serie documentos de trabajo ownership structure and risk at
... grant credits for consumption, which permitted them compete as equal with banks in the markets of credits and deposits. By the end of 90’s and the beginning of 2000 some CAVS were acquired by banks, others became banks, and quite a few were liquidated due to solvency problems2. For these reasons we ...
... grant credits for consumption, which permitted them compete as equal with banks in the markets of credits and deposits. By the end of 90’s and the beginning of 2000 some CAVS were acquired by banks, others became banks, and quite a few were liquidated due to solvency problems2. For these reasons we ...
New Europe Division
... Strong multichannel sales approach: 14 branches located in the main Italian cities 60 Financial Advisors Many distribution agreements with banks, real estate brokers, PFAs networks and other financial intermediaries ...
... Strong multichannel sales approach: 14 branches located in the main Italian cities 60 Financial Advisors Many distribution agreements with banks, real estate brokers, PFAs networks and other financial intermediaries ...
european banks in ukraine: modelling risks
... market23). There has left six out of eleven mentioned systemic European banks in Ukraine at the beginning of 2014. It may be expected that a decision on further development of system European banks subsidiaries on the territory of Ukraine will affect the current state and prospects of the national b ...
... market23). There has left six out of eleven mentioned systemic European banks in Ukraine at the beginning of 2014. It may be expected that a decision on further development of system European banks subsidiaries on the territory of Ukraine will affect the current state and prospects of the national b ...
Boo Sjöö
... seen as an average discount rate over the whole investment horizon, up to time T. The YTM of a zero coupon government bond is called the interest rate y = r. If you buy a bond today it means that you abstain from consumption today, to be able to consume in the future. The compensation for waiting wi ...
... seen as an average discount rate over the whole investment horizon, up to time T. The YTM of a zero coupon government bond is called the interest rate y = r. If you buy a bond today it means that you abstain from consumption today, to be able to consume in the future. The compensation for waiting wi ...
The purpose of this presentation is trace some of the key
... in financial markets and banking have helped differentiate our era’s globalization from previous ones. Given the turmoil in capital markets, this lacuna in the literature is particularly odd. Insofar as the effect of the growth of multinational financial conglomerates on the financial system is disc ...
... in financial markets and banking have helped differentiate our era’s globalization from previous ones. Given the turmoil in capital markets, this lacuna in the literature is particularly odd. Insofar as the effect of the growth of multinational financial conglomerates on the financial system is disc ...
Emerging Markets: Tragically Hip?
... portions to produce the same wealth effect. As such, given weak economic growth and high interest-rate sensitivity, central bankers will continue with more experimentation and unorthodox policies. They have also become the lead sponsors of rising asset prices, effectively becoming victims of their o ...
... portions to produce the same wealth effect. As such, given weak economic growth and high interest-rate sensitivity, central bankers will continue with more experimentation and unorthodox policies. They have also become the lead sponsors of rising asset prices, effectively becoming victims of their o ...
Institute of Actuaries of India INDICATIVE SOLUTIONS November 2012 Examinations
... The indicative solution has been written by the Examiners with the aim of helping candidates. The solutions given are only indicative. It is realized that there could be other points as valid answers and examiner have given credit for any alternative approach or interpretation which they consider to ...
... The indicative solution has been written by the Examiners with the aim of helping candidates. The solutions given are only indicative. It is realized that there could be other points as valid answers and examiner have given credit for any alternative approach or interpretation which they consider to ...
Answers to end of chapter questions
... considering compounding. It is the best estimate of the rate of return for a single period. Thus, in estimating the rate of return for common stocks for next year, we use the arithmetic mean and not the geometric mean. The reason is that because of variability in the returns, we will have to earn, o ...
... considering compounding. It is the best estimate of the rate of return for a single period. Thus, in estimating the rate of return for common stocks for next year, we use the arithmetic mean and not the geometric mean. The reason is that because of variability in the returns, we will have to earn, o ...
Market-specific and Currency-specific Risk During the Global
... times could be a source of deviation between the two series. But, to the extent that the effects of the time difference are negligible, the arbitrage condition suggests that the two series will show similar dynamics because both are denominated in the same currency. Table 1 summarizes annual average ...
... times could be a source of deviation between the two series. But, to the extent that the effects of the time difference are negligible, the arbitrage condition suggests that the two series will show similar dynamics because both are denominated in the same currency. Table 1 summarizes annual average ...
Changing patterns of financial intermediation
... Banks increased their strength with respect to liquidity risk. In particular, liquid assets (including Ls&Ns holdings) stood at 48.7% of short-term liabilities in September 2014, evidencing increases of 7.9 percentage points and 6.4 percentage points compared to the end of 2005 and 2008, respectivel ...
... Banks increased their strength with respect to liquidity risk. In particular, liquid assets (including Ls&Ns holdings) stood at 48.7% of short-term liabilities in September 2014, evidencing increases of 7.9 percentage points and 6.4 percentage points compared to the end of 2005 and 2008, respectivel ...
Robo-advisors have yet to be tested
... Designed for investors with a small amount of investable assets, robo-advisors aim to reduce costs by keeping service and staff levels low. These platforms further mitigate costs by outsourcing investment management via the use of ETFs. The robo-advisor’s simplicity is appealing. You answer a questi ...
... Designed for investors with a small amount of investable assets, robo-advisors aim to reduce costs by keeping service and staff levels low. These platforms further mitigate costs by outsourcing investment management via the use of ETFs. The robo-advisor’s simplicity is appealing. You answer a questi ...
Basel II and Implications for Capital Requirements in
... Private Investors bring conditions around management of a bank Issuing of stock has the potential of diluting share value Retained earnings may be difficult to sustain in a weak lending environment Government investment brings conditions around executive compensation, bank oversight, and lending/inv ...
... Private Investors bring conditions around management of a bank Issuing of stock has the potential of diluting share value Retained earnings may be difficult to sustain in a weak lending environment Government investment brings conditions around executive compensation, bank oversight, and lending/inv ...
The changing role of central banks, November 2010
... since output and money would rise hand in hand. Similarly, since they were based on trade/output, they would become quasi-automatically self-financing when the goods were eventually sold. In contrast, speculative, or finance, bills were drawn to support asset purchases, notably in stock markets, an ...
... since output and money would rise hand in hand. Similarly, since they were based on trade/output, they would become quasi-automatically self-financing when the goods were eventually sold. In contrast, speculative, or finance, bills were drawn to support asset purchases, notably in stock markets, an ...
Jan Kregel and Leonardo Burlamaqui, Finance, Competition
... resources are removed from one organization to another these acquired attributes will be lost or simply not relevant in a different context.5 It may thus be extremely difficult for competitors using different organisational structures to challenge the dominant position of a firm through replication ...
... resources are removed from one organization to another these acquired attributes will be lost or simply not relevant in a different context.5 It may thus be extremely difficult for competitors using different organisational structures to challenge the dominant position of a firm through replication ...
Capital Markets Forecast 2017 UNCHARTED WATERS
... Forecast for 2017, where we reveal our outlook for the coming year against the evolving backdrop of our decade-long projections that we shared last year. The first theme explores U.S. economic growth expectations and a passing of the mantle from monetary to fiscal stimulus. After years of unimpressi ...
... Forecast for 2017, where we reveal our outlook for the coming year against the evolving backdrop of our decade-long projections that we shared last year. The first theme explores U.S. economic growth expectations and a passing of the mantle from monetary to fiscal stimulus. After years of unimpressi ...
Lender of Last Resort: An Examination of the Federal Reserve`s
... higher risk through a higher interest rate on the repo lending, or through a higher level of overcollateralization, i.e. ‘haircut’? The manner in which the Federal Reserve served as a lender of last resort to these critical primary dealers will be explored. Utilizing the data on the terms of 1,376 t ...
... higher risk through a higher interest rate on the repo lending, or through a higher level of overcollateralization, i.e. ‘haircut’? The manner in which the Federal Reserve served as a lender of last resort to these critical primary dealers will be explored. Utilizing the data on the terms of 1,376 t ...
CRS Report for Congress
... redistribute wealth from debtors to creditors by raising the real cost of servicing debts, thereby causing more debtors to default. But what causes deflation? Persistent inflation or deflation is, and must be, a monetary phenomenon that results from central bank policy. Prices are nothing more than ...
... redistribute wealth from debtors to creditors by raising the real cost of servicing debts, thereby causing more debtors to default. But what causes deflation? Persistent inflation or deflation is, and must be, a monetary phenomenon that results from central bank policy. Prices are nothing more than ...
Over-the-counter loans, adverse selection, and stigma in the
... funds market) at a rate higher than the one they would pay to borrow from the central bank’s discount window (Peristiani, 1998, Furfine, 2001, Darrat el al. 2004). This phenomenon is commonly explained as the result of a stigma effect attached to borrowing from the discount window. The general argume ...
... funds market) at a rate higher than the one they would pay to borrow from the central bank’s discount window (Peristiani, 1998, Furfine, 2001, Darrat el al. 2004). This phenomenon is commonly explained as the result of a stigma effect attached to borrowing from the discount window. The general argume ...
Role of Financial Institutions - We can offer most test bank and
... secondary markets for many types of debt securities. Explain how such a lack of liquidity would affect the prices of the debt securities in the secondary markets. ANSWER: Investors were less willing to invest in many debt securities because they were concerned that these securities might default. As ...
... secondary markets for many types of debt securities. Explain how such a lack of liquidity would affect the prices of the debt securities in the secondary markets. ANSWER: Investors were less willing to invest in many debt securities because they were concerned that these securities might default. As ...
Financial Development in the CIS-7 Countries
... enhanced services at a lower cost. Setting up such infrastructure requires public investment, since any subset of banks would not have either the incentives, or sufficient skills and funds, or both, to invest in an activity that does not yield exclusive private benefits (see Santomero and Seater, 20 ...
... enhanced services at a lower cost. Setting up such infrastructure requires public investment, since any subset of banks would not have either the incentives, or sufficient skills and funds, or both, to invest in an activity that does not yield exclusive private benefits (see Santomero and Seater, 20 ...
The Changing Nature of Financial Intermediation and the Financial
... 12% of the total balance-sheet size. Payables included the cash deposits of Lehman’s customers, especially its hedge-fund clientele. It is for this reason that payables are much larger than receivables, which were only 6%, on the asset side of the balance sheet. Hedge-fund customers’ deposits are su ...
... 12% of the total balance-sheet size. Payables included the cash deposits of Lehman’s customers, especially its hedge-fund clientele. It is for this reason that payables are much larger than receivables, which were only 6%, on the asset side of the balance sheet. Hedge-fund customers’ deposits are su ...
R e c e n t d e... f i n a n c i a l ...
... hands of parties with lower disclosure requirements – such ...
... hands of parties with lower disclosure requirements – such ...
The wrong tool for the right job: The Fed shouldn`t raise interest rates
... credit engineered by the Fed pumped up the demand for homes and inflated the bubble. The corollary to this argument is that, rather than keeping rates low, the Fed should have raised rates once the 2001 recession ended. There are a number of reasons to reject this diagnosis and the proposed cure. Fi ...
... credit engineered by the Fed pumped up the demand for homes and inflated the bubble. The corollary to this argument is that, rather than keeping rates low, the Fed should have raised rates once the 2001 recession ended. There are a number of reasons to reject this diagnosis and the proposed cure. Fi ...