What is the effect of monetary policy on market behavior?
... regression will be run to determine the effect of monetary policy on market behavior. In order to fit the series into an OLS regression, linearity must be induced. So, the logarithms of both the TED Spread and the High Yield Spread will be taken to induce linearity. Figure 2 in the Appendix shows th ...
... regression will be run to determine the effect of monetary policy on market behavior. In order to fit the series into an OLS regression, linearity must be induced. So, the logarithms of both the TED Spread and the High Yield Spread will be taken to induce linearity. Figure 2 in the Appendix shows th ...
Large Canadian Banks Q2 2017 Earnings Round-Up
... DBRS remains cautious of a potential adverse correction in the Canadian housing market, especially in the Greater Toronto Area (GTA) and Greater Vancouver Area (GVA). Previous actions taken by the federal and provincial government authorities, coupled with higher risk aversion on the part of lenders ...
... DBRS remains cautious of a potential adverse correction in the Canadian housing market, especially in the Greater Toronto Area (GTA) and Greater Vancouver Area (GVA). Previous actions taken by the federal and provincial government authorities, coupled with higher risk aversion on the part of lenders ...
Capital Market Risk Return
... III. Systematic and unsystematic risks Systematic risks are unanticipated events that affect almost all assets to some degree because the effects are economywide. Unsystematic risks are unanticipated events that affect single assets or small groups of assets. Also called unique or asset-specific ris ...
... III. Systematic and unsystematic risks Systematic risks are unanticipated events that affect almost all assets to some degree because the effects are economywide. Unsystematic risks are unanticipated events that affect single assets or small groups of assets. Also called unique or asset-specific ris ...
Endogenous financial intermediation and real effects of capital
... banks and leads to more risky behavior. We find the entry of foreign intermediaries has mixed results. More competition leads to lower lending rates which discourages moral hazard in investment, and raises welfare. However, if adverse selection is a problem, then lower lending rates attract more age ...
... banks and leads to more risky behavior. We find the entry of foreign intermediaries has mixed results. More competition leads to lower lending rates which discourages moral hazard in investment, and raises welfare. However, if adverse selection is a problem, then lower lending rates attract more age ...
Quantitative Easing and the Liquidity Channel of Monetary Policy
... among asset sellers; this is the case in the model and it seems reasonable in reality, too. As openmarket purchases by their nature redistribute purchasing power towards asset sellers, they stimulate the demand for new consumption and investment goods. The consequences for quantitative easing can be ...
... among asset sellers; this is the case in the model and it seems reasonable in reality, too. As openmarket purchases by their nature redistribute purchasing power towards asset sellers, they stimulate the demand for new consumption and investment goods. The consequences for quantitative easing can be ...
Explaining the BNDES
... With the purpose of contributing to the production of knowledge in the field of International Relations, with a special emphasis on aspects related to Brazil’s insertion into the world stage, the Brazilian Center for International Relations (CEBRI) established a program through which selected guest ...
... With the purpose of contributing to the production of knowledge in the field of International Relations, with a special emphasis on aspects related to Brazil’s insertion into the world stage, the Brazilian Center for International Relations (CEBRI) established a program through which selected guest ...
A comparative technical, cost and profit efficiency
... that is, the determinants of efficiency at the firm level. For example, country-specific and macroeconomic factors, such as GDP, interest rates, labour union power, unemployment rates and government regulations, belong to the former category, while some firm-level factors, such as size, financial le ...
... that is, the determinants of efficiency at the firm level. For example, country-specific and macroeconomic factors, such as GDP, interest rates, labour union power, unemployment rates and government regulations, belong to the former category, while some firm-level factors, such as size, financial le ...
Chapter 7: The Demand for Money
... investment projects are not undertaken and some houses are not built that would have been otherwise because loans are more costly. Demand for goods in the economy then falls, and with it production and employment. Inflation will decline, but usually not before the economy experiences a recession. In ...
... investment projects are not undertaken and some houses are not built that would have been otherwise because loans are more costly. Demand for goods in the economy then falls, and with it production and employment. Inflation will decline, but usually not before the economy experiences a recession. In ...
Portfolio Benefits of The Currency Asset Class
... tion of currency market turnover is derived from these non-profit seeking entities. Academic research concludes that profit seeking participants comprise only a small fraction of total currency market turnover; non-profit seeking participants generate the vast majority of total currency turnover.1 A ...
... tion of currency market turnover is derived from these non-profit seeking entities. Academic research concludes that profit seeking participants comprise only a small fraction of total currency market turnover; non-profit seeking participants generate the vast majority of total currency turnover.1 A ...
Shedding Light on Hedge Funds
... often perform extensive research about the securities in which they invest. They then take speculative positions that other investors, with less information, might be unwilling to take (because the positions seem rather risky). These risky (but well- researched) investments can enhance the liquidity ...
... often perform extensive research about the securities in which they invest. They then take speculative positions that other investors, with less information, might be unwilling to take (because the positions seem rather risky). These risky (but well- researched) investments can enhance the liquidity ...
The Macroeconomics of Shadow Banking Alan Moreira Alexi Savov July 2014
... Crash risk drives a wedge between the current value of an asset and its collateral value. We model crashes as compensated (mean-zero) Poisson shocks with time-varying probability that hence represents a measure of uncertainty. We micro-found the dynamics of uncertainty as the outcome of a learning p ...
... Crash risk drives a wedge between the current value of an asset and its collateral value. We model crashes as compensated (mean-zero) Poisson shocks with time-varying probability that hence represents a measure of uncertainty. We micro-found the dynamics of uncertainty as the outcome of a learning p ...
R e s e r v e B... Vo l u m e 6 4 ... C o n t e n t s
... in foreign currency, yet it is often correctly noted that we are not very exposed to the impact of changes in the exchange rate on the value of net external liabilities. This article goes beyond the aggregated data to further our understanding of the capital flows into and out of New Zealand, and to ...
... in foreign currency, yet it is often correctly noted that we are not very exposed to the impact of changes in the exchange rate on the value of net external liabilities. This article goes beyond the aggregated data to further our understanding of the capital flows into and out of New Zealand, and to ...
The Lender`s View of Debt and Equity: The Case
... futures markets along similar lines. It then explores several possible explanations for the failure of pension plans to provide automatic protection against inflation risk. The analysis focuses on corporate pension plans, but most of it applies as well to state and local government defined benefit p ...
... futures markets along similar lines. It then explores several possible explanations for the failure of pension plans to provide automatic protection against inflation risk. The analysis focuses on corporate pension plans, but most of it applies as well to state and local government defined benefit p ...
Interest Rate Conundrums in the Twenty-First Century
... “conundrum,” and has been discussed in many papers, including Backus and Wright (2007). One simple way to summarize our key finding is that we show that this 2004 episode was by no means unique, and that “conundrums”—defined as 6- or 12-month periods where short and long-term rates move in opposite ...
... “conundrum,” and has been discussed in many papers, including Backus and Wright (2007). One simple way to summarize our key finding is that we show that this 2004 episode was by no means unique, and that “conundrums”—defined as 6- or 12-month periods where short and long-term rates move in opposite ...
Inflation-Indexed Securities: Description and Market Experience
... house or for education. An inflation-indexed security is a form of savings that is designed to protect both the investment principal and the income stream (interest) against erosion from inflation. Although a number of private firms have issued inflation-linked corporate debt, the primary source of ...
... house or for education. An inflation-indexed security is a form of savings that is designed to protect both the investment principal and the income stream (interest) against erosion from inflation. Although a number of private firms have issued inflation-linked corporate debt, the primary source of ...
Perspectives on Global Real Interest Rates
... advanced economies. Their effects on saving have been more muted. Real interest rates and the cost of capital are likely to rise moderately in the medium term from current levels. Part of the reason is cyclical: the extremely low real rates of recent years reflect large negative output gaps in advan ...
... advanced economies. Their effects on saving have been more muted. Real interest rates and the cost of capital are likely to rise moderately in the medium term from current levels. Part of the reason is cyclical: the extremely low real rates of recent years reflect large negative output gaps in advan ...
Global safe assets - Bank for International Settlements
... rates. In the case of the short term real rate, it reached -2.7 percent (p.a.) towards the end of 2011. The decline in the natural rate operates both on the intensive and the extensive margins. At the intensive margin, it increases the market value of existing assets, hence their supply. Simultaneo ...
... rates. In the case of the short term real rate, it reached -2.7 percent (p.a.) towards the end of 2011. The decline in the natural rate operates both on the intensive and the extensive margins. At the intensive margin, it increases the market value of existing assets, hence their supply. Simultaneo ...
Improving Access to Finance for SME:International Good
... 3.2.2 Price and Exchange Rates....................................................................................... 33 ...
... 3.2.2 Price and Exchange Rates....................................................................................... 33 ...
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... pensions promise is secure. The FSS addresses the issue of managing the need to fund those benefits over the long term, whilst at the same time, facilitating scrutiny and accountability through improved transparency and disclosure. Employer contributions are determined in accordance with the Regulat ...
... pensions promise is secure. The FSS addresses the issue of managing the need to fund those benefits over the long term, whilst at the same time, facilitating scrutiny and accountability through improved transparency and disclosure. Employer contributions are determined in accordance with the Regulat ...
A big leap forward
... core businesses, supported by various initiatives pursued to strengthen the brand, upgrade distribution and IT infrastructure as well as scaling up the business. We opened our 54th branch and relocated to our new home in Bonifacio Global City, the new premier commercial and business district in the ...
... core businesses, supported by various initiatives pursued to strengthen the brand, upgrade distribution and IT infrastructure as well as scaling up the business. We opened our 54th branch and relocated to our new home in Bonifacio Global City, the new premier commercial and business district in the ...
Bernard L. Madoff Investment and Securities: Broker
... A Ponzi Scheme A Ponzi scheme is any fraudulent investment plan that pays its returns to an investor from either that investor’s own principal or principal paid by future investors, not from legitimate investment returns. To carry out his plan, Bernie Madoff repre- sented to clients and potential cl ...
... A Ponzi Scheme A Ponzi scheme is any fraudulent investment plan that pays its returns to an investor from either that investor’s own principal or principal paid by future investors, not from legitimate investment returns. To carry out his plan, Bernie Madoff repre- sented to clients and potential cl ...
MiFID II Implementation
... a third country firm intending to provide MiFID services / activities to retail or elective professional clients to establish a branch Questions asked are what are the investor protection concerns if there was no branch requirement and how have other Member States dealt with this where they do not ...
... a third country firm intending to provide MiFID services / activities to retail or elective professional clients to establish a branch Questions asked are what are the investor protection concerns if there was no branch requirement and how have other Member States dealt with this where they do not ...
Stock Market Liquidity and the Cost of Issuing Equity
... during regular trading hours. We follow Weston (2000) in filtering the TAQ data for errors. Specifically, we filter out quotations for which the ask is smaller than or equal to the bid price (crossed markets) or for which there is non-sequence warning flag on the Trades and Quotes (TAQ) database (st ...
... during regular trading hours. We follow Weston (2000) in filtering the TAQ data for errors. Specifically, we filter out quotations for which the ask is smaller than or equal to the bid price (crossed markets) or for which there is non-sequence warning flag on the Trades and Quotes (TAQ) database (st ...