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Transitioning from fossil fuel dominated power systems to high penetrations of intermittent renewable generation is affecting classical electricity market designs. Here, a method is proposed to model and assess the absence of co-optimization of energy and reserve that prevails in the European system. Co-optimization is formulated through an optimization problem (COM), and its absence as an equilibrium problem (EQM) built on Karush-Kuhn-Tucker conditions of agents' optimization and market clearing equations. EQM cannot be reformulated as a single optimization problem. Market distortions are identified by comparing the complementarity conditions of both models. These are then discussed on system with Feed in Premium to wind generation. Parameters in the models allow to represent different market configurations regarding: available wind generation, Feed in Premium to wind, generators' risk aversion, and required reserve from wind generation.

Using Bank for International Settlements (BIS) data on cross-border bank flows across 128 countries and over two decades, we find that heightened bank flows are associated with improved financial stability in a recipient country’s bank system. The reductions in marginal expected shortfall (MES) are concentrated among network-central banks and especially those in less concentrated banking sectors. Higher bank flows are also associated with improvements in bank asset quality, efficiency, and profitability in recipient markets. We interpret these new findings as consistent with predictions from recent models of bank globalization that emphasize a competition channel for bank risk-taking.

This study investigates the potential for internationalisation of the naira in the quest for a common West African currency, despite some weak institutional challenges attributed to Nigeria. We employed a two-stage currency internationalisation modelling approach, where the first stage estimates the model, and the second stage employs ‘counterfactual simulations’ to predict the trend in the currency ratio of the proposed currency for internationalisation (in this case, the naira). We also account for the ‘tipping effect’ and ‘network externalities’, as recommended in the literature. The results provide evidence that supports the ‘tipping effect’ and ‘network externalities’, which show that accounting for ‘network externalities’ may cause inconsistency in the results. Our simulation exercise shows that improvements in the financial and macroeconomic development levels are prerequisites for the internalisation of the naira in West Africa. The results of the policy simulation also show that the reserve ratio of the naira is consistently higher than that of the CFA franc, which indicates that the naira is a better reserve currency anchor for the proposed single currency in West Africa, compared with the CFA franc. This is also reinforced by evidence that the naira in its worst performing period is better than the CFA franc in its best performing period. Key words: Currency internationalisation, institutional reform, naira, ECOWAS, Nigeria.

A healthy banking system is determined by the amount of money supply which can be monitored through various monetary policy instruments. A lot of study has shown studies from other countries on various monetary policies used with scanty literature as it relates to Nigeria, and this research is aimed at looking at the Nigerian scenario. Method used for this study is empirical on the effect of monetary policy on banking in Nigeria. Time series data from 2004-2019 was used with an autoregressive distributed lag approach and error correction mechanism. The findings from this study are; there is an evidence of significant relationship between the dependent and the explanatory variables with a long-run relationship between credit reserve ratio and money supply on bank loans and advances while other variables such as monetary policy rate (MPR) and liquidity ratio (LQR) are not significant on bank loans and advances in Nigeria. The error correction mechanism reveals the existence of cointegration, stating that there is a long-run relationship among the dependent and the explanatory variables. Structural changes in monetary policy is significant on bank loans hence suggesting a significant effect on bank loans and advances. This research serves as a great relevance to policy makers which implies monetary authorities should review and formulate an efficient policy such as fiscal policy to help boost bank industries in Nigeria

The scientific article is devoted to the study of the purpose of monetary policy of the central banks of the EU member states. The legislation of the European Union, the member states of the European Union (Germany, France, Poland, the Czech Republic, Spain), as well as the United Kingdom, which left the EU, modern approaches in the science of constitutional and administrative law to determine the monetary policy of central banks EU members. The concept of the purpose of the monetary policy of the Central Banks of the EU member states, the activities and instruments of monetary policy, the functions of the central bank of the EU member state are distinguished. Emphasis is placed on the following regulatory functions of central banks that exist in legal doctrine: 1) management of aggregate money turnover; 2) regulation of the monetary sphere; 3) regulation of supply and demand for credit. The focus is on the fact that the central banks of the EU member states support purchasing power, as well as on the well-known fact: inflation - the slope of financial policy is recognized in economic theory as the most effective. Ensuring the stability of the currency (conducting open market operations or establishing exchange rate policies or reserve requirements, etc.) is a function of the central bank of the state, not the purpose of its activities. The stability of the national unit is also a function of the central bank of the state. It is established that the main purpose of the monetary policy of the central banks of the EU member states is to ensure price stability. In addition, it is argued that this is the inflationary - inclination of financial policy is the most effective. Accounting policy, interest rate policy, regulation of reserve requirements, money supply, open market operations and credit operations, interest rates, reserve requirements of banks are the activities and instruments of monetary policy of central banks. members of the EU, not the purpose of monetary policy.

The purpose of this research is to show the differences in financing between Bank Mandiri and Bank Syariah Mandiri; the effect of the inflation rate on financing; the influence of the BI-7 day repo rate on financing; the influence of the number of third party funds on financing; the effect of the statutory reserve requirement on financing. This research uses a quantitative approach with associative and comparative types of research. The sampling technique used was the purposive sampling method. The test uses a hypothesis test and an independent sample test to compare the financial performance of the two banks. The results showed that the inflation rate, BI-7 day repo rate, and the minimum reserve requirement had no effect on financing at Bank Mandiri and Bank Syariah Mandiri. While third-party funds partially have a positive and significant effect on financing at Bank Mandiri and Bank Syariah Mandiri. There is a significant difference between financing between Bank Mandiri and Bank Syariah Mandiri. This research can provide input for Islamic banking, especially Bank Mandiri and Bank Syariah Mandiri, in determining profit-sharing financing policies.

The article brings light to the study of the nature reserve fund (NRF) of Zakarpatska oblast as a component of the national heritage of the country. Representativeness is considered to be one of the main principles of spatial formation of the NRF object network. Therefore, to determine the current state and ensure further effective development of the region’s nature reserve fund, it is necessary to analyze its territorial and internal structural indicators. The purpose of the study is to analyze the current status of the region’s nature reserve fund with the reference to the possibility of introduction of the further new management practices. The article is based on information and statistical materials, the provisions of regional programs for the formation of the ecological network and environmental legislation of Ukraine. To solve the assigned tasks, there has been done a comprehensive analysis of statistical reporting data and materials of the NRF Register in Zakarpatska oblast of the Department of Ecology of Natural Resources of Zakarpattia Regional State Administration within the period of 2019, and reporting documents of environmental institutions for the same period. The considered indicator is the territorial distribution of nature reserve areas and region areas by administrative districts (before the formation and implementation of changes to the administrative-territorial structure of the Zakarpatska oblast), which is presented in the form of the division into four groups. The spatial distribution of the territory and the NFR objects do not sufficiently meet the criteria of local representativeness, so their spatial structure needs significant improvement, be specific – the creation of nature reserves, especially in the lowlands of the region. The average density of nature protection objects in the region (36 units / 1000 km2) is almost three times higher than the corresponding indicator in the neighboring Lviv region. The average value of the reserve factor in the region makes 14.17 %. It has been found that the reserve ratio demonstrates geographically the largest disproportion in Zakarpatska oblast. It is the highest indicator in turns of administrative entities in the districts of Mizhhiria, Velyky Bereznyi and Rakhiv. The lowest one is in Svaliava and Berehove districts, respectively. In addition, the reserve ratio compared to the national average indicator and in other European countries has been carried out. The quality of the nature reserve network is determined by the insularity coefficient, which indicates the size of the NRF objects and their stability. Further expansion of the network of nature protection objects in Zakarpatska oblast is possible due to the creation of Latorytsa, Shaian and Uzhok landscape parks. A big assumption can be made that by 2020 it will be possible to create new and expand existing areas of NRF in the region up to 100–120 thousand hectares, which will increase the protected area up to 20–22 %. The key issues of nature reserves to be developed in Zakarpatska oblast are primarily related to the imperfection of the management system. To handle this problem, there is an urgent need to develop a strategy, which will envisage the perception of the NRF as a holistic anthropogenic and natural unit in order to put into practice the environmental, scientific, educational and recreational functions.

RESUMO Desde o início do Plano Real, o governo tem recorrido a depósitos compulsórios muito mais elevados sobre o passivo dos bancos, bem como à criação de depósitos compulsórios sobre crédito (ativo de um banco) na tentativa de restringir a expansão dos agregados monetários e do crédito. A intenção da política estava certa, embora o desenho do perfil dos requisitos de reservas, ou seja, a estrutura relativa dos requisitos de reservas sobre os passivos do banco diferente, fosse falho. Isso ocorre porque há uma exigência de reserva muito alta (inicialmente 100% marginal) sobre os depósitos à vista, que é o passivo que normalmente cresce mais quando as altas inflações diminuem. Desde o início de 1995, as mudanças tributárias tornaram lucrativa a transferência até mesmo de fundos de muito curto prazo de depósitos à vista para fundos mútuos de curto prazo. Além disso, quando essa transferência é realizada, o depósito compulsório geral cai substancialmente. A principal recomendação de política é usar tanto o perfil dos compulsórios quanto a estrutura tributária de modo que a riqueza financeira agregada seja distribuída entre seus diversos componentes de forma compatível com a baixa inflação. Isso evitará futuras realocações de carteira, aumentando a eficácia da política monetária. ABSTRACT Since the outset of the Real Plan, the government has resorted to much higher reserve requirements on bank’s liabilities, as well as to the creation of reserve requirements on credit (a bank’s asset) in the attempt to restrict the expansion of monetary aggregates and credit. The policy intention was right, although the design of the reserve requirements profile, i.e., the relative structure of the reserve requirements on the different bank’s liabilities, was flawed. This is because there is a very high (initially a 100% marginal) reserve requirement on demand deposits, which is the liability that typically grows the most when high inflations subside. Since the beginning of 1995, tax changes made profitable to transfer even very short-term funds from demand deposits to short term mutual funds. Furthermore, when such transfer is undertaken, the overall reserve requirement falls substantially. The main policy recommendation is to use both the reserve requirements’ profile and the tax structure so that the aggregate financial wealth is distributed among its several components in a way compatible with low inflation. This will avoid future reallocations of portfolio, thereby increasing the efficacy of monetary policy.