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Again, tests were performed on hypotheses involving an influenza- related virus including the Spanish flu of , coronavirus SARS severe acute respiratory syndrome or MERS and avian influenza.

Within a month of the first infection, the structure of the new strain was discovered and named Wuhan or Coronavirus nCoV, after the city where it left its mark. Aggressive human-to-human transmission has led to a large number of coronavirus infections that have killed more than tens of thousands of people in several countries.

According to official figures from the World Health Organization, there were 2, deaths out of a total of 81, confirmed cases worldwide. Most were registered in China 2, out of 78, Karuc et al. The major potential impacts on Romanian society could be: public panic, lack of medical supplies and food, insufficient beds and medical staff. Confirmation of the coronavirus pandemic among the Romanian population could also have an impact on the functioning of economic units, such as banks.

The initial spread of the virus in as many European countries as possible near Romania and the confirmation of the appearance of the coronavirus in Italy had already caused panic among the population.

Access to the Internet, social networks such as Facebook and international news makes it easier for panic to grow and for citizens to behave in chaos. With the panic, the economic problems will become even greater in the short term. Emotionally, consumption can increase, but only artificially. This could also lead to a shortage of goods, which is based on popular perception of a certain danger.

For example, due to the fear that the virus has been confirmed in Romania, people have started to buy a lot of food such as flour, pasta, water, oil and canned food to prepare with supplies. Thus, a chaos has already been created that does nothing but amplify the panic even more. From an economic point of view, in the context of investors who fear that the new coronavirus epidemic will slow the economy, European and Asian stock markets have been on a downward trend.

The panic created among the citizens leads to as many purchases as possible regarding non-perishable food, hygiene and protective materials. People need to be aware that this exaggerated fear can lead to a lack of food and hygiene materials, and this is a potential danger to life, health and basic survival. The population must be rational in these moments regarding the choices and decisions they make.

Most EU Member States have developed risk assessment methodologies, adopted in national legislation and already operational. These developments are taking place in the context in which, since , in order to improve the capacity of Member States to respond to the identified risks through prevention, preparedness and response measures, the European Commission has initiated a process of creating a methodological framework for risk assessment to enable the development of common European strategies and policies, based on comparable results at EU level.

A common European framework aims at better management and distribution of resources, with the aim of effectively and efficiently preventing and managing the negative effects of disasters and other risks at EU level. Several epidemics and pandemics in recent centuries have originated in China. In , an influenza virus killed many people in China and other countries. The Asian crisis of killed more than 1 million people. This was followed by SARS in and bird flu in An important measure for the prevention and control of the epidemic could be the analysis of possible risks and their monitoring.

Risk monitoring, combined with knowledge based on the analysis of larger amounts of data and certain information, combined with artificial intelligence and data science could be a factor that would contribute to improving citizens’ motivation and behavior.

Due to the high rate of the spread of an epidemic, a small amount of data is used and little research is needed to make quick decisions so that the spread of the contagion is prevented.

From the point of view of risk management, several parties need to be involved, as follows: medical resources, political departments, emergency departments, patient, coronavirus suspected patient, research institutions, citizen, media and international community. You need to create a complex network of interactions so that the best decisions can be made. When it comes to a contagious disease, many people face panic. Another important player who could help increase citizens’ optimism is the government itself, or even the president.

For example, it should be appreciated that the President of Romania talks to citizens through press conferences and conveys that the level of mobilization remains high, but presents this information in a calm tone and the information is documented and correct. All the above aspects constitute the basic framework of risk management in such situations.

Investors fear that the spread of coronavirus will destroy economic growth and government action may not be enough to stop the decline. As a solution in the financial-banking market, central banks in several countries, including the United Kingdom, have reduced interest rates. In theory, this means reducing lending and encouraging spending to stimulate the economy.

However, the situation is quite volatile and, in the long run, this investment may not be enough. The model developed by Gai and Kapadia can simulate in NetLogo a network formed by the economic units of a country. In the above simulation, we considered that a country’s economy is built on the interactions between several economic agents, such as enterprises, banks, institutions and even the government of a country.

All these agents are interconnected through the relations between them, but the central element of their connection is the bank. It is the only institution that interacts or can create connections with any economic agent of a country.

Analysis of the impact generated by COVID in banking institutions and possible economic effects The actor colored in red is the economic unit affected by the pandemic. We can encounter the following effects of COVID dismissal of employees, stopping interconnections with other economic units, stopping production, suspending banking and even lending, increasing unemployment, creating a speculative bubble in the prices of food or protective materials surgical masks, disinfectant.

In the simulated model we considered the actor affected by the pandemic as a bank, therefore we connected this actor with most of the economic units in the built network. It is also taken into account that the size of these banks in terms of assets held is not very large, so the expected impact is not a major one as banks, unlike shadow banking, are regulated by the National Bank of Romania. The effect was the expected one, that of not influencing the whole network.

But what would happen if the bank actor were one of the most important players on the Romanian banking market or if the effect would have been extended to two other banks? In the figure above it can be seen that three actors banks are affected by the existing pandemic and are connected with different economic units. In the image above, after a few simulations you can see how the contagion effect is transmitted in the network.

Several economic agents have been affected and solutions need to be introduced to avoid an economic crisis. Due to the contagion in the network, several companies suspend their activities, this also having an impact on banking institutions because the employees of those companies may have loans from banks.

By stopping the activities, the employees register a decrease of the income generated either by a technical unemployment, or by the suspension by the companies of the salary payments. Thus, the banks had to quickly adopt a solution in order not to reach the situation in the figure above.

Therefore, several discussions between the banks, the NBR and the Government of Romania decided as a temporary solution for customers to benefit from a debt moratorium. It was formalized by a Decision of the Romanian Government, published in the Official Gazette on April 6, , called the Norm on Ordinance number However, this moratorium, although beneficial to customers, may have a negative effect on domestic credit risk estimation models.

From the stock market point of view, in order to investigate the impact that the pandemic had, we carried out an analysis of the evolution of the capital markets. In the following we will graphically present the evolution of these stock market indices. In addition, as it is not enough to analyze only the evolution of stock market indices, we also represented the degree of changes in their returns.

Figure 4. Evolution of the BET index. Source: Authors computation in R Studio. The current economic context, similar to one in recession, underlines the importance of analyzing the evolution of the returns of stock indices and identifying spikes over the analyzed period. The events of this period, the first half of , have completely reshaped the economic context, and banks are making efforts to further support the economy, manage financial resources sustainably and maintain a degree of stability.

The above graphs show stronger negative economic effects when there is a sharp decrease in the average values of the analyzed indices, than decreases recorded over a longer period of time. Thus, a sudden shock may outline a systemic event whose effect may not be immediately controlled. This explains the fact that when decreases are recorded over a longer period of time, the system has time to adapt and identify solutions to maintain stability.

As is already known, many countries have been severely affected by the COVID crisis19 and the identification of measures to combat it is still under analysis. Large sectors of the economies of several countries have been suspended, outlining a systemic event with a visible impact on the capital market. The BET index, like an economy, follows a cycle as can be seen in Figure The impact of the pandemic is felt on the Romanian capital market. Thus, in March there was a sudden decrease in the stock market index in Romania.

However, its value does not exceed the lowest stock market value recorded in the analyzed period, According to graph An interesting aspect that we can observe in the analysis of the FTSE China index, related to figure 6 is the fact that although the origin of the pandemic is in China, its impact on the stock market was not devastating. Moreover, in December , there were more virulent events that affected China’s economy than the coronavirus.

This shows that the severe measures taken easily, perhaps also due to the communist regime, helped more to maintain stability. On the other hand, it is known that China’s economic power is very high and the country is very well developed technologically and digitally.

Considered an engine of the European economy, Spain, Germany, Italy and France were severely affected. Their effects were propagated as a contagion effect at the level of the European Union, a fact observed in the evolution of the STOXX50 index.

It can be seen that in the analyzed period, the lowest market value and the highest negative profitability is observed in March The contagion effect is observed not only among the population but also among the economies. Capital markets around the world have been affected. The British economy has also been hit by the coronavirus crisis. At the end of March and April, there were strong shocks on the British stock market.

Adaptive market behavior modeled in other adaptive modeler A didactic means and not only to model the forecast of some stocks, assets, markets is represented by the computer system Altreva Adaptive Modeler, being based on an innovative and unique technology, it creates market simulation models in which thousands of virtual traders apply their strategies, trading using real world market data to trade. Agencies compete and adapt in this virtual environment. Agent-based modeling has been shown to be able to explain the behavior of financial markets better than traditional financial models.

Next, I will build a speculative trading model based on the adaptive behavior of economic agents. This behavior is expressed through a feedback mechanism on changing the stock- bond ratios of agents, depending on the previous performance of their portfolios.

The share price is set according to the supply demand for the asset derived from the agents’ risk levels. Using the agent-based modeling methodology, I will show that agents, which act endogenously and adaptively, create a persistent price bubble.

The price dynamics generated by the trading process do not reveal any singularity, however, the process is accompanied by an increase in aggregate risk which indicates an increase in the probability of an accident. We will consider a model of economic behavior based on agents. It is characterized by behavioral traits typical of exchange patterns, described by either a group behavior or an individual. The ownership of group behavior describes the fact that agents have a common belief that it is advantageous to participate in market activity.

The importance of the behavioral aspects of speculative markets has always been recognized, under different interpretations. It is hard to deny that the irrationality of market participants is a pervasive feature that causes price instability and critical events.

Attempts to understand price changes in the stock markets lead to the introduction of agent-based models that mimic the behavioral patterns of different groups of traders.

Kim and Markowitz showed the destabilizing effect of constant portfolio insurers on price dynamics and proposed it as an explanation for the market crash. Levy and Solomon demonstrated in their research that there are rational and irrational traders in the analysis of multi-agent models, and the group of these agents will cause the price dynamics to go through a series of booms and imbalances. A number of models of nonlinear differential equations have been proposed to describe the evolution of the population of different types of traders, their interactions, price dynamics and changes in the wealth of agents.

The proposed model generates complex chaotic dynamics, with the agglomeration of yield volatility, queues in the distribution of returns and wealth, as well as long-term memory. Even if traders are restricted to rational utility maximizers, the price that will persistently grow will create so-called rational bubbles. Thus, the significant deviation from the fundamental value is the generic property of speculative prices.

The statistical properties of market portfolios are different from those of a single stock. Positive returns are certainly influenced by macroeconomic parameters, but the quantitative expression for dependence or deviations is unclear.

Thus, for the next analysis, modeling based on agents that mimic real trading processes will be used. The model is based on the following assumptions, described below. Dezsi et al. I will assume that this rebalancing and updating of portfolios completely determines the dynamics of the market as a whole. To be more specific, I describe the following conditions: a the market portfolio price is set by the agencies willing to rebalance the funds between their stock and a secure asset, in cash or bond; b on rebalancing, agents act only on the basis of the relationship between stock and bonds; c the agents change the proportions of their investments in an adaptive way to the changes of their portfolios.

To introduce the model, it is necessary to establish the number of agents that will enter the market that will trade shares of a single asset. Agents do not know the fundamental value of the asset, but expect the price to rise at moderate rates over long periods of time, and always prefer the value to rise rather than fall.

The decision to buy or sell the asset will determine the position in the market: short or long. If the agent identifies a growing market, it increases its ratio of shares to bonds by a fixed amount, while the other agent reduces its ratio. The feedback reflects that when faced with a series of weak investments, the agent will reduce the share of capital in the portfolio, while if the investment grows better than expected, he will take a riskier position.

In addition to price charts, agent-based models provide detailed information on the distribution of wealth between agents. This information allows the study of the effects of market activity on the agent population. The two are some of the most important banking actors in the Romanian system, both in terms of assets and trading, lending or relations with other economic systems.

In my opinion, cryptocurrencies are also an interesting topic to analyze and I think that in the future they will have a significant impact on the banking network. An agent-based model is a computational model for simulating the actions and interactions of multiple agents to analyze the effects on a complex system as a whole and is a powerful tool in understanding markets and trading behavior.

An agent-based financial market model consists of a population of agents investor representatives and a price discovery and clearing mechanism representing a virtual market. In terms of financial markets, agent-based models can successfully replicate time series features, such as fat-tailed distributions leptocurtures and the volatility cluster, for which standard financial models offer little explanation.

Conventionally, financial markets have been studied using analytical mathematics based on a generalization of market participants and other simplifications. In the figure below we have represented the evolution of the RBI portfolio for the period May – April 27, , simulating the model starting from March We assumed a population size of agents, with an equal initial distribution of wealth and a capital of start worth , units.

The result of agent-based modeling is shown in the figure below. The following figure shows how the population of agents evolves according to their age and wealth. The correlation coefficient is 0. Figure The evolution of the agent population simulated in Altreva Adaptive Modeler. The behavior of financial markets, as observed in reality, cannot be fully described by such mathematical models.

In reality, market prices are set by a wide variety of investors with different decision-making methods and different investment objectives. The model works as follows: The agent-based smart model cycle begins with receiving a new portfolio of offerings, so that agents can place a new order or remain inactive according to the trading strategy.

After all the agents have evaluated their trading strategy, the Virtual Market determines the clearing price, executes all executable orders and releases the price forecast for the next bar. After that, new agents can reproduce and be replaced by evolutionary operations, such as crossover and mutation, a process that is repeated for each interval bars.

The model’s trading rules use historical price data as input, either from the virtual market or the real market, and return an output consisting of a desired position, as a percentage of wealth, and a limit price for buying or selling. Trading procedures are implemented by genetic programming technology. During the reproduction process, which is specific only to the smart agent-based model, new offspring agents are created from some of the best performing agents to replace some of the weakest agents.

To achieve this, at each bar, the highest yielding fitness reproduction agents are selected as parents, and the genomes trading rules of these parents’ pairs are then recombined by genetic crossover to create new genomes that are given the new successor agents.

These new agents replace the agents with the lowest replacement efficiency. Fitness functions are a measure of the return on investment of agents over a period of time, so the reproduction yield of reproductive capacity is calculated as a measure of short-term return of wealth and is the selection criterion for reproduction best agents , while fitness replacement efficiency is calculated as the average performance per bar and is the selection criterion for replacement worst agents.

Bitcoin modeling. In the figure above you can see a model based on agents related to the evolution and prediction of the cryptocurrency Bitcoin. The outputs resulting from the processing and simulation of the other indices mentioned above can be found in Appendix A. Taking into account the literature on the impact of high frequency trading on financial markets, the results showed that this algorithmic transaction led to increased liquidity, improved market efficiency, without affecting market integrity and lower incidence of market manipulation.

The results of this case study show that, in almost all cases, the smart agent-based model performed better, which could be interpreted as lower market efficiency, allowing stock market price predictions to manipulate the market. All these events can represent shocks that can affect both the banking network and the global economy. Complex Adaptive Systems have properties necessary to be understood in order to quantify and propose methods of regulation and self-regulation at the level of financial markets that have an impact on banking networks.

It is also interesting how the emergence and evolution of cryptocurrencies impact the evolution of the financial market. The event caused huge losses, both human and material and financial. The economies of many countries have been troubled, with the pandemic of this virus being an extremely strong shock in the global economic network.

Therefore, another analysis is presented in the next research study, number four. We adapted the model proposed by Gai and Kapadia and performed an analysis in NetLogo to observe how the transmission of the contagion effects that appeared after the pandemic.

Banks are the binder of the national economy, from my point of view, and maintaining financial stability at this time is very important. The second part of this case study is the behavior of the capital market in several countries in the context of coronavirus. The results showed that this pandemic created significant shocks on the stock market in several countries, some registering the highest negative returns in the analyzed period.

Romanian banks support the country’s economy by applying extensive protection and support programs for companies and individuals affected by the COVID The measures aim to support the economy and jobs, as well as support for credit adjustment, along with a range of solutions to ensure fast and efficient remote banking assistance.

The outbreak of the COVID Coronavirus epidemic and its global spread since February have created immediate significant challenges for society and risks to the economic outlook. Although the long-term magnitude of the economic shock cannot yet be quantified, economic activity is likely to shrink. In the following researches we want to investigate the potential effects that the COVID pandemic can generate if a wave 2 of pandemic aggression is generated in Romania.

Arinaminpathy, N. Size and Complexity in Model Financial Systems. Babus, A. Bartholomew, P. Private and Public Policy, No. Cibernetica firmei. Copeland, L. Default probabilities of European sovereign debt: market-based estimates. Applied Economics Letters, 8 5 , pp. Dezsi, D. In: Nguyen, N. Intelligent Information and Database Systems. Lecture Notes in Computer Science, vol.

Springer, Cham. The role of financial markets for economic growth. Gai, P. Contagion in financial networks, Working Paper No. Karuc, J. Kaufman, G. The Independent Review, No. Nica, I. Conceptual dimensions regarding the financial contagion and the correlation with the stock market in Romania, Theoretical and Applied Economics, Vol. Perepelitsa, M. Asynchronous stochastic price pump, arXiv Source: Authors computation in Altreva Adaptive Modeler.

Figure A. Evolution of the Erste Bank Group index. Covid crisis: Fiscal, monetary and macro-financial policy responses. In essence, lockdown and social distancing measures are triggering losses in global production, supply, trades, investments, and employment.

This article, to counteract the economic losses and macroeconomic uncertainty, explores the policy evolution of macroeconomic effects during the COVID pandemic.

It has communicated different policy responses addressing the potential economic damages in the G-7 countries and 24 emerging market economies EMEs. The article also illustrates the lockdown and regulatory implications and dynamic economic interventions mandated by the governments, monetary authorities, and central banks.

The study demonstrates the potential impact of fiscal, monetary, and macro-financial policy measures on the economic losses caused by regulatory and quarantine measures.

Monetary authorities and central banks have lowered the policy rates like repurchase agreement rate repo , reverse repo, cash reserve requirement CRR to ease the liquidity supplies to the economy.

Central banks also offered credit facilities to cater to the demand for loans and advances. The study finds that G-7 economies and emerging market economies have implemented a comprehensive fast-track fiscal, monetary, and macro-financial policy to counteract the pandemic’s negative economic consequences. The policy measures include the fiscal stimulus package, direct spending, loans, and credit facilities, refinancing schemes, swap agreement, discount loan window, tax cut on credit, short term loan extension, bridge finance, policy rate cuts, bond purchase, SMEs financing.

These policy measures, if implemented successfully, are predicted to minimize the impact of the crisis and to stabilize the economies. Introduction The world is now undergoing a wave of economic pathogens released by the crisis from COVID, severing the interdependent world economy. The virus outbreak emerged in Wuhan, China, in December of and persists globally now.

The novel pandemic outbreak of coronavirus has been taking its toll on human lives and the economies. The extensive spread has become catastrophic to the global economy, inflicting severe damage to the global production and supply chain. The virus-containment measures have dismantled the economic activity across the globe.

The quarantining measures necessary to contain the virus have triggered an economic downturn affecting global production and supply, international trade, FDI flows, international financial markets, and international tourism and travels. To lower the transmission rate of COVID and to decrease the liability on healthcare systems, almost all governments have implemented a wide range of strict public healthcare and quarantine measures including school and factory closures, travel restrictions, and city lockdowns Atkeson, Consequently, the economies started experiencing a sharp downturn.

The world’s largest economies G7 and China are among the ones that have been most affected by the Pandemic Baldwin and Weder di Mauro, However, the economic consequences of the pandemic will have varying impacts depending on several factors, containing the direct impacts of quarantine measures to limit the spread, the required duration of the lockdown measures, and the degree of intensity at which the direct economic effects amplify and persist.

There are three transmission measures for the pandemic that will hit the global economy hard. First, travel restrictions at the regional and national levels will restrict the flow of goods and services across the borders and within countries. Second, increased uncertainty will translate into reduced spending by households and small businesses.

Third, sharp declines in global stock markets, if sustained, will hurt the real economy. Plunging markets stoke fear and uncertainty, reduce household wealth, and therefore erode consumer spending. The discussion in this paper significantly contributes to the financial crisis literature Allen and Carletti, Jagannathan et al.

Moreover, this paper contributes to the growing literature by exhibiting that non-financial factors and non-economic factors can initiate both a financial and economic crisis in unprecedented ways.

Related literature The literature on the economic impacts of the COVID pandemic, as is the recent phenomenon, is substantially growing. There remain only a few studies about the economic loss due to the massive-scale epidemic of contagious diseases to date: Schoenbaum, is an example of an initial analysis of the economic impact of influenza. Other studies like Meltzer and Cox, examine the potential macroeconomic impacts of the influenza pandemic in the US and evaluate several vaccine-based interventions.

In the aftermath of the Great Recession, a large body of work studied how credit supply shocks Mian and Sufi, ; ; Mian et al.

Finally, this paper joins a rapidly growing body of work studying the impact of the COVID epidemic on the economy. Eichenbaum et al. Given the span of the pandemic is just about four months, research on the economics of COVID is at an early stage and still emerging.

An extensive set of papers has emerged and is still expanding on macroeconomic issues surrounding the COVID pandemic. As the evidence of economic impacts keeps emerging, research think tanks and media outlets are in a race to publish commentaries, editorials, and analytical pieces.

Baldwin and Weder di Mauro, complied with an ebook illustrating the impacts of general macro economy and policy, trade, supply chain, finance, banking, travel, and regional sensitivities. Provided the aim of the article, it is worth reviewing them.

Beck, focuses on finance and banking risks created by the pandemic and argues that the effect would depend on three factors — the extent of the pandemic’s economic effects globally, the fiscal and monetary policy reactions to the shocks, and regulatory reactions addressing possible bank fragility.

Mann, mentions the interlinkage between global commodity markets, financial markets, public sentiment, and the economy is likely to make the situation worse and challenging for policy responses. Other authors also expound that the COVID pandemic is both a demand shock and a supply shock — that are likely to slow down aggregate trade flows significantly and that manufacturing distress and supply-side contagion are imminent through international supply chain distortions.

Based on the experiences of modeling the economic effects of the influenza pandemic Wren Lewis, suggests that the COVID estimates reduction in economic growth, coming as a result of reduced labor supply, higher production cost, higher temporary inflation, and reduced social consumption.

While studying the adverse shock of the pandemic Fornaro and Martin, mention that pandemic as an adverse shock to the growth rate in productivity considering a standard New Keynesian representative-agent economy and endogenous technological change with sluggish traps. In contrast, the article focuses on new shocks to supply due to widespread lockdowns and social distancing measures. Faria e Castro, builds on studies different forms of fiscal policy in a calibrated New Keynesian model.

Later, they then consider the optimal Pigouvian policy to internalize the externalities. Alvarez et al. However, none of these papers focus on demand shortages or feature multiple sectors. Jorda et al. The pandemics are persistent, with large numbers of casualties.

They also find evidence that pandemics lower the inflation-adjusted rate of interest. However, it is not clear if this is comparable to the events as the authors focus on the short- term effects of lockdowns that respond to the pandemic. Baldwin and Tomiura, explain that the containment policies have directly and massively reduced the flow of labor to businesses.

The result has been an abrupt and sharp reduction in the output of goods and services. Gormsen et al. Nikiforos, mention that the direct impact has both demand and supply implications. As a large share of production has stopped or will stop, the output will decrease from the supply side. On the other hand, the uncertainty posed by the pandemic, the regulatory restrictions imposed by the authorities, and the drop in the level of economic activity globally will have an adverse impact on most components of aggregate demand.

To get an idea of the magnitude of pandemic effects, some preliminary Chinese data reflect that in the retail sales decreased by In comparison, investment and industrial production fell by and The economic effects became extreme as quarantine measures are taken, and the severity affected various sectors of the economy with travel bans, sporting event cancellations, the prohibition of mass gatherings Elliot, ; Horowit, International financial institutions, monetary authorities, and central banks are seeking to mitigate the immediate impact on the real economy through extraordinary fiscal, monetary, and macro-financial measures.

Governments in many jurisdictions have introduced extraordinary support measures to alleviate the financial and economic impact of COVID Our contribution to this strand of literature is 1 to analyze the economic effects of the specific non-pharmaceutical interventions relevant for virus containment and 2 to contribute a quantitative analysis to the evaluation of COVID infection externalities to inform the policy debate better.

In this paper, we intend to show how the coronavirus outbreak led to spillovers into vital sectors of the world economy, and fast policy response by several governments. The study continues along these lines and aims to contribute to the economic policy debate. Our analysis defends an understanding of what is currently going on in the economy by focusing on fiscal and monetary policy measures to counteract the economic consequences.

As the effectiveness of economic policies relies crucially on speculative expectations, our analysis is a necessary first step in the assessment of policy measures. The rest parts of the paper are structured in the following way. Section 2 discusses the methodological construct of the paper to analyze the policy measures. Section 3 illustrates the transmission channels of the economic effects caused by the pandemic and subsequent regulatory measures.

Section 4 demonstrates and analyzes the various fast-track policy responses initiated in the emerging market economies. Section 5 summarizes the findings and concludes. Covid crisis: Fiscal, monetary and macro-financial policy responses Research questions This paper aims to 1 to address the economic impacts in different sectors of the crisis-hit economy; 2 to evaluate the fiscal, monetary, and macro-financial policy measures to counteract economic losses.

The article tries to communicate the comprehensive policy actions taken to survive the losses by the pandemic. Methods and data To predict or quantify the economic damages inflicted by COVID is quite early now and requires an extensive range of assumptions, many of which may not materialize. Therefore, this paper takes an analytic approach to study the policy responses addressing the possible losses in the crisis-hit G-7 countries and 24 emerging market economies EMEs.

Economies are trying many policy measures targeted to survive the effects and restore the normalcy. The study explores the fiscal, monetary, regulatory as well as macro- financial policy measures initiated in 31 countries.

Fiscal stimulus packages targeted to GDP-intensive sectors, changes in the policy rates to provide cash facility, credit, and liquidity to support SMEs’ measures are the three key parameters, both in the short and long term, to reflect the quantitative changes expected to appear in the near term future. Lockdown implications The far-reaching outbreak of the novel COVID has severely disrupted economic activity through various supply and demand channels.

The pandemic can also have a pervasive economic impact by raising uncertainty. The hit to economic activity will be profound.

However, its magnitude and duration are highly uncertain and depend on the success of public health measures to minimize the spread of the pandemic. However, adverse demand shocks and the economic impact of supply chain disruptions will affect investment prospects in other countries. Moreover, remittances to low and middle-income countries LMICs are forecasted to fall by In total, about USD 23 trillion in global market value has been destroyed since the inception of the outbreak.

The outbreak of the novel coronavirus has severely disrupted economic activity through various supply and demand channels. The pandemic is severely impacting manufacturing production in developing countries because 1 demand for manufacturing goods and raw materials from high-income countries is decreasing; 2 delays in the delivery of necessary components and supplies from more technologically advanced countries are disrupting the value chains; 3 other factors, restriction of movement of goods and people , inability to reach workstation or the financial limitations, which affect the normal production process.

All these negative channels will inevitably have an impact on exports from developing countries. The losses in export volume will be further intensified by the decline in energy and commodity prices.

The pandemic is also dismantling the global workforce. The ILO estimates that almost 38 percent of the global workforce, meaning approximately 1. Such sectors include retail trade, accommodation and food services, and manufacturing.

Macroeconomic effects The macroeconomic variables subject to the direct hit of the pandemic crisis are production and supply, international trade, global value chains GVCs , Investments and FDI flows, capital flight, public debt, solvency, remittance, employment, energy and finally SDGs.

For example, a negative supply shock can lead to a demand shortage that causes a decline in output and employment, which may be larger than the supply shock itself. Guerrieri et al. The GDP of the crisis-hit economies are predicted to grow significantly slower than usual.

In total, about USD 23 trillion in global market value has been destroyed since the outbreak 2. The ILO’s latest summary states that the current containment measures are affecting around 2.

The crisis is expected to hit workers in low- and middle-income countries particularly hard, where the share of those working in informal sectors, and who therefore have limited access to adequate health and social protection, is higher.

To make matters worse, the expected massive job losses among migrant workers will likely have a knock-on effect on economies that heavily depend on remittances.

Additionally, the containment measures in advanced economies have already started impacting less developed countries through lower trade and investment UNIDO, The spread of the pandemic and the regulatory actions necessary to control it means that we now have to incorporate full-scale lockdowns across.

The lockdown policies are having instantaneous and subsequent effects on daily economic activity. However, the magnitude of the impact on GDP will depend on how long the lockdowns last. Policy response To mitigate the adverse effects of public health controls on the economy and to sustain public welfare, governments adopted economic packages, including fiscal, monetary, and financial policy measures Gourinchas, These economic measures targeting households, firms, health systems, and banks vary across countries in breadth and scope Weder di Mauro, Monetary policies adopted by countries usually consist of liquidity support to banks International Monetary Fund, Typical fiscal policies include transfers to households and businesses, the extension of social safety benefits, and funds for the healthcare system.

The speed with which the pandemic is evolving has necessitated strict policy measures to contain the virus and survive the damage. To look profoundly into the liquidity in an economy, we see the pandemic shock is mounting enormous pressure on corporates cash reserve. Business closure during the pandemic may turn the complexity into severe insolvency.

To counteract the estimated losses, policymakers introduced the following category of policy measures around the world to cope with the coronavirus. These policies can be divided into four categories: 1 fiscal measures, 2 monetary measures, 3 public health measures, and 4 human control measures.

This study deals with the first two measures in the next section. Fiscal policy measures Table 1. South Africa Rbn? Rbn Thailand THB 1tn 5. Table 2. Lowered cost of discount window lending; bank leverage ratio to 2. Paycheck Protection Program Liquidity Facility. UK 65bp 0. Canada bp 0 Credit facility CAD 65bn 1. Launching the Bankers’ Acceptance to under stress firms; Purchase Facility; 2. Extending bond buyback program across all maturities; 3.

Central Bank provides incentives, so banks grant credits at preferential rates to SMEs. CRR reduced from 5 to 4. Tk 50 billion Pre-shipment Refinancing scheme to daily-basis ; support exporters; 2. Tk 50 billion Special Refinancing Scheme for the to make credit available.

Tk 30 billion Refinancing Scheme to support micro-finance; 4. Tk billion refinance scheme to facilitate the implementation of the government stimulus package.

Brazil 50bp 3. Allocation of BGN mn for long-term investment and working capital financing; 4. BGN mn to provide interest-free loans to employees on unpaid leave. Special treatment of provisions for deferred loans; Chile 75bp 0.

Use of mortgage guarantees to safeguard SME loans. Banks’ credit extension to MSEs 1. Bond issuance by financial 2. Provisioning higher NPLs for 3. Reduction of bps for small- and medium- loans by crisis-hit sectors and sized bank; SMEs. Interest rate cut on excess reserves from 72 to 35 bp. Colombia 50bp 1. Lowered the RR applicable to 1. COP 10tn program to purchase securities issued 2. Lowered the rate of fixed-term by credit institutions; savings accounts less than 18 3.

Hungary 90bp 1. QE by buying government securities on the secondary market, and the mortgage bond purchase program; 2. Short-term loan extension to businesses until June 30; 3. Repayment moratorium on all existing corporate and retail loans; 4.

Reduced Foreign Exchange Coverage Ratio from 15 to 10 percent. India Repo 4. Special refinance facilities for rural banks, housing finance companies, and SMEs; 3. Financing the deposit insurance agency LPS and ratios for banks; Purchasing government bonds in the primary market, and for bank solvency problems; 2.

Relaxed loan classification and loan restructuring procedure. Malaysia 25bp 2. Mexico bp 6. Provided USD liquidity to banks 1. Liquidity support by development banks line with the Fed; 3. Workers’ access to loans against social security 2.

Reduced the mandatory accounts; regulatory deposit with Banxico by 4. Swap agreement with the Fed auctioned already 50 billion pesos. Morocco 25bp 2. Provided FX swaps to domestic banks; 4. Increased the central bank’s refinancing operations to support banking credit to V SMEs.

Pakistan bp 9. Reduced the capital 1. Allowed banks to defer clients’ payment of 2. Increased the regulatory limit on principal on loans by one year; an extension of credit to SMEs by 3. Relaxed regulatory criteria for 44 percent to PKRs million. Peru bp 0. Reduced reserve requirements 1. Package of 30 billion soles in liquidity assistance 2. Provided liquidity through repo to support lending and the payments chain.

Philippines bp 2. Temporarily relaxed the provisioning ratio by bps for banks. The temporary relaxation of requirements on compliance reporting, penalties on required reserves, and single borrower limits. Poland bp Reduced the required reserve ratio 1. Purchased Polish Treasury securities in the by bps to 0. Introduced a funding program for bank lending to non-financial private enterprises.

Romania 50bp 2. Purchasing government securities on the institutions via repo transactions. Facilitated operational measures to smooth the functioning of payment settlement.

Russia 50bp 5. Sold FX reserves from the 1. Reduced Deposit Insurance Fund contribution 2. Introduced temporary regulatory from 0. South Africa bp 4. Increasing the number of repo 1. Purchase government securities in the secondary auctions to provide intraday; market; 2. Cash support to clearing banks 2.

Issued guidelines to provide debt relief to bank at the policy rate. Thailand 50bp 0. Reduced the contribution from 1. Purchased government bonds over THB base. Turkey bp 8. Longer-term instruments at 1. Introduced lending facility for SMEs in the export discounted rates; sector; 2. Purchases of sovereign bonds requirements on foreign currency 3.

Reduced the minimum payment for individual deposits by bps. Ukraine bp 8. Decrease the minimum LCR 1. Announce unscheduled liquidity assistance reduce reserve requirement ratios. Eliminated the tariffs for banks using electronic payments system; 3. Interest rate swaps banks can rely on to minimize interest rate risk. Vietnam bp 1. Lowered the short term lending 1. Announced a credit line worth of VND trillion; rates cap for priority sectors by 50 2.

Injected liquidity through refinancing windows. Short-term deposit rates cap by bps. All of the 31 developed and emerging market economies except Argentina and Bulgaria primarily resorted to lowering the policy rates, where the highest cut was basis points by State Bank of Pakistan. The lowest cut is at least 50 basis points. The cut in the repurchase agreement rate Repo rate can help banking with increased liquidity through the financial system.

Many central banks also lowered the reverse repo rates by at least 20 basis points to ease the liquidity pressure during the pandemic. Lowering the reserve requirements CRR and SLR is also another policy decision that is helping the economies to cope up with the transaction demand of cash. Some governments initiated foreign exchange operation FXO to supply more local currencies to the market. However, there are also some other fiscal and accommodating policies to materialize targeting the inflicted damages to the world economy.

Conclusion In this paper, the article demonstrated the fiscal, monetary, and macro-financial policy responses addressing the economic damages inflicted by the lockdown in the emerging market economies. The study analyzed the direct impacts of the regulatory measures taken by the governments to contain the virus spread. In addition to the human toll, the COVID pandemic is causing far-reaching economic disruption, including in developing countries. Central banks and govt are deploying fast-track financing to help keep companies in business and preserve jobs.

Governments, to foster the economy in the long run, shall consider the fiscal stimulus to support SMEs, retail and service sectors, transports and aviation, and tourism. Social safety net facilities shall also be introduced to keep the marginal people fed and the consumer trend afloat.

The export-oriented industries shall be facilitated with lower interest loan programs and credit support. In addition to the human toll, the coronavirus pandemic is causing far-reaching economic disruption, including in developing countries. Central banks and govt need to deploy dynamic fast-track financing to help keep companies in business and preserve jobs. Notes 1 Of course, a more substantial prior literature in history, health, and development economics studied pandemics, and just to name a few recent examples, Philipson , Greenwood et al.

Allen, F. An overview of the crisis: Causes, consequences, and solutions. International Review of Finance, pp. Alvarez, F. Atkeson, A. Rough estimates of Disease Scenarios. NBER working paper series, No. Baldwin, R. CEPR Press. A VoxEU. London: Centre for Economic Policy Research. In Baldwin, R. Banerjee, R. COVID and corporate sector liquidity. BIS Bulletin Barro, R. The Coronavirus and the Great Influenza. Beck, T. Finance in the times of coronavirus. The Macroeconomics of Pandemics. Fundraising of , lbs.

AGM and update Alrosa and drilling targets. Exploration work underway. PL in the Orapa area Alrosa. Botswana Diamond’s coming of age? Overview of company and project.

Botswana Diamonds completion of initial fieldworks at PL licence. Interim results for the six months ended Dec. Orapa region PL and samples taken from PL Positive results from initial analysis of exploration on PL in Orapa – two drill targets identified.. Potential for new kimberlites. New licences awarded in Orapa region of Botswana. Liquidation of interest in Bugeco. First results of JV exploration programme Alrosa identifies targets with high potential to be new kimberlite discoveries.

Issue of equity and directors’ shareholding. Exploration in Orapa, Botswana. Drilling update at Orapa. Alrosa JV geophysics and drill ready sites. Alexkor diamond mine turnaround strategy – the importance of sound geological models and mineral resouce management.

Sask Rocks. Global age distribution of detrital zircons, the supercontinent cycle and subduction flux through time. Brazil Minerals, Inc. Duas Barras. Rceives capital equipment financing.

Equipment for Duas Barras. Fills key position with seasoned executive and adds to board of advisors. Duas Barras Ltda. Reports strong growth in cash flow from operations in Q1 Near Duas Barras.

Expands operational team in Brazil. In talks with Panama’s Diamond Exchange. A spectroscopic look at green and blue gem diamonds colored by artificial irradiation treatment. Botswana Diamonds. Prospecting to Jewellery. Beautiful coloured photographs, history to current. Available signed by author or from Amazon. Composition and sources of volatiles and noble gases in fluid inclusions in pyroxenites and carbonatites of the Seblyar Massif, Kola Peninsula. Microanalysis of olivine chemistry of exceptionally young kimberlite of the Igwisi Hills, volcano, Tanzania.

See minsoc website. A review of Wilson Cycle plate margins: a role for mantle plumes in continental break-up along sutures? Bulanova, G. An eclogitic diamond from Mir pipe Yakutia , recording two growth events from different isotopic sources.

De Beers takes the shine off synthetic diamonds. Not even call them diamonds. Butterworth, N. Caby, R. Kukisvumchorr Khibiny alkaline massif, Kola Peninsula, Russia: refinement of the crystal structure and revision of the chemical formula. The origin of shoshonites: new insights from the Tertiary high-potassium intrusions of eastern Tibet.

The Catanga extrusive carbonatites Kwanza Sul, Angola : an example of explosive carbonatitic volcanism. Canterra Minerals commences diamond exploration program, Northwest Territories. Canterra provides corporate update. Kienlen and McCandless. Canterra Minerals discovers diamond in till sample, NWT. Supervolcanoes erupt by their own rules. Mega-eruptions and smaller volcanoes are triggered by different mechanisms.

Carlson, R. Carmody, L. Ilmenite as a diamond indicator mineral in the Siberian craton: a tool to predict diamond potential. In situ trace element geochemistry and U-Pb dating on perovskite from kimberlites of the Lunda Norte province NE Angola : petrogenetic and tectonic implications. Insights into the mantle structure beneath the Lunda Norte kimberlitic province NE Angola : petrography and paleothermobarometry of fresh mantle xenoliths.

Studies show movements of continents speeding up after slow ‘middle age’. Condie agrees – both presented at Gold schmidt AAND: Nunavut ghost mine now deemed “closed or abandoned”. Jericho fiasco continues as AAND once again warns owners. First Nation appeals Drybones Bay decision.. Arguing court erred in upholding decision allowing exploration in culturally significant area. Chakhmouradian, A. Carbonatite hosted niobium deposit at Aley, northern British Columbia Canada : mineralogy, geochemistry and petrogenesis.

Kimberlites, lamproites, lamprophyres and their entrained xenoliths: keys for unraveling geodynamic evolution of the cratons and mobile belts. Petrology and petrogenesis of Mesoproterozoic lamproites from the Ramadugu field NW margin of the Cuddapah basin, eastern Dharwar craton, southern India.

Platinum-group elements PGE geochemistry of Deccan orangeites, Bastar craton, central India: implication for a non-terrestrial origin for iridium enrichment at the K-Pg boundary. Global radially anisotropic mantle structure from multiple datasets: a review, current challenges, and outlook.

Multiphase solid inclusions in zoisite bearing eclogite: evidence for partial melting of ultrahigh pressure metamorphic rocks during continental collision. Multiphase solid inclusions in zoisite bearing eclogite: evidence for partial melting of ultrahigh-pressure metamorphic rocks during continental collision.

Carbonate and silicate rich globules in the kimberlitic rocks of northwestern Tarim large igneous province, NW China: evidence for carbonated mantle source. Chheda, T. Lithospheric waveguide beneath the Midwestern United States; massive low-velocity zone in the lower crust.

The magmatic evolution of Fr carbonatite system and implications for Ta enrichment in carbonatites. Characteristics of djerfisherite from fluid rich metasomatized alkaline intrusive environments and anhydrous enstatite chrondrites and achondrites. Experimental melting of phlogopite bearing mantle at 1 Gpa: implications for potassic magmatism. Tectonic styles in Canada: lithoprobe perspectives on the evolution of the North American continent.

Tectonic styles in Canada: the lithoprobe perspective, eds. Geology and exploration of gem deposits at Mt. Carmel, northern Israel: natural moissanite, sapphire, ruby and diamond. Mountain Province Diamonds provides Gahcho Kue project update.

Dispells shipping delays and stays with Aviation hitech flying into South African mining space. Dassault Systemes 3D visualization. Finsch mine. Trans Hex moves to offload last of Middle Orange River assets. Pioneer Minerals between Douglas and Prieska. NUM opposes Petra mining rights application in light of retrenchments. Swartsgrugen near Helam mine. Diamond miner Petra Diamonds expansion plans for its William son mine, in Tanzania’s Shinyanga region, remain on track.

Anglo fewer diamonds output result of a focus on waste movement to clear and area of unstable ground at Voorspoed and plant upgrade at Venetia, 19 day strike at Namdeb Land. Low kimberlite discovery rate seen sparking diamond production crisis by turn of decade. De Wit, Bristow added comments. Creamer Media publishes Diamonds a review of southern Africa’s diamond sector research report. Price opacity has reigned in the diamond industry. Cutifani has started to draw back the curtain.

Which may induce Alrosa to be more transparent. Crepisson, C. Caracterizacao petrografiz e estudos dos minerais indicadores provenientas da intrusao kimberlitica Braz provincia alto Paranaiba, MG.

Sistemas deposicionais tratos de sistemas e a mineralizacao em diamantes da formacao Sopa-Brumadinho na regiiao de Diamantin a MG. Report geophysical and geochemical evidence for deep temperature variations beneath mid-Ocean ridges. Tuffisitic kimberlite from eastern Dharwar craton, Undraldoddi area, Raichur district, Karnataka India. Dauphas, N. Digging deep – history of South Africa’s great mining industry.

De Beers one of the companies profiled. De Beers bolsters executive committee – new appointments bring 75 years of diamond experience. De Beers’ new Canadian diamond mine delayed.. Could move to early because of shipping delays. Gahcho Kue. De Beers Group of Companies announces updated model for rough diamond allocations by global sightholder sales.

Gahcho Kue project joint venture welcomes approval of water licence. Mountain Province Diamonds. De Beers to accept registrations of interest for global sightholder sales contractual period. The De Beers Group of Companies to run diamond re-selling insight programme. Diamond insight report. A diamond is not a pig – target selection and diamond trap site identification along the Middle Orange River between Hopetown and Douglas.

Debut Diamonds to engage advisor for possible German acquisition, convert debt, and list on Frankfurt Exchange. Deep bedded ultramafic diatremes in the Missouri River breaks volcanic field, Montana, USA: 1 km of syn-eruptive subsidence. Delrand updates DRC diamond exploration activity. Targeted area Bomali project for geophysics survey. Arctic Resources Geochemistry Laboratory.

State of the Art instrumentation. Aim to determine diamond age, process of formation and place of origin. Devriese, S. Petrochemistry of crater facies Tokapal kimberlite pipe, Bastar craton, central India and its orangeitic affinities. Project north of Paranatinga Fipke. Overview of highlights for period ending Sept. Krone Endora. Diamcor increases revenues for third consecutive quarter in fiscal Diamcor responds to continuous disclosure review. BC Securities Krone-Endora. Diamcor recovers Diamcor announces filing its third fiscal quarter results.

Diamcor announces results of fourth quarter diamond sales. Diamcor completes planned plant expansion at Krone-Endora at Venetia project. Mining right issued for Diamcor’s Krone-Endora at Venetia project. Martin Rapaport addresses synthetic diamonds. Zimbabwe’s diamond industry has come a long way in its quest for legitamacy. And it still has a ong way. Over , residents have been displaced due to renewed violence in the Katanga province of the Democratic Republic of Congo.

Speculation only! Alrosa’s future plan. VP Igor Sobolev answers questions – Alrosa production for Where did production increase. Pledge reminder letters surface, Marange miners may face contempt. Investigating a new treatment – low pressure-high temperature is the latest development in diamond treatments. Colour enhancement. How Rio Tinto aims big guns at a diamond tycoon and his Brazilian rival. Beny Steinmetz. A synthetic called CVD.

Rio Tinto showcases Oculus Rift technology to global diamond industry. Virtual journey into Diavik mine. IT to connect across 70 De Beers locations. Mineral firm leaves Zimbabwe, neglects to hand over survey data. Canadian company no name stated.

Mpofu’s shocking testimony reveals major diamond industry problems. No minutes. Bribes and fraud case. Excess diamond inventory. Large volume of polished diamonds stuck in the middle of the pipeline manufacturers. Yuzanov advises Alrosa to stick with rough production diversification into cutting ill advised.

The recent re-launch of CanadaMark hallmark by Dominion Diamond Corporation is designed to enhance the company’s status as Canada primary diamond mining company. Argyle mine celebrates anniversary of landmark participation agreement.

Grib diamonds for grabs. Spot auctions in Antwerp. Overview of management and background to the production and sales. Geology of the heavy rare earth element-rich Lofdal alkaline carbonatite complex, north west Namibia. The kinetics of the reaction of majorite plus ferropericlase to ringwoodite: implications for mantle upwellings crossing the km discontinuity.

Chemical composition, geochemical features and genesis of charoite and charoite rocks, Murun Complex. Reports Diavik and Ekati diamond mine fourth calendar quarter production. Dominion Diamond Corporation issues updated mine plans for the Ekati and Diavik diamond mines. Dominion Diamond Corporation reports updated reserve and resource statements for the Ekati and Diavik diamond mines.

Reports fiscal first quarter results. Dominion Diamond Corporation reports Fiscal second quarter results. Dominion Diamond Corporation reports Diavik diamond mine third quarter production. Dominion Diamond Corporation increases interest in the Ekati diamond mine. Dominion Diamond Corporation provides financed security for the Ekati diamond mine.

Dominion Diamond Corporation files developer’s assessment report for the Ekati diamond mine. Dominion Diamond reports third quarter fiscal sales and production results. Gannicott until mid feb. Reports fiscal third quarter results. The regional relationships of the different gravel deposits in the Middle Orange region, northern Cape, South Africa.

What coupled cerium and neodynium isotopes tell us about the deep source of oceanic carbonatites. Paleoproterozoic formation age for the Siberian cratonic mantle: Hf and Nd isotope dat a on refractory peridotite xenoliths from the Udachnaya kimberlite. High water contents in the Siberian cratonic mantle linked to metasomatism: an FTOR study of Udachnaya peridotite xenoliths. Doucet, L.

High water contents in the Siberian cratonic mantle linked to metasomatism: an FTIR study of Udachnaya peridotite xenoliths. Downes, P. Stable H-C-O isotope and trace element geochemistry of the Cummins Range carbonatite complex, Kimberley region Western Australia: implications for hydrothermal REE mineralization, carbonatite evolution and mantle source regions.

Stable H-C-O isotope and trace element geochemistry of the Cummins Range carbonatite complex, Kimberley region western Australia: implications for hydrothermal REE mineralization, carbonatite evolution and mantle source regions. Debmar Pacific makes port of call in Cape Town. Ship being repaired and outfitted for another 30 month stint at sea. Crystallography’s journey to the deep Earth. Improved methods for studing minerals at extreme pressures and temperatures.

Dunnedin to acquire the advanced stage Kahuna diamond project. Dunnedin signs definitive agreement on Kahuna diamond project. Poikilenko , Held Sept. Eagle Plains announces Stornoway participation in Orchid property agreement. North Arrow Pikoo. Datasets available to download – mentions xenoliths not specific to diamonds. Eiler, J. Amphibole genesis in pyroxenites from the Beni Bousera peridotite massif Rif, Morocco : evidence for two different metasomatic episodes. El Goresy, A. A new natural, super-hard, transparent polymorph of carbon from the Popigai impact crater, Russia.

Geochemistry and petrology of the Early Miocene lamproites and related volcanic rocks in the Thrace basin, NW Anatolia. Chinese rescue averts liquidation of Antwerp diamond benk – but will trigger regulatory problems. EGL synthetic discovery triggers ethical and legal quagmire. Diamond Intelligence Brief courtesy of Chaim , Vol 29, no. The world diamond council: all about putsch within the family that was averted – and the unity that will be restored.

Diamond Intelligence Brief courtesy of Chaim , Vol. GIA: too big to fail. Economic impact represents concentration risk to industry. Turnover time for certificates. Evolution of diamond resorption morphology from the mantle source to the emplacement of kimberlite at the surface: review of experimental data.

Linking together the dissolution and reaction features of kimberlite hosted diamond and Fe-Ti oxides with magmatic fluid and its role in kimberlite emplacement. Fernandes, A. Appointment of Liqhobong diamond mine chief project officer.

Glenn Black. Highlights – Liqhobong, sales, pilot plant, BK Financing agreements entered into for the Liqhobong diamond mine. Disposal process in respect of the company’s Botswana operations. Final results for year ended June Annual report. Resolution of geochemical and lithostratigraphic complexity: a workflow for application of portable X-ray fluorescence to mineral exploration. Foster, D. A sharp cratonic lithosphere-asthenosphere boundary beneath the American Midwest and its relation to mantle flow.

Fournier, D. Frets, E. The Beni Boussera peridotite Rif belt, Morocco : an oblique slip low angle shear zone thinning the subcontinental mantle lithosphere. Diamond formation by carbon saturation in C-O-H fluids during cold subduction of oceanic lithosphere. Friedman, S. Craton vs rift uppermost mantle contributions to magnetic anomalies in the United States interior. The diamond growing greenhouses.

Subducted slabs stagnant above, penetrating through, and trapped below the km discontinuity. Composite carbonate and silicate multiphase solid inclusions in metamorphic garnet from ultrahigh-P eclogite in the Dabie orogen. Diamonds and its grade in different petrochemical types of kimberlites based on Russian diamond deposits. The provenance of northern Kalahari Basin sediments and growth history of the southern Congo Craton reconstructed by U-Pb ages of zircons from recent river sands.

Physical controls on sand and composition and relative durability of detrital minerals during ultra-long distance littoral and aeolian transport Namibia and southern Angola. Gaubas, E. Lateral scan profiles of the recombination parameters correlated with distribution of grown-in impurities in HPHT diamond. Letseng and Ghaghoo. Letseng recovers an axceptional carat diamond. Opening of the Ghaghoo mine. Sale of carat Letseng diamond.

Interim management statement – Letseng, Ghaghoo. GGL Resources Corp. Target Area Database. Phase relations and melting of carbonated peridotite between 10 and 20 Gpa: a proxy for alkali and CO2 rich silicate melts in the deep mantle. Melting of Phase D in the lower mantle and implications for recycling and storage of H2O in the deep mantle. Precambrian crustal evolution in the Great Falls Tectonic Zone: insights from xenoliths from the Montana alkali province.

Giuliani, A. Petrogenesis of mantle polymict breccias: insights into mantle processes coeval with kimberlite magmatism. Giuliani, G. Glazyrin, K. Magnesium silicate perovskite and effect of iron oxidation state on its bulk sound velocity at the conditions of the lower mantle.

Glorie, S. Formation of the Kokchetav subduction collision zone – northern Kazakhstan : insights from zircon U-Pb and Lu-Hf isotope systematics.

First African diamonds discovered in Algeria by the ancient Arabo-Berbers: history and insight into the source rocks. Origin of high pressure disordered metastable phases Lonsdaleite and incipiently amorphized quartz in metamorphic rocks: geodynamic shock or crystal-scale overpressure? In: Ultrahigh Pressure Metamorphism: 25 years after discovery of coesite and diamond.

Dobrzhinetskaya, L. Golden Saint Resources sponsors local mining bid in Sierra Leone. Tongo and Baja and exploration. Golden Saint appoint specia list for Sierra Leone operations. Wardell Armstrong Int. Golden Saint Resources to shortly start Baja bulk sampling programme. Concerns for capital during these market conditions. Funding arranged for the cost of the DMS. Purchase of diamond washing plant in the Zimmi area. Money that needs laundering. The arrest of a woman accused of hiding 10, diamonds inside her body.

Weight of diamonds 11 ozs If gold would weigh 20 lbs. Gordeev, E. Goryainov, S. Geological characteristics of diamond bearing terrigenous rocks in the north-east borderland of the East European platform. Green, D.


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Мы выстрелили в него новым «Джей-23», это нервно-паралитическое вещество продолжительного действия. Конечно, это чертовски болезненно, но нам нужно было его остановить. – Не волнуйтесь, мадам, – заверил второй агент.


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Public investment and regional inequality in rural China, Agricultural Economics, Vol. If the title has a link, it means we have found a location online where you can either retrieve the full article free, or purchase access to it. Social protection is one of the many social policy interventions that can contribute to achieving the overall goal of poverty reduction, also having a significant economic and social impact. On the other hand, the uncertainty posed by the pandemic, the regulatory restrictions imposed by the authorities, and the drop in the level of economic activity globally will have an adverse impact on most components of aggregate demand. Adema, W.


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