimated amount of GHG emission in Kupang before optimized (or about 0. 47% of total GHG emission in Indonesia) and 0.012Gt after optimized. The optimal n is around 15%~17% with Kupang GRP (1,656.86~1,371.51) Trillion IDR. The result indicated that Kupang economic cannot attain n more than 17%~20% without any conflict among stakeholders and current gross regional product (GRP) is not optimal to control GHG emission but has a space for making a higher GRP by keeping the same amount of GRP as before optimized. Relation between n and GRP called the trade-off and it is allowed can be raised up by introducing renewable energy technology for future research. In Indonesia, this study becomes the first study dealt with GHG emission reduction in the city level focused on economic activities.

Keywords: Kupang economic, GHG emission, reduction rate

JEL classification: O21, O25, O44, R50, R58

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CHALLENGES OF A SUSTAINED AND SUSTAINABLE DEVELOPMENT: A STUDY-CASE

Zenólia ALMEIDA

PhD. Governador Valadares Academy of Letters, Minas Gerais, Brazil

zenalmeida@gmail.com

Inguelore SCHEUNEMAN

PhD. Assistant Professor retired from Universidade Federal de Pelotas, Brazil

inguelore@gmail.com

Teresa SEQUEIRA

PhD. Assistant Professor at Universidade de Trás-os-Montes e Alto Douro (UTAD), and Senior researcher at Centre for Transdisciplinary Development Studies (CETRAD), Vila Real, Portugal

tsequeir@utad.pt

Francisco DINIZ

PhD. Associate Professor with Abilitation retired from UTAD, and Senior researcher at CETRAD, Vila Real, Portugal

fdiniz@utad.pt

Abstract

The town of Governador Valadares went through several economic cycles throughout its history which led to the destruction of its forests and the depletion of its soil, causing poverty and stagnation. Socioeconomic indicators point out the actual stage of the town’s development. In order to fully understand what its inhabitants think about this reality, two separate researches were conducted: a) with students and teachers of both public and private secondary schools to assess their social awareness regarding the environment, their attitudes, values and social practices towards Rio Doce, as well as the town’s natural and cultural heritage; b) with stakeholders, opinion makers and other inhabitants to understand what they think about “the town we have” and their view of a suitable future for Governador Valadares; in other words, “the town we want to have in a near future”. The information gathered made it possible to make a SWOT analysis that can serve as an important basis for public policies targeting the town’s sustainable development. The final goal of the current study is to make a Master Plan for the Integrated Territory Management – ITM methodology.

Keywords: Territory, Social Perception, Integrated Management, Governance, Sustainability

JEL classification: R58, Q01, 021
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