sodexho alliance 2005-2006 reference document
... demonstrates that we are on track to attain our medium term objective of average annual revenue growth of 7%. I would like to take this opportunity to again recognize and thank all Sodexho employees around the world, each of whom has contributed to the achievement of this encouraging Fiscal 2006 ...
... demonstrates that we are on track to attain our medium term objective of average annual revenue growth of 7%. I would like to take this opportunity to again recognize and thank all Sodexho employees around the world, each of whom has contributed to the achievement of this encouraging Fiscal 2006 ...
Global FX Guide
... You can also find our research materials at our website: www.mb.seb.se. This report is produced by Skandinaviska Enskilda Banken AB (publ) (the "Bank") and is not directed to any private and legal person. Information and opinions contained within this document are given in good faith and are based o ...
... You can also find our research materials at our website: www.mb.seb.se. This report is produced by Skandinaviska Enskilda Banken AB (publ) (the "Bank") and is not directed to any private and legal person. Information and opinions contained within this document are given in good faith and are based o ...
The European Central Bank - History, role and functions, October 2004
... and silver coins as legal tender, communicated national cultures and symbols. Concurrently with the increasing role of banknotes as a means of payment in modern economic life, their issuers, the central banks, grew in importance and the conduct of monetary policy became an essential part of a nation ...
... and silver coins as legal tender, communicated national cultures and symbols. Concurrently with the increasing role of banknotes as a means of payment in modern economic life, their issuers, the central banks, grew in importance and the conduct of monetary policy became an essential part of a nation ...
International Reserves and Foreign Currency Liquidity
... contracts,2 for example, could result in understatement of encumbered reserve assets. • Lack of information on the authorities’ financial derivative activities (for example, in foreign currency futures and forwards) could also obscure the risk exposure of government entities, which could lead to sudd ...
... contracts,2 for example, could result in understatement of encumbered reserve assets. • Lack of information on the authorities’ financial derivative activities (for example, in foreign currency futures and forwards) could also obscure the risk exposure of government entities, which could lead to sudd ...
currency boards for developing countries
... notes issued by the monetary authority, and foreign reserves (ultimate reserves) used in international trade, such as gold, foreign bonds, or notes issued by a foreign central bank. Commercial banks, in the broad sense that we will use the term, are all banks other than the central bank, including c ...
... notes issued by the monetary authority, and foreign reserves (ultimate reserves) used in international trade, such as gold, foreign bonds, or notes issued by a foreign central bank. Commercial banks, in the broad sense that we will use the term, are all banks other than the central bank, including c ...
Currency Boards for Developing Countries
... notes issued by the monetary authority, and foreign reserves (ultimate reserves) used in international trade, such as gold, foreign bonds, or notes issued by a foreign central bank. Commercial banks, in the broad sense that we will use the term, are all banks other than the central bank, including c ...
... notes issued by the monetary authority, and foreign reserves (ultimate reserves) used in international trade, such as gold, foreign bonds, or notes issued by a foreign central bank. Commercial banks, in the broad sense that we will use the term, are all banks other than the central bank, including c ...
ECB Unconventional Monetary Policy Actions: Market Impact
... The domestic effectiveness of unconventional monetary policies and their international spillovers to global asset prices and capital flows have dominated policy discussions over recent years1. The debate has intensified since May 2013 in relation to the tapering off of US quantitative easing (QE) po ...
... The domestic effectiveness of unconventional monetary policies and their international spillovers to global asset prices and capital flows have dominated policy discussions over recent years1. The debate has intensified since May 2013 in relation to the tapering off of US quantitative easing (QE) po ...
Opening discussion on banking sector risk
... that we repeat due to its ability to crudely but succinctly capture the fundamental drivers for ‘modernisation’ of money: “Cash is dirty ... Cash is heavy ... Cash is inequitable ... Cash is quaint, technologically speaking .. Cash is expensive ... Cash is obsolete” (Gleick, 1996) If one adopts the ...
... that we repeat due to its ability to crudely but succinctly capture the fundamental drivers for ‘modernisation’ of money: “Cash is dirty ... Cash is heavy ... Cash is inequitable ... Cash is quaint, technologically speaking .. Cash is expensive ... Cash is obsolete” (Gleick, 1996) If one adopts the ...
Currency Mismatch, Systemic Risk in Emerging Europe (December 2009)
... percent in Slovenia to 99 percent in Estonia, with an average of 77 percent and a median of 84 percent (Table 1, second and third columns). Financial openness, measured as foreign assets plus foreign liabilities over GDP, increased substantially (Table 1, fourth and fifth columns). Structural reform ...
... percent in Slovenia to 99 percent in Estonia, with an average of 77 percent and a median of 84 percent (Table 1, second and third columns). Financial openness, measured as foreign assets plus foreign liabilities over GDP, increased substantially (Table 1, fourth and fifth columns). Structural reform ...
Banking and Currency Crises: How Common Are Twins?
... can lead to a bank crisis if deposit money is used to speculate in the foreign exchange market and banks are “loaned up.” Rojas-Suarez and Weisbrod (1995) and Obstfeld (1994) argue that a currency crisis may lead to problems in a vulnerable banking sector if policymakers respond to the pressure on t ...
... can lead to a bank crisis if deposit money is used to speculate in the foreign exchange market and banks are “loaned up.” Rojas-Suarez and Weisbrod (1995) and Obstfeld (1994) argue that a currency crisis may lead to problems in a vulnerable banking sector if policymakers respond to the pressure on t ...
Modelling intra- and extra-area trade substitution and exchange rate
... (AWM), simulation analysis provides further insight, where second round effects are then accounted for. Previous analysis on trade developments in the euro area has mostly focused on total trade, without a distinction between intra- and extra-area trade. Indeed, until recently it was not possible to ...
... (AWM), simulation analysis provides further insight, where second round effects are then accounted for. Previous analysis on trade developments in the euro area has mostly focused on total trade, without a distinction between intra- and extra-area trade. Indeed, until recently it was not possible to ...
View/Open
... et al. (1998) and Lipsey (1999) emphasizes the stability of FDI as opposed to portfolio investment. FDI is seen as less subject to capital reversals and it involves large volumes of illiquid assets that make it very difficult for FDI to fly away with the early signs of trouble. The volatility of por ...
... et al. (1998) and Lipsey (1999) emphasizes the stability of FDI as opposed to portfolio investment. FDI is seen as less subject to capital reversals and it involves large volumes of illiquid assets that make it very difficult for FDI to fly away with the early signs of trouble. The volatility of por ...
The Yen and Its East Asian Neighbors 1980
... dollar was discontinued, and the middle rate of the rupiah began to be determined by the value of a basket of currencies and other considerations, subject to periodic devaluations. Following the 45 percent devaluation of September 1986, however, Bank Indonesia launched the exchange rate policy of ma ...
... dollar was discontinued, and the middle rate of the rupiah began to be determined by the value of a basket of currencies and other considerations, subject to periodic devaluations. Following the 45 percent devaluation of September 1986, however, Bank Indonesia launched the exchange rate policy of ma ...
The Benefits and Costs of Renminbi Internationalization
... macroeconomic policies, which could eventually lead to a more stable international monetary system (Zhang 2012). There has been a consensus that the US dollar, the euro, and an Asian currency should be the main parts of the multipolar reserve system. Until 2009, many economists believed that either ...
... macroeconomic policies, which could eventually lead to a more stable international monetary system (Zhang 2012). There has been a consensus that the US dollar, the euro, and an Asian currency should be the main parts of the multipolar reserve system. Until 2009, many economists believed that either ...
Trade Effect of a Single Currency in East Africa
... the Congo, Equatorial Guinea and Gabon), the CFA franc BCEAO 3 (Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo), the CFP franc (French Polynesia, New Caledonia, and Wallis and Futuna), the Euro (Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, ...
... the Congo, Equatorial Guinea and Gabon), the CFA franc BCEAO 3 (Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo), the CFP franc (French Polynesia, New Caledonia, and Wallis and Futuna), the Euro (Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, ...
ECONOMICO 2013 ENG.indd
... comprising the parent company Grupo Isolux Corsán, S.A. and its subsidiaries and associates. Additionally, the Group participates with other entities or members in joint ventures and temporary joint ventures (hereinafter, Joint Ventures). Appendices I, II, III and IV to these notes contain additiona ...
... comprising the parent company Grupo Isolux Corsán, S.A. and its subsidiaries and associates. Additionally, the Group participates with other entities or members in joint ventures and temporary joint ventures (hereinafter, Joint Ventures). Appendices I, II, III and IV to these notes contain additiona ...
Exchange rate stabilization in developed and
... emerged. While this literature has partially acknowledged the different institutional setting of foreign exchange intervention—i.e. fragmented capital markets, an internationally and domestically restricted role of the respective currencies and (therefore) (partly) unsterilized intervention—the diff ...
... emerged. While this literature has partially acknowledged the different institutional setting of foreign exchange intervention—i.e. fragmented capital markets, an internationally and domestically restricted role of the respective currencies and (therefore) (partly) unsterilized intervention—the diff ...
Exchange Rates and Monetary Policy Uncertainty
... We interpret these findings through the lens of a parsimonious model of exchange rate determination in the spirit of Gabaix and Maggiori (2015), in which constrained financiers with short investment horizons intermediate global demand for currencies. These financiers can actively engage in currency ...
... We interpret these findings through the lens of a parsimonious model of exchange rate determination in the spirit of Gabaix and Maggiori (2015), in which constrained financiers with short investment horizons intermediate global demand for currencies. These financiers can actively engage in currency ...
The monetary policy of the ECB (Third edition, May 2011)
... has been effective both in turbulent times and during quieter periods. Since 1998 the ECB has defined price stability as a year-on-year increase in the Harmonised Index of Consumer Prices for the euro area of below 2% over the medium term. The definition makes it clear that inflation above 2% is not ...
... has been effective both in turbulent times and during quieter periods. Since 1998 the ECB has defined price stability as a year-on-year increase in the Harmonised Index of Consumer Prices for the euro area of below 2% over the medium term. The definition makes it clear that inflation above 2% is not ...
Currency Board Arrangement Analysis
... zone those with the greatest natural advantages. Under a fixed exchange rate regime, the combination of increased credibility and the elimination of exchange risk can lead to encouraged foreign investment, particularly from other countries within the common currency zone. Because investors know with ...
... zone those with the greatest natural advantages. Under a fixed exchange rate regime, the combination of increased credibility and the elimination of exchange risk can lead to encouraged foreign investment, particularly from other countries within the common currency zone. Because investors know with ...
Implementation Gold Dinar: Is It Feasible?
... cannot be inflated by printing more of it because it is natural resources not like fiat money where it can be printed when needed; it cannot be devalued by government decree, and unlike paper currency it is an asset which does not depend upon anybody's promise to pay. Portability and mystery of Gold ...
... cannot be inflated by printing more of it because it is natural resources not like fiat money where it can be printed when needed; it cannot be devalued by government decree, and unlike paper currency it is an asset which does not depend upon anybody's promise to pay. Portability and mystery of Gold ...
Competitive Currency Depreciation: The Need for a More Effective
... nently the People's Republic of China ("China"), upon governmentally enforced undervaluation of currencies. This practice has precluded the market from valuing currencies in line with the market's fundamentals of supply and demand and increasingly is causing dangerous imbalances in countries' flows ...
... nently the People's Republic of China ("China"), upon governmentally enforced undervaluation of currencies. This practice has precluded the market from valuing currencies in line with the market's fundamentals of supply and demand and increasingly is causing dangerous imbalances in countries' flows ...
With it*s main objective to maintain price stability for the medium to
... Empirical research has been conducted to explain the instability. The majority of this empirical research is focused on a “missing variable(s) hypothesis”, in which the instability is interpreted as the lack of a standard long-run money demand function to incorporate all factors or motives that in ...
... Empirical research has been conducted to explain the instability. The majority of this empirical research is focused on a “missing variable(s) hypothesis”, in which the instability is interpreted as the lack of a standard long-run money demand function to incorporate all factors or motives that in ...
Corr with XReal-time
... ex post data. Although they find strong evidence of short-run predictability with quasi-revised data for most of the considered currencies using Taylor rule fundamentals, they do not produce forecasts with real-time data.2 In Molodtsova, Nikolsko-Rzhevskyy, and Papell (2008), we integrate research o ...
... ex post data. Although they find strong evidence of short-run predictability with quasi-revised data for most of the considered currencies using Taylor rule fundamentals, they do not produce forecasts with real-time data.2 In Molodtsova, Nikolsko-Rzhevskyy, and Papell (2008), we integrate research o ...
International status and usage of the euro
The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced 12 currencies on 1 January 2002, it inherited their use in territories such as Montenegro and replaced minor currencies tied to the pre-euro currencies, such as in Monaco. Four small states have been given a formal right to use the euro, and to mint their own coins, but all other usage has been unofficial outside the eurozone (the EU states who have adopted the euro). With or without an agreement these countries, unlike those in the eurozone, do not participate in the European Central Bank or the Euro Group.Its international usage has also grown as a trading currency, acting as an economic or political alternative to using the United States dollar. Its increasing usage in this sense has led to its becoming the only significant challenger to the US dollar as the world's main reserve currency.