An Analysis of Interest Rate Spread in the Banking Sector in
... larger IRS than those in developed countries (Hanson and Rocha 1986, Morris et al. 1990, Fry 1995, Randall 1998, Barajas, Steiner and Salazar 2000, Saunders and Schumacher 2000). ...
... larger IRS than those in developed countries (Hanson and Rocha 1986, Morris et al. 1990, Fry 1995, Randall 1998, Barajas, Steiner and Salazar 2000, Saunders and Schumacher 2000). ...
Chapter 7: The Demand for Money
... Again, keep in mind that the total quantity of money in the economy is not altered by the attempts of individuals to change their own holdings of money. The currency or checking account balance that one person uses to buy a bond only passes into someone else's hands. Therefore, the adjustment proces ...
... Again, keep in mind that the total quantity of money in the economy is not altered by the attempts of individuals to change their own holdings of money. The currency or checking account balance that one person uses to buy a bond only passes into someone else's hands. Therefore, the adjustment proces ...
UMS--Plain English Base Prospectus
... effective date of the Convertibility Law (as defined below), the Argentine currency has been freely convertible into dollars. Under the Convertibility Law, Argentina’s central bank, Banco Central de la República Argentina (the “Central Bank”), must: ...
... effective date of the Convertibility Law (as defined below), the Argentine currency has been freely convertible into dollars. Under the Convertibility Law, Argentina’s central bank, Banco Central de la República Argentina (the “Central Bank”), must: ...
The World Bank`s Genuine Savings Indicator
... in an article with Michael Clemens of Harvard University, that “savings rules have been criticized because they are only concerned with weak sustainability”.15 They respond that countries which fail on savings will also fail a test of strong sustainability (the concept that human welfare depends on ...
... in an article with Michael Clemens of Harvard University, that “savings rules have been criticized because they are only concerned with weak sustainability”.15 They respond that countries which fail on savings will also fail a test of strong sustainability (the concept that human welfare depends on ...
NBER WORKING PAPER SERIES IS-LM AND MONETARISM Michael D. Bordo Anna J. Schwartz
... Many components of the Hicksian apparatus were developed by his contemporaries (Meade, Harrod, Champernowne, Reddaway) but Hicks is remembered because he embedded it in a simple compelling diagram (Darity and Young (1995), De Vroey (2000)). Although we always think of Hicks when discussing IS-LM, h ...
... Many components of the Hicksian apparatus were developed by his contemporaries (Meade, Harrod, Champernowne, Reddaway) but Hicks is remembered because he embedded it in a simple compelling diagram (Darity and Young (1995), De Vroey (2000)). Although we always think of Hicks when discussing IS-LM, h ...
Monetary Policy Statement September 2008 Contents
... businesses are higher than would otherwise be the case, reflecting the higher cost of funds faced by lenders relative to the OCR. This was one of the main motivations for the reduction in the OCR in July. We do not expect this situation to improve significantly for some time, and it might even ...
... businesses are higher than would otherwise be the case, reflecting the higher cost of funds faced by lenders relative to the OCR. This was one of the main motivations for the reduction in the OCR in July. We do not expect this situation to improve significantly for some time, and it might even ...
Monetary and Fiscal Policy in a Liquidity Trap:
... of interest significantly deviates from a normal level. This is as if a central bank “borrows” future monetary easing in the periods when current monetary easing is exhausted. This idea of borrowing future easing has been discussed not only in the academic arena, but also in the policy-making proces ...
... of interest significantly deviates from a normal level. This is as if a central bank “borrows” future monetary easing in the periods when current monetary easing is exhausted. This idea of borrowing future easing has been discussed not only in the academic arena, but also in the policy-making proces ...
Exercise: The New Economy
... averaged only $335 million a day, a tiny fraction of the $360 billion daily average for interbank loans during that month. The following quote from the U.S. Monetary Policy: An Introduction, describes how the discount window works and the discount rate is set: The Boards of Directors of the Reserve ...
... averaged only $335 million a day, a tiny fraction of the $360 billion daily average for interbank loans during that month. The following quote from the U.S. Monetary Policy: An Introduction, describes how the discount window works and the discount rate is set: The Boards of Directors of the Reserve ...
Caution or Activism? Monetary Policy Strategies in an Open Economy
... aspect by assuming that real exchange rate movements are an important part of the monetary transmission mechanism. Our analysis builds on previous studies of monetary policy and learning in a closed economy, which typically conclude that an activist policy is optimal since strong policy actions gene ...
... aspect by assuming that real exchange rate movements are an important part of the monetary transmission mechanism. Our analysis builds on previous studies of monetary policy and learning in a closed economy, which typically conclude that an activist policy is optimal since strong policy actions gene ...
Notes Inflation and Interest Rates in the Medium Run
... and unused slack will accumulate, forcing firms and workers to compete for scarce customers and jobs by lowering prices and wages. The opposite happens when demand rises relative to supply. This relationship is captured in the Phillips curve, which shows inflation falling when unemployment is above ...
... and unused slack will accumulate, forcing firms and workers to compete for scarce customers and jobs by lowering prices and wages. The opposite happens when demand rises relative to supply. This relationship is captured in the Phillips curve, which shows inflation falling when unemployment is above ...
On Reserve: A Resource for Economic Educators
... the money evolution, nations began to find that commodity-based specie did not work all that well. Coins tended to be hoarded for their intrinsic worth. But more importantly, the money supply, when tied to a nation's gold holdings, could not expand and contract in response to business conditions. Th ...
... the money evolution, nations began to find that commodity-based specie did not work all that well. Coins tended to be hoarded for their intrinsic worth. But more importantly, the money supply, when tied to a nation's gold holdings, could not expand and contract in response to business conditions. Th ...
Untitled
... after two years after issuance at par value plus accumulated interest. L has a unilateral option to extend the maturity date for five years for two possible such extensions. It is expected that the maximum term of the Subordinated Bonds will be a term of 25 years. Sixty percent of the Subordinated B ...
... after two years after issuance at par value plus accumulated interest. L has a unilateral option to extend the maturity date for five years for two possible such extensions. It is expected that the maximum term of the Subordinated Bonds will be a term of 25 years. Sixty percent of the Subordinated B ...
A deflationary wave has arrived in the Eurozone but it is not the next
... could dip into negative territory over the next couple of months if oil prices remain at current levels. However, this deflation is not necessarily something to worry about – it is ‘good deflation’. For a net importer of oil like the US, lower gasoline prices are a good thing. Moreover, with the rea ...
... could dip into negative territory over the next couple of months if oil prices remain at current levels. However, this deflation is not necessarily something to worry about – it is ‘good deflation’. For a net importer of oil like the US, lower gasoline prices are a good thing. Moreover, with the rea ...
RBI/FMRD/2016-17/32 FMRD. Master Direction No. 2/2016
... of board resolution, signatures of authorised executants (when CP is issued in physical form) are in order and shall issue a certificate to this effect. d. Certified copies of original documents, verified by the IPA, shall be held in the custody of IPA. e. All scheduled banks, acting as IPAs, shall ...
... of board resolution, signatures of authorised executants (when CP is issued in physical form) are in order and shall issue a certificate to this effect. d. Certified copies of original documents, verified by the IPA, shall be held in the custody of IPA. e. All scheduled banks, acting as IPAs, shall ...
The Transmission of Monetary Policy Operations through
... to the real economy. As emphasized by Woodford (2012) in his in‡uential Jackson Hole symposium paper, in standard modern, general-equilibrium, frictionless asset pricing models, open-market purchases of securities by central banks have no e¤ect on the real economy. This result, which goes back to Wa ...
... to the real economy. As emphasized by Woodford (2012) in his in‡uential Jackson Hole symposium paper, in standard modern, general-equilibrium, frictionless asset pricing models, open-market purchases of securities by central banks have no e¤ect on the real economy. This result, which goes back to Wa ...
Intertemporal discoordination in the 100 percent reserve banking
... The recent economic crisis brought to light major weaknesses in our present financial system. The evident vulnerability of the economy to financial disruptions has focused the attention of policy makers and academics on the serious deficiencies of financial arrangements. Whereas nearly all observers ...
... The recent economic crisis brought to light major weaknesses in our present financial system. The evident vulnerability of the economy to financial disruptions has focused the attention of policy makers and academics on the serious deficiencies of financial arrangements. Whereas nearly all observers ...
Lebanese Banks
... sector helped lending activity in the last two years and was recently extended to 2015 for an amount of USD 1 billion. Deposits continue to fund 83% of the sector’s assets which in turn largely exceed the size of the economy as highlighted by an estimated assets to GDP ratio at 360%+. Non-resident d ...
... sector helped lending activity in the last two years and was recently extended to 2015 for an amount of USD 1 billion. Deposits continue to fund 83% of the sector’s assets which in turn largely exceed the size of the economy as highlighted by an estimated assets to GDP ratio at 360%+. Non-resident d ...
Mapping the UK financial system
... people’s lives and a critical part of the economy. Financial institutions are important for the provision of financial services. They facilitate the wage payments companies make to staff and the transactions households make when they use credit and debit cards to buy goods and services; provide loan ...
... people’s lives and a critical part of the economy. Financial institutions are important for the provision of financial services. They facilitate the wage payments companies make to staff and the transactions households make when they use credit and debit cards to buy goods and services; provide loan ...
Monetary Policy Statement September 2013 Contents
... particularly in Auckland. This will support aggregate activity and start to ease the housing shortage. In the meantime rapid house price inflation persists in Auckland and Canterbury. As has been noted for some time, the Reserve Bank does not want to see financial or price stability compromised by ...
... particularly in Auckland. This will support aggregate activity and start to ease the housing shortage. In the meantime rapid house price inflation persists in Auckland and Canterbury. As has been noted for some time, the Reserve Bank does not want to see financial or price stability compromised by ...
annual debt financing strategy
... One of the growth factors will be the government spending as stipulated on Law Number 27 Year 2014 on State Budget for 2015. The Budget sets revenue targets and allocation of expenditures, as well as financing targets. The Financing for 2015 Budget is dominated with debt which comes mainly from dome ...
... One of the growth factors will be the government spending as stipulated on Law Number 27 Year 2014 on State Budget for 2015. The Budget sets revenue targets and allocation of expenditures, as well as financing targets. The Financing for 2015 Budget is dominated with debt which comes mainly from dome ...
A Closer Look at Money Market Funds: Bank CD Alternatives
... Lynch, Smith Barney, Schwab, and Vanguard each have portfolios with more than $15 billion in assets. With $37 billion, Merrill Lynch CMA Money Fund is the largest of the group. Table 2 identifies the major kinds of taxable short-term debt that money funds hold. These securities are often sold at a d ...
... Lynch, Smith Barney, Schwab, and Vanguard each have portfolios with more than $15 billion in assets. With $37 billion, Merrill Lynch CMA Money Fund is the largest of the group. Table 2 identifies the major kinds of taxable short-term debt that money funds hold. These securities are often sold at a d ...
Risk Incentives in an Interbank Network
... “Interbank markets” is, by itself, a vague and loose term and can generally refer to any market where several types of financial institutions interact. Participants in these markets are of varied nature and range from commercial banks to government sponsored enterprises (GSEs). I focus on wholesale ...
... “Interbank markets” is, by itself, a vague and loose term and can generally refer to any market where several types of financial institutions interact. Participants in these markets are of varied nature and range from commercial banks to government sponsored enterprises (GSEs). I focus on wholesale ...
financial system in russia as compared to other transition
... To obtain equity capital a company should not necessarily possess an equivalent base of assets as security or a history of past dividend payment. Hence, newly emerging enterprises and industries tend to rely to a greater extent on equity financing rather than on debt. As Thomas (1978) shows, in Brit ...
... To obtain equity capital a company should not necessarily possess an equivalent base of assets as security or a history of past dividend payment. Hence, newly emerging enterprises and industries tend to rely to a greater extent on equity financing rather than on debt. As Thomas (1978) shows, in Brit ...
Real Fluctuations at the Zero Lower Bound
... In this environment, the Federal Reserve cannot further help stabilize the economy by lowering its short-term nominal policy rate. Since the monetary authority can no longer use its standard policy tool, many economists have argued that the economy is fundamentally different at the zero lower bound. ...
... In this environment, the Federal Reserve cannot further help stabilize the economy by lowering its short-term nominal policy rate. Since the monetary authority can no longer use its standard policy tool, many economists have argued that the economy is fundamentally different at the zero lower bound. ...
Monetary Policy rePort with financial stability assessment
... to remain buoyant moving forward. Euro area GDP stagnated in Q2, with the activity level falling in Germany and Italy. In Sweden, growth has also been lower than expected and in Japan GDP fell in the first six months of the year. Improved credit conditions, an easing of fiscal policy and continued a ...
... to remain buoyant moving forward. Euro area GDP stagnated in Q2, with the activity level falling in Germany and Italy. In Sweden, growth has also been lower than expected and in Japan GDP fell in the first six months of the year. Improved credit conditions, an easing of fiscal policy and continued a ...