In his "The World’s smallest macroeconomic model” (Krugman (1999)), Paul Krugman argued that under the assumption of price rigidity, a shortage of money supply leads to underemployment or recession, so increasing money supply can eliminate underemployment and restore full employment. But, how do we increase the money supply? I will show that we need a government deficit to increase the money supply in order to restore full employment from recession. Also, I will show that in a growing economy, if people hold money, a government deficit is necessary to maintain full employment under constant price or inflation. A government deficit is not only effective in pulling the economy out of recession, it is even necessary for continued growth without inviting either recession or inflation. The government deficit in this paper represents the difference between government expenditures and government revenues. When the difference is positive, we say that the government has a deficit. This paper seeks to explore theoretically and normatively the role of government deficits in achieving and maintaining full employment in a growing economy without causing inflation, using a very simple model by Krugman.

This paper attempts to introduce an overlapping generations structure into Paul Krugman's "The world's smallest macroeconomic model" (Krugman (1999)) to examine the implications of fiscal policy, particularly fiscal deficits, in a framework suitable for policy analysis. In that paper, Krugman argued that under the price rigidity assumption, a shortage in the money supply leads to underemployment and recession, so increasing the money supply would eliminate underemployment and restore full employment. But how can the money supply be increased? I show that in order to restore full employment out of a recession, a fiscal deficit is needed to increase the money supply. I also show that in a growing economy, fiscal deficits are necessary to maintain full employment at constant prices or inflation. Fiscal deficits are not only effective in pulling the economy out of recession, they are even necessary for growth to continue without recession or inflation. The fiscal deficit in this paper represents the difference between government spending and government revenues. If this difference is positive, we say that the government is in deficit. Krugman's original model is a one-period static model. I intend to extend this model to a dynamic overlapping generations model.

The COVID-19 pandemic wreaked havoc on economies everywhere, affecting everything from supply chain networks to international trade as a direct result of the increased vulnerability of more nations and the disruption of the activities of key traders. This research study examines how COVID-19 affected the supply chain on a worldwide and regional scale, as well as the systemic policy and economic steps governments and businesses took to rebound and maintain resilience. COVID-19 has had a significant influence, prompting governments and businesses to take steps to fortify their operations and businesses against disruptions, highlight the necessity for resilience in supply chains and emphasize the importance of managing risk. The supply value chain is at risk from the prolonged implementation of COVID-19 trade measures like border closure, export restrictions, and import sanctions. Many businesses are transitioning from a "recovery mode" to a resilient and sustainable mode" and are beginning to plan for the future. The study suggests that corporate and government leaders should prioritize proactive and adaptable policy, economic, and structural adjustment. This research will be useful to policymakers and industry leaders in their efforts to lessen the effect of COVID-19 on the global supply chain by enforcing governmental, economic, and business reforms built on resilient supply chains and mitigating economic risks during tough times.

Green credit policy (GCP) relies on financial means to promote environmental governance. Whether it can achieve the goals of economic development and environmental protection, especially in the context of different institutional supplies, remains to be scientifically tested. Based on the implementation of China’s Green Credit Guidelines in 2012, this study uses panel data of Chinese companies from 2009 to 2019 to explore the influence of GCP on green technology innovation and the role of institutional supply in it. The results show that GCP is instrumental in promoting green innovation in heavily polluting enterprises, and the promotion effect is heterogeneous based on green patent types, firms’ ownership, and regional financial development levels. Further analysis finds that the supply of environmental protection systems by local governments can strengthen the green innovation effect of GCP. However, the institutional supply of innovation has not yet released a promotional effect. This paper finds that green credit can be used as an environmental governance tool and provides inspiration for local governments to issue environmental protection policies scientifically.

The global agricultural supply chain grapples with inherent challenges, including opacity, inefficiency, and ethical concerns, necessitating innovative solutions, particularly within Indian Agriculture Supply Chain Management. Despite these challenges, a notable research gap emerges due to the limited exploration of adoption factors specific to the Indian agricultural context. To bridge this gap, a comprehensive investigation is initiated to delve into the nuanced dynamics of blockchain technology adoption in the Indian agricultural supply chain. The primary aim of this study is to provide insights into these adoption dynamics, employing a three-stage methodology. Starting with an extensive literature review to identify key adoption factors, the study then distributed a well-crafted questionnaire to 200 respondents, yielding 150 complete and analyzable responses. The chosen methodologies, including a one-sample t-test and exploratory factor analysis, allow for a quantitative assessment of the significance of various factors. The study's findings reveal crucial dimensions influencing blockchain adoption, such as perceived benefits, ease of use, trust, efficiency, ethical considerations, data security, integrity, regulatory compliance, and collaboration and stakeholder engagement, providing a comprehensive understanding of the adoption landscape. In conclusion, this research significantly contributes to comprehending the nuanced adoption dynamics of blockchain technology in the Indian agricultural supply chain, supported by a substantial sample size and robust methodological choices. The implications extend to stakeholders navigating the evolving agricultural supply chain, offering valuable insights for future research, policy considerations, and practical strategies, with a central focus on fostering transparency, efficiency, and ethical standards to address global agricultural supply chain challenges.

Part of the present inflation is caused by the breakdown of globalization, in particular supply chains, part is caused by the Corona Pandemic, in particular lockdowns, part is caused by the Ukrainian War, part is caused by European sanctions, and part – and not the smallest one – is caused by the European Central Bank’s printing money by hook or by crook in the past and in the presence. This paper attributes inflation decisively to the overwhelming money creation by the European Central Bank.

This paper deals with the gender gap in accessing and using financial services provided by mobile money and financial institutions. Using data from ECOWAS member countries, we applied the Fairlie decomposition method to estimate and decompose the gender gap. The results show that mobile money contributes to improving of the use of services compared to financial institutions. However, it also increases the gender gap in women's disadvantages in accessing and using these services. The difference in the level of education and income between males and females is the main factor explaining the gender gap.

By an endogenous growth model with a two-period overlapping generations structure, I examine the existence of a budget deficit in an economy that endogenously grows by investments of firms. The consumers leave bequests to their descendants and hold money as a part of their savings. I use a Barro-type utility function, where people include the utility of their children in their own utility. The main results are as follows. 1) A budget deficit is necessary for full employment under constant prices. 2) Inflation is induced if the actual budget deficit is greater than the value at which full employment is achieved under constant prices. 3) If the actual budget deficit is smaller than the value which is necessary and sufficient for full employment under constant prices, a recession occurs. Therefore, a balanced budget cannot achieve full employment under constant prices. I do not assume that the budget deficit must later be made up by a budget surplus. I use a Barro-type utility function to prove the necessity (or inevitability) of a budget deficit instead of the neutrality of government debt. In the appendix of this paper, I show that if money, as well as goods, are produced by capital and labor, a budget deficit is not necessary for full employment under constant prices.

The Public Welfare Foundation of a listed company is a non-profit organization with independent legal personality. It is established and funded by a listed company. The purpose of establishing a foundation for a listed company is generally to carry out charitable activities and make important contributions to charitable causes. However, due to the special power separation model, the autonomy of the foundation is poor, and there may be serious agency conflicts, ultimately leading to listed companies becoming beneficiaries of the foundation's charitable activities. We have found from the perspectives of commercial credit, sales, and cooperative relationships that social responsibility initiating organizations (listed companies) can obtain potential benefits from social responsibility fulfilling organizations (listed company public welfare foundations) in supply chain commercial relationships, that is, listed companies that establish public welfare foundations have good supply chain commercial relationships. When a listed company and a public welfare foundation have a close relationship in terms of fund donation, decision-making, business, and naming, the public welfare foundation has a strategic preference in selecting project names, project service areas, project beneficiaries, and project service areas. It prioritizes the interests of the listed company, enabling the listed company to obtain better supply chain business relationships.

I examine the problem of budget deficit in a growing economy in which consumers hold money as a part of their savings in the case where consumers live forever. For simplicity and tractability I use a discrete time dynamic model and Lagrange multiplier method. In the appendix I briefly explain the solution using a discrete time version of the Hamiltonian method. I will show the following results. 1) Budget deficit is necessary for full employment under constant prices. 2) Inflation is induced if the actual budget deficit is greater than the value at which full employment is achieved under constant prices. 3) If the actual budget deficit is smaller than the value which is necessary and sufficient for full employment under constant prices, a recession occurs. Therefore, balanced budget cannot achieve full employment under constant prices. I do not assume that budget deficit must later be made up by budget surplus.

In this paper I will show that budget deficit (or fiscal deficit) is necessary to achieve full employment under constant prices or inflation, using a model of endogenous growth in which consumers hold money for the reason of liquidity and live forever. Budget deficit need not be offset by future budget surpluses. I consider the continuous time case by taking the limit of the discrete time case when the time interval approaches zero. A continuous time dynamic model seems to be more general than a discrete time model. When the actual budget deficit is greater (smaller) than the value which is necessary and sufficient for full employment under constant prices, an inflation (a recession) occurs. The main argument of this paper is that a growing economy requires the continuation of budget deficit, and that we should not think of paying off the resulting government debt with taxes.

The sensitive nature of interest rate has spurred empirical interests on the factors that determine it. This paper examined the joint impact of exchange rate and foreign direct investment inflows on interest rate in Nigeria over the period from 1981-2022. The study made use of the auto regressive distributed lag (ARDL) bounds test and results of findings reveal that in both the short-run and the long-run the impact of the interaction between FDI inflows and exchange rate on real interest rate was negative and significant. Also, while credit to the private sector was found to have significant positive impact on real interest rate in both the time horizons, the impact of consumer price index was negative only in the short. Oil revenue was found to impact positively on real interest rate only in the long-run, but the impact of broad money supply was negative and significant in both the short-run and the long-run. The study suggests that policies to regulate domestic interest rate should focus on joint regulation of both exchange rate and FDI inflows and this requires a synergy between monetary and fiscal policies.

The extensive, interdisciplinary nature of construction supply chains make them prone to inefficiencies at organisational interfaces. Inefficiencies are accentuated by the project-centric delivery paradigm, and complex logistics systems between multiple stakeholders. They manifest as a multitude of concurrent activities, processes, and systems both on and off-site. Transportation is the largest component of the logistics domain. Transport operations are inherently fragmented, intrinsic to every business, while vehicle ownership and deployment is typically externalised. Differentiated waste removal and materials delivery further disintegrate the already fragmented construction supply chain. Inefficiencies from the insularity of the planning process across segmental boundaries aggregate incrementally, with impacts visible at the macro level. Re-configuration of activities, resources and actors are acknowledged strategies for optimising logistics and transportation function. This paper investigates the impact of three integration strategies on a manufactured construction products supply chain efficiency. These strategies include vertical integration of distribution, integrated planning for transport operations, and integration of reverse logistics into operations. Sustainability impacts are evaluated according to domestically determined monetary parameters in order to benchmark performance at the business and national scale.

The goal of this paper is to provide an overall presentation of corruption as occupational fraud building on the findings of an empirical study conducted in Greece. As uncertainty leads to increased levels of corruption, Greece was chosen due to the prolonged period of uncertainty the country faces, caused by the 2010 financial crisis and followed by the Covid pandemic crisis. 400 questionnaires reviewing corruption perception were gathered and analyzed by gender, age, marital status, education level, position, occupation, and monthly income, as well as urban vs rural area of residence. The findings of the study were compared with and critically evaluated against those of the previous studies for Greece. Respondents in age group 36-49 believe that if appropriate measures are taken it is possible to tackle corruption in the public sector, in contrast to people aged 18-35 who disagree completely. Residents of rural areas do not consider corruption to be a serious problem and are more willing to whistleblowing (in contrast to residents of urban areas). The study findings have important practical implications in the context of designing effective corruption reduction policies.

There must be a better match between the supply of financial news graduates in colleges and the media's demand for financial news talents. Based on 300 questionnaires and in-depth interviews from three universities, namely Shanghai University of Finance and Economics, Nanjing University of Finance and Economics, and Jiangxi University of Finance and Economics, this paper uses the interview method to excavate the professional quality improvement path for majoring in financial news students. Results reveal that undergraduates majoring in financial news have problems such as low professional identity, insufficient recognition of the discipline system, poor sense of professional identity, common matching between job selection and majors, and worrying about the status quo of professional literacy. Therefore, the improvement of the professional quality of students majoring in financial news and the reform of the training program needs to drive the professional quality of students in multiple dimensions, change their professional cognitive problems, strengthen their professional identity, and achieve an effective match between supply and demand of financial media professionals.

Non-compliance with tax obligations, particularly by wealthy taxpayers and large corporations, continues to represent a source of social injustice that fuels social instability, especially in developing countries. Understanding the strategies of tax evasion and avoidance is of critical importance. This article highlights five main strategies used by large corporations and wealthy taxpayers to avoid taxes, including tax havens, the underground economy, aggressive tax optimization, alternative financial markets, and crypto currencies. We also propose several actions to tackle global tax non-compliance, including prevention, peer reporting, active monitoring of compliance indicators and inter- national cooperation. These actions can be combined to achieve optimal results in reducing tax evasion and avoidance.

We quantify financial returns to backers in reward-based crowdfunding projects on Kickstarter and show that such investments provide profitable opportunities in addition to non-monetary benefits. The average unconditional annualized return is 11.5% and the average return on successful projects is 30%. Hence, backing money near the end of a campaign, when the probability of success is already high, is a profitable strategy. The most attractive is the Design category, where successful projects yield 73%, on average. Short-term projects are more profitable than long-term ones. Financial return is an important type of extrinsic motivation in reward-based crowdfunding, which has generally been neglected in academic literature. Reward-based crowdfunding outperforms other forms of crowdfunding and other common alternative investments.

Many of Keynes´s ideas and concepts are proven correct in this paper. The demand side, mainly business investments, drives the economy. Business firms steer the business cycle via profit expectations and animal spirits. Injections to and withdrawals from the circular flow of income are multiplied throughout the economy in accordance with Keynes´s multiplier. A sudden and sharp rise in households´ saving rates has a detrimental effect on aggregate demand, in line with Keynes´s paradox of thrift. Finance, not saving in the S=I sense, is the necessary condition for business investments and economic growth to be realized. Keynes´s finance motive thus makes money endogenous, contradicting the textbook result that exogenous money steers aggregate demand, contradicting the mainstream loanable funds theory and putting into question the Keynesian theory of sticky prices as a condition for real growth. However, a crucial omission in Keynes´s productive writings is the lack of an accelerator tying income to investment. Some of his followers such as Paul Samuelson tried to remedy that by developing multiplier-accelerator models. The problem with them is that the accelerator lacks micro foundations, in specific disregarding business confidence. Linking macro accounting identities with empirical national accounts data for five major economies produces the finding that business firms explain more than all aggregate expenditure growth during a 25-year period. Thus, it is concluded that business confidence is the root of the business cycle. Making the accelerator account for business confidence casts new light on the perhaps most well-known Keynesian “truth”: active fiscal policy as a main force stabilizing the business cycle. With business confidence being the endogenous and ubiquitous variable driving the business cycle, it turns out that any exogenous factor has the possibility to affect it. Policy needs to be viewed as a competing factor to the factor(s) driving the cycle in the other, destabilizing direction. The more powerful those factors are (e.g., a deadly virus), the tougher it gets for policy to “win” the competition, turning business confidence around. This leads up to the paper´s main conclusion: the worse the economy, the stronger is the case for active fiscal policy, but the lesser is the chance for it to succeed.

Technological advancements in the last few decades have created energy and cost-efficient power plants, but it is not a prominent feature in the electricity supply-chain. While many long-term and short-term energy alternatives are available, Pakistan still has a significant number of people who do not have access to electricity; as there are many areas that are neither connected to the national grid nor the provincial grids. This paper aims to find the reasons behind the energy crisis in Pakistan, keeping Islamabad as the focus of study, and to find the effect of use of renewable resources on the reduction of shortage of electricity. We will be focusing on the facts that how energy crisis has been affecting the economic growth of the country.  Our data collection will be based on primary sources and secondary sources along with which we will be conducting pilot study to check the feasibility of using the solar energy as an alternative form of electricity.

Deposit insurance systems are designed to balance the benefits of preventing bank runs and protecting ordinary savers against the costs of reduced market discipline and potential burdens on taxpayers. Design flaws of deposit insurance make the benefits too low and the costs too high. This paper presents an example in which solvent banks can effectively manage runs, depositors discipline banks to a reasonable extent, and taxpayers have a fair deal. It has three key features: the bank’s authority to activate deposit insurance early, a coinsurance scheme that transfer money from those who run on solvent banks to those who stay put, and a shareholder position for taxpayers. Early activation of deposit insurance prevents fire sales of assets and provides opportunities to verify the bank’s solvency. The coinsurance scheme weakens the incentive to run and strengthens the incentive to hold on to their accounts. As shareholders, taxpayers receive dividends in normal times in exchange for large payouts in catastrophic events.