Global oil markets were roiled by sharp price swings in 2008, and economists are still divided over the reasons for the unusual volatility. Those emphasizing fundamentals point to inelastic supply and demand curves, others view the phenomenon mostly as a result of financial investors flocking into commodity markets. This paper attempts to infer the strength of these competing hypotheses, using a simultaneous equation model that enables us to undertake a separate analysis of supply and demand factors. The model broadly captures both the surge and subsequent fall in prices, with a particularly strong impact of demand factors. The model captures a strong effect of a measure for global liquidity but does not find support for a speculative motive.
This paper investigates the causes of extreme fluctuations in commodity prices from 1990 to 2010. Analyzing two very distinct commodities-crude oil and fine wine, we find that macroeconomic factors are the main determinants of commodity prices. Although supply constraints have the expected effect, aggregate demand growth is the key factor. The empirical results show that while advanced economies account for more than half of global consumption, emerging economies make up the bulk of the incremental change in demand, thereby having a greater weight in commodity price formation. The results also show that the shift in the composition of aggregate commodity demand is a recent phenomenon.
This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series. Using price and quantity indicators simultaneously, it is possible to distinguish between shocks to the supply and demand for global liquidity, and isolate their impact on the economy. Our results confirm that global liquidity conditions matter for economic and financial stability, and points to indicators whose regular monitoring could be valuable to policymakers.
This book contains selected papers presented at the 3rd International Seminar of Contemporary Research on Business and Management (ISCRBM 2019), which was organized by the Alliance of Indonesian Master of Management Program (APMMI) and held in Jakarta, Indonesia on 27-29th November 2019. It was hosted by the Master of Management Program Indonesia University and co-hosts Airlangga University, Sriwijaya University, Trunojoyo University of Madura, and Telkom University, and supported by Telkom Indonesia and Triputra. The seminar aimed to provide a forum for leading scholars, academics, researchers, and practitioners in business and management area to reflect on current issues, challenges and opportunities, and to share the latest innovative research and best practice. This seminar brought together participants to exchange ideas on the future development of management disciplines: human resources, marketing, operations, finance, strategic management and entrepreneurship.
In the tradition of Yergin's The Prize, a comprehensive, category-killing look at America's shale revolution and fracking's effect on communities, industry, and the war on climate change.
Bringing together the leading authors currently working at the intersection of social science and transport science, this volume provides a companion to the well-established and extensive international Transport and Society series. Each chapter, and the volume as a whole, offers closer and richer consideration of the issues, practices and structures of multiple mobilities which shape the current world but which have typically been overlooked or minimised. What this approach seeks to do is not only draw attention to many new areas of research and investigation relating to mobile lives, but also to point to new theories and methods by which such lives have to be researched and examined. Such new theories and methods are relevant both to rethinking 'transport' studies as such but are also recasting 'societal' studies as 'transport' so that it comes out of the ghetto and enters mainstream social science.
The Q&A in this issue features seven questions about emerging markets and the financial crisis (by Ayhan Kose); the research summaries are "Tax Revenue Response to the Business Cycle" (by Cemile Sancak, Ricardo Velloso, and Jing Xing) and "Banking Crisis Resolution: Was this Time Different?" (by Luc Laeven and Fabian Valencia). The issue also lists the contents of the second issue of the IMF Economic Review, Volume 58 Number 2; visiting scholars at the IMF during October-December 2010; and recent IMF Working Papers and Staff Position Notes.
Explains the relationship of electrophysiology, nonlinear dynamics, and the computational properties of neurons, with each concept presented in terms of both neuroscience and mathematics and illustrated using geometrical intuition. In order to model neuronal behavior or to interpret the results of modeling studies, neuroscientists must call upon methods of nonlinear dynamics. This book offers an introduction to nonlinear dynamical systems theory for researchers and graduate students in neuroscience. It also provides an overview of neuroscience for mathematicians who want to learn the basic facts of electrophysiology. Dynamical Systems in Neuroscience presents a systematic study of the relationship of electrophysiology, nonlinear dynamics, and computational properties of neurons. It emphasizes that information processing in the brain depends not only on the electrophysiological properties of neurons but also on their dynamical properties. The book introduces dynamical systems, starting with one- and two-dimensional Hodgkin-Huxley-type models and continuing to a description of bursting systems. Each chapter proceeds from the simple to the complex, and provides sample problems at the end. The book explains all necessary mathematical concepts using geometrical intuition; it includes many figures and few equations, making it especially suitable for non-mathematicians. Each concept is presented in terms of both neuroscience and mathematics, providing a link between the two disciplines. Nonlinear dynamical systems theory is at the core of computational neuroscience research, but it is not a standard part of the graduate neuroscience curriculum—or taught by math or physics department in a way that is suitable for students of biology. This book offers neuroscience students and researchers a comprehensive account of concepts and methods increasingly used in computational neuroscience. An additional chapter on synchronization, with more advanced material, can be found at the author's website, www.izhikevich.com.