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This paper assesses the macroeconomic effects of unconventional monetary policies by estimating a panel vector autoregression (VAR) with monthly data from eight advanced economies over a sample spanning the period since the onset of the global financial crisis. It finds that an exogenous increase in central bank balance sheets at the zero lower bound leads to a temporary rise in economic activity and consumer prices. The estimated output effects turn out to be qualitatively similar to the ones found in the literature on the effects of conventional monetary policy, while the impact on the price level is weaker and less persistent. Individual country results suggest that there are no major differences in the macroeconomic effects of unconventional monetary policies across countries, despite the heterogeneity of the measures that were taken.

The objective of this research is to assess the effect of holding government securities on the credit channel, taking into account the heterogeneity of WAEMU banks' balance sheets. The methodology adopted to achieve this objective is VAR panel modelling, proposed by Abrigo and Love. The generalized moment method was applied to a sample of 95 commercial banks operating in the WAEMU covering the period 2000-2019. The main results show that a strong presence of government securities in banks' balance sheets contributes to the reinforcement of the financial crowding-out effect in the WAEMU. This crowding-out effect differs from one category of bank to another. Indeed, the negative relationship between government securities and the credit channel is more pronounced among large banks, national banks and pan-African banks, in contrast to other bank categories in this Union. The results also point to an asymmetrical effect of monetary policy on the lending behaviour of WAEMU banks to private borrowers. However, the WAEMU monetary authorities should step up supervision of banks that hold a large proportion of sovereign debt on their balance sheets. The high proportion of sovereign debt on banks' balance sheets creates situations of interdependence. This could have negative consequences on the solvency of banks and therefore on the stability of the banking system in the Union. The aim of this research is to strengthen the existing literature on the transmission mechanisms of monetary policy. This research involves several players in the economic sphere: the Central Bank, commercial banks, WAEMU member states and the private sector (businesses and households). Indeed, it will attempt to provide a solution to the monetary authorities and regulators of the WAEMU area, by contributing to the effort to develop the public securities market and improve the financing of the economies of the Union's countries.

We aimed to analyze the temporal trends in the per capita food (kcal/day/person) and protein (g/day/person) availability at the national level in the Southeast Asian (SEA) countries from 1961 to 2018. To avoid intercountry variations and errors, we used a dataset derived from the FAO’s old and new food balance sheets. We used the joinpoint model and the jump model to analyze the temporal trends. The annual percentage change (APC) was computed for each segment of the trends. Per capita food and protein availability in the SEA countries increased significantly by 0.8% per year (54.0%) and 1.1% per year (85.1%), respectively, from 1961 to 2018. During the 1960s, 1970s, and 1980s the per capita food availability in mainland SEA did not change significantly and was less than 2200 kcal/person/day. Since the early 1990s, food availability increased appreciably in the mainland SEA countries, except for Cambodia, which has experienced the increasing trend from the late 1990s. Distinct from the mainland, maritime SEA countries showed an up–down–up growth trend in their per-capita food availability from 1961 to 2018. Food-availability growth slowed down for Brunei (since the mid-1980s) and Malaysia (since mid-the 1990s) whereas it increased for Indonesia (1.5% per year), Timor-Leste (0.9% per year), and the Philippines (0.8% per year). Per capita protein availability trends in the mainland SEA countries were similar to the countries’ per capita food availability trends. Since the late 1980s, Thailand and since the late 1990s, other mainland SEA countries experienced a significant growth in their per capita protein availability. Since the late 1990s, per capita protein availability in Vietnam increased markedly and reached the highest available amount in the SEA region, following Brunei and Myanmar. Per capita protein availability increased almost continuously among the maritime SEA countries, except for Timor-Leste. Marked inequality did exist between maritime and mainland SEA countries in per capita food-availability growth till the mid-1990s. Considerable increases in per capita food availability have occurred in most of the SEA countries, but growth is inadequate for Timor-Leste and Cambodia.

This article reviews the literature on international comparative household finance. It presents summary statistics on household balance sheets for 13 developed countries and uses these statistics to discuss common features and contrasts across countries. It then discusses retirement savings, investments in risky assets, unsecured debt, and mortgages.

Using the Life Cycle Assessment (LCA) approach, environmental benefits in terms of CO2 stored in chestnut wood in Italy have been calculated. Using one of the methodologies proposed under the LCA umbrella, a physical and formal balance sheet of CO2 has been built. Chestnut forests (Castanea sativa Mill.) are one of the most critical forest types in Europe. They cover an area of 800,000 hectares in Italy, most of which are managed as coppices. Chestnut wood’s high-quality physical-chemical and mechanical characteristics and medium-long durability explains its widespread uses. In this case study a section of a public forest in Central Italy (Lazio Region) has been considered. In the section, during the rotation, two types of intervention were carried out: thinning at 19 years of age, and final cutting at the age of 32. A production of 416 and 93 m3ha−1 for final cutting and thinning, respectively, was recorded. The global amount of 507 m3 is the functional unit, which has stored 547,875 kgCO2. The combination of forest management and sawmill processing produces semi-finished chestnut timber products for 125 m3, which have a physical storage of 135,210 kgCO2. Using the formal balance sheet of CO2, total emissions from processing were recorded for a total of 27,766 kgCO2. At the exit of sawmill, products stored 107,444 kgCO2, which is the amount of Net-Carbon Dioxide Surplus (Net-CDS). Transportation from sawmill to market reduces the sequestered CO2 by 0.77 kgCO2/km. The Net-CDS represents a competitive advantage in the timber market. If tree species have the same physical, chemical, mechanical and price parameters, the timber consumer would prefer to buy wood with the highest Net-CDS.

Piped drinking water supplies are exposed to a range of threats. Changing hazard situations arise from climate change, digitisation, and changing conditions in the power supply, among other things. Risk and crisis management adapted to the hazard situation can increase the resilience of the piped drinking water supply. Analogous to the risk management system, this article describes a methodology that ranges from hazard analysis with the prioritisation of 57 individual hazards to vulnerability assessment with the help of balance sheet structure models (BSM) and the planning and implementation of measures to increase the resilience of the piped drinking water supply in a targeted manner. The work steps mentioned build on each other and were tested using the case study of a water supply company in Saxony (Germany). As a result, priority hazards are identified, the remaining supply periods and replacement and emergency water requirements are determined as part of the vulnerability assessment, and finally, planning principles for increasing resilience are documented. The methodology focuses primarily on practicable application by water supply companies.

This article presents a transparent and replicable framework to assess the net worth of public pension systems within the broader context of fiscal sustainability and public sector balance sheets. Using Spain as a case study, it transforms Eurostat’s Table 29 data into an actuarial balance sheet and income statement, applying the Swedish open group (SOG) approach. The analysis shows that Spain’s pension system faces a significant funding shortfall, with assets covering only 72% of its liabilities. The proposed method enhances fiscal transparency and provides policymakers with a practical tool to evaluate and improve long-term pension sustainability across different institutional contexts.

Background Ethiopia is the second-most populous country in Africa. Although most people still live in rural areas, the urban population is increasing. Generally, urbanisation is associated with a nutrition transition and an increase in risk factors for non-communicable diseases (NCDs). The objective of this study was to determine how the nutritional composition of the Ethiopian food supply has changed over the last 50 years and whether there is evidence of a nutrition transition. Methods Food balance sheets for Ethiopia from 1961 to 2011 were downloaded from the FAOSTAT database and daily per capita supply for 17 commodity groupings was calculated. After appropriate coding, per capita energy and nutrient supplies were determined. Results Per capita energy supply was 1710 kcal/d in 1961, fell to 1403 kcal/d by 1973, and increased to 2111 kcal/d in 2011. Carbohydrate was by far the greatest energy source throughout the period, ranging from 72% of energy in 1968 to 79% in 1998; however, this was mostly provided by complex carbohydrates as the contribution of sugars to energy only varied between 4.7% in 1994 and 6.7% in 2011. Energy from fat was low, ranging from 14% of energy in 1970 to 10% in 1998. Energy from protein ranged from 14% in 1962 to 11% in 1994. Per capita supplies of calcium, vitamin A, C, D, folate and other B-vitamins were insufficient and there was a low supply of animal foods. Conclusions The Ethiopian food supply is still remarkably high in complex carbohydrates and low in sugars, fat, protein, and micronutrients. There is little evidence yet of changes that are usually associated with a nutrition transition.

Research and Development works (RD works) in accounting is increasingly used both in Poland and globally. The potential benefit of numerous tax breaks is an incentive to implement innovative solutions. The article aims to verify research hypotheses through a chi2 independence test concerning the need to create a new national accounting standard regarding RD works and the respondents’ knowledge of balance sheet and tax law. Questions were also raised regarding RD works expenses. The findings suggest that the respondents do not feel the need to create a new national accounting standard. However, respondents‘ knowledge of the relevant issues is relatively limited, both in terms of balance sheet law and tax law. Moreover, it was established that a tax audit should be anticipated when utilizing tax reliefs, not always from the co-financing institution. This study contributes to the ongoing perception of RD works by accountants and managers and may also serve as a foundation for further research with a larger research sample.

The paper examines two of the most important sectors of agriculture, crop and livestock production, in a time series analysis. The authors analyzed the number of enterprises, the number of employees, labor costs, turnover, and balance sheet total, and also assessed the evolution of liquidity and profitability in the two sectors, broken down by size.The results of livestock and crop production were examined separately for the period 2008-2020. The analysis was based on aggregated data from the National Tax and Customs Administration in Hungary. Enterprises with the NACE REV 0140 for animal husbandry and 0110 for crop production were studied. In the research time series analysis and, where possible, trend analysis were performed.In the research, the following indicators were examined using time series analysis in both crop and livestock production: the number of companies, the number of employees, the net sales revenue, the composition of net sales, the development of the balance sheet total, cost structure, labor costs, the quick ratio of liquidity, and the ROA indicator.Agricultural enterprises are most affected by the downward trend during the period under review, with the exception that the animal husbandry sector started to decline earlier than the crop production sector.