Towards a framework for financial stability
... As a means of payment, fiat money facilitates trade and exchange by eliminating the “double coincidence of wants” (Jevons, 1871), which is the costly requirement of finding someone who possesses the commodity you want to have, who wants to have the commodity you possess and who can agree to a time a ...
... As a means of payment, fiat money facilitates trade and exchange by eliminating the “double coincidence of wants” (Jevons, 1871), which is the costly requirement of finding someone who possesses the commodity you want to have, who wants to have the commodity you possess and who can agree to a time a ...
International Financial Stability - International Center for Monetary
... CEPR is a registered educational charity. Institutional (core) finance for the Centre is provided by the European Central Bank, the Bank of England, 33 other national central banks, 36 companies and the European Commission. None of these organizations gives prior review to the Centre’s publications, ...
... CEPR is a registered educational charity. Institutional (core) finance for the Centre is provided by the European Central Bank, the Bank of England, 33 other national central banks, 36 companies and the European Commission. None of these organizations gives prior review to the Centre’s publications, ...
Financial Advisor Botsford Marches to a Different Drummer
... Botsford’s personal history profoundly shaped her approach. Her father died when she was 11, leaving Botsford’s mother with six kids and no income. Then, at age 16, Botsford was driving a car when she collided with and killed a motorcyclist. The family was forced to borrow heavily to defend the teen ...
... Botsford’s personal history profoundly shaped her approach. Her father died when she was 11, leaving Botsford’s mother with six kids and no income. Then, at age 16, Botsford was driving a car when she collided with and killed a motorcyclist. The family was forced to borrow heavily to defend the teen ...
AIFMD – Assets other than financial instruments held in custody
... the AIFM has and implements procedures to ensure the correct registration of "other assets" and reconciliation of the depositary's records against those of the AIFM. ...
... the AIFM has and implements procedures to ensure the correct registration of "other assets" and reconciliation of the depositary's records against those of the AIFM. ...
Access to finance remains a key constraint, particularly for SMEs
... •Access to finance remains a key constraint however, particularly in MENA •IFC as part of G20 SME Finance sub-group recently completed a review of global SME finance practices and reviewed 164 different models submitted A number of key trends and recommendations emerged out of the findings from the ...
... •Access to finance remains a key constraint however, particularly in MENA •IFC as part of G20 SME Finance sub-group recently completed a review of global SME finance practices and reviewed 164 different models submitted A number of key trends and recommendations emerged out of the findings from the ...
Falling apart together: State interest and domestic political structure
... school of economics generally rejects theories that attempt to establish a pattern for crises, characterizing them as historical accidents. Charles Kindleberger, an international political economist, argues that crises are inherent in international capitalism and that the chain of events from which ...
... school of economics generally rejects theories that attempt to establish a pattern for crises, characterizing them as historical accidents. Charles Kindleberger, an international political economist, argues that crises are inherent in international capitalism and that the chain of events from which ...
Regulatory Sanctions and Reputational Damage in Financial Markets
... either non-existent or perverse where the misconduct afflicts third parties. In these cases fines are the only effective sanction, and need to be substantially greater than they are at present if they are to have the same overall level of deterrence associated with second party wrongs. This paper th ...
... either non-existent or perverse where the misconduct afflicts third parties. In these cases fines are the only effective sanction, and need to be substantially greater than they are at present if they are to have the same overall level of deterrence associated with second party wrongs. This paper th ...
Margin-Based Asset Pricing and Deviations from the Law of One Price
... liquidity. We discuss how the lending facilities lower margin requirements, and show that the model-implied increase in asset prices is of the same order of magnitude as the bank’s increase in their bid price when margins are lowered in surveys conducted by the Federal Reserve Bank of New York. Furt ...
... liquidity. We discuss how the lending facilities lower margin requirements, and show that the model-implied increase in asset prices is of the same order of magnitude as the bank’s increase in their bid price when margins are lowered in surveys conducted by the Federal Reserve Bank of New York. Furt ...
risk adjusted performance measures
... 1998; Zaik et al., 1996). This is an important concept in the efficient allocation of capital where there are competing priorities. Firms that make business decisions without explicitly incorporating the opportunity cost of capital will be inefficient users of capital, engaging in investments that g ...
... 1998; Zaik et al., 1996). This is an important concept in the efficient allocation of capital where there are competing priorities. Firms that make business decisions without explicitly incorporating the opportunity cost of capital will be inefficient users of capital, engaging in investments that g ...
How Do Financial Systems Affect Economic Cycles?
... The pace of these changes has varied across countries, and important differences remain in the structure of financial systems across these economies. This chapter explores how these differences in financial systems may affect the response of households and firms to changes in the economic environmen ...
... The pace of these changes has varied across countries, and important differences remain in the structure of financial systems across these economies. This chapter explores how these differences in financial systems may affect the response of households and firms to changes in the economic environmen ...
USE4 - cloudfront.net
... rotation procedure known as orthogonalization can serve as an effective tool for both reducing collinearity and making the factors more intuitive. For instance, the Non-Linear Size factor, after orthogonalization, essentially captures the return differences between mid-cap stocks and the overall mar ...
... rotation procedure known as orthogonalization can serve as an effective tool for both reducing collinearity and making the factors more intuitive. For instance, the Non-Linear Size factor, after orthogonalization, essentially captures the return differences between mid-cap stocks and the overall mar ...
André Lemelin, INRS-Urbanisation
... equilibrium conditions, rather than exogenous rules, constrain the current account balance. International capital flows which balance the current account are constrained by supply-and-demand equilibrium conditions on the market for international debt securities, under portfolio managers’ optimizing ...
... equilibrium conditions, rather than exogenous rules, constrain the current account balance. International capital flows which balance the current account are constrained by supply-and-demand equilibrium conditions on the market for international debt securities, under portfolio managers’ optimizing ...
Dynamic Risk Management - Harvard Business School
... What determines the extent to which firms engage in risk management? A central insight from the theoretical literature is that firms engage in risk management because financing constraints render them effectively risk averse (see Froot, Scharfstein, and Stein (1993)). This insight has motivated a la ...
... What determines the extent to which firms engage in risk management? A central insight from the theoretical literature is that firms engage in risk management because financing constraints render them effectively risk averse (see Froot, Scharfstein, and Stein (1993)). This insight has motivated a la ...
THE CAPITAL ASSET PRICING MODEL`S RISK
... Empirical tests of the CAPM have provided mixed results. Black, Jensen, and Scholes (1972) regressed average monthly excess returns over T. Bills against betas of portfolios during 1931-65 and reported that the slope and intercept were significantly different from the values predicted by the CAPM. F ...
... Empirical tests of the CAPM have provided mixed results. Black, Jensen, and Scholes (1972) regressed average monthly excess returns over T. Bills against betas of portfolios during 1931-65 and reported that the slope and intercept were significantly different from the values predicted by the CAPM. F ...
comparative analysis of functional food producers` profitability in
... signs of a slight increase in both 2012 and 2013. The same tendency can be noticed in the analysis of the operating profit ratio which reflects the company’s core business profitability without taking financing and tax effects into consideration. However, it can also be noticed that the operating pr ...
... signs of a slight increase in both 2012 and 2013. The same tendency can be noticed in the analysis of the operating profit ratio which reflects the company’s core business profitability without taking financing and tax effects into consideration. However, it can also be noticed that the operating pr ...
Ethical Investment and Portfolio Theory
... the threat of global warming; other investors might consider nuclear power too risky, because of experiences such as Chernobyl. This paper assumes that for any one investor, some (potential) investments are more ethical than others; and that there is some agreement between investors about which inve ...
... the threat of global warming; other investors might consider nuclear power too risky, because of experiences such as Chernobyl. This paper assumes that for any one investor, some (potential) investments are more ethical than others; and that there is some agreement between investors about which inve ...
Liquidity risk, Leverage and Long
... our factor mimicking portfolios are constructed to track the underlying macroeconomic risks. If the macroeconomic risk (such as aggregate consumption) is itself unaffected by market sentiment, then the tracking portfolio is also less influenced by market sentiment than are unconstrained factor portf ...
... our factor mimicking portfolios are constructed to track the underlying macroeconomic risks. If the macroeconomic risk (such as aggregate consumption) is itself unaffected by market sentiment, then the tracking portfolio is also less influenced by market sentiment than are unconstrained factor portf ...
Competition and regulation in banking∗
... and investors obtain noisy private signals on the realization of the fundamentals. This leads to a unique equilibrium in which a bank run occurs when the fundamentals are below some critical level. Importantly, despite being determined by fundamentals, runs can be also driven by bad expectations. De ...
... and investors obtain noisy private signals on the realization of the fundamentals. This leads to a unique equilibrium in which a bank run occurs when the fundamentals are below some critical level. Importantly, despite being determined by fundamentals, runs can be also driven by bad expectations. De ...