pension funds as new financial intermediaries
... Bodie (1995) “functions of the financial system” framework, which is introduced in Section III. The functional approach, which encompasses the traditional approach to intermediation, provides a natural framework for assessing “contributions to change” in terms of pension funds’ superior efficiency i ...
... Bodie (1995) “functions of the financial system” framework, which is introduced in Section III. The functional approach, which encompasses the traditional approach to intermediation, provides a natural framework for assessing “contributions to change” in terms of pension funds’ superior efficiency i ...
D L A C
... monetary policy should never be reoriented away from its primary objective of maintaining price stability. He continued by emphasizing that low and predictable inflation is necessary for maintaining sustainable output growth and high levels of employment. Duisenberg made it clear that the ECB believ ...
... monetary policy should never be reoriented away from its primary objective of maintaining price stability. He continued by emphasizing that low and predictable inflation is necessary for maintaining sustainable output growth and high levels of employment. Duisenberg made it clear that the ECB believ ...
Document
... When a company whose ability to repay its obligations in full is uncertain borrows funds (a) it will have to issue debt with longer maturities than would a company with a lower probability of default. (b) its bonds will sell for higher prices than would the bonds of a company with a lower probabilit ...
... When a company whose ability to repay its obligations in full is uncertain borrows funds (a) it will have to issue debt with longer maturities than would a company with a lower probability of default. (b) its bonds will sell for higher prices than would the bonds of a company with a lower probabilit ...
Vantage Point - Voya Investment Management
... growth there is unlikely to be much better than the 0.6% annualized rate recorded in the third quarter. Plus the trend in crude is putting downward pressure on prices in a market desperate for inflation; consumer prices in the euro zone fell 0.2% in December from yearago levels, the first contraction ...
... growth there is unlikely to be much better than the 0.6% annualized rate recorded in the third quarter. Plus the trend in crude is putting downward pressure on prices in a market desperate for inflation; consumer prices in the euro zone fell 0.2% in December from yearago levels, the first contraction ...
8. South African Case Studies
... (as opposed to sales) outside of Germany accounted for 49 per cent of total sales in 2000, up from 37 per cent in 1996. In emerging markets Behr has plants in Brazil, India, the Czech Republic and South Africa. The Behr Group is growing rapidly with total sales having increased by 82 per cent betwee ...
... (as opposed to sales) outside of Germany accounted for 49 per cent of total sales in 2000, up from 37 per cent in 1996. In emerging markets Behr has plants in Brazil, India, the Czech Republic and South Africa. The Behr Group is growing rapidly with total sales having increased by 82 per cent betwee ...
Currency Strategy 2016-09
... decreasing their reserves while others have been forced to invest their growing foreign exchange reserves. The net effect therefore seems to be dollar neutral. Although it may be difficult to explain the fact that the dollar tend to gain when the value of Chinese FX reserves fall the importance of r ...
... decreasing their reserves while others have been forced to invest their growing foreign exchange reserves. The net effect therefore seems to be dollar neutral. Although it may be difficult to explain the fact that the dollar tend to gain when the value of Chinese FX reserves fall the importance of r ...
Addressing Market Liquidity
... that using LC assets to pay maturing foreign-denominated debt can have on the private sector. Relatively stable exchange rates before the crisis had encouraged firms to take short-term borrowings in FC to fund long-term investments, returns of which were tied to the value of their domestic currencie ...
... that using LC assets to pay maturing foreign-denominated debt can have on the private sector. Relatively stable exchange rates before the crisis had encouraged firms to take short-term borrowings in FC to fund long-term investments, returns of which were tied to the value of their domestic currencie ...
National Bank of Kuwait (International) PLC
... The bank‟s funding and liquidity positions are satisfactory. Overall shareholder returns are respectable with return on average equity at 5.6%. Average return on assets for the year was 0.7%. The bank‟s total capital ratio remains satisfactory at over 18% (19.2% in ...
... The bank‟s funding and liquidity positions are satisfactory. Overall shareholder returns are respectable with return on average equity at 5.6%. Average return on assets for the year was 0.7%. The bank‟s total capital ratio remains satisfactory at over 18% (19.2% in ...
Options for China in a Dollar Standard World
... Other commentators worry about “global imbalances”—current account deficits in some countries and surpluses in others. In the view of many, China’s high growth rate depends on continued “undersaving” by US consumers and “oversaving” by Chinese (and other Asian) households.5 Indeed, many attribute t ...
... Other commentators worry about “global imbalances”—current account deficits in some countries and surpluses in others. In the view of many, China’s high growth rate depends on continued “undersaving” by US consumers and “oversaving” by Chinese (and other Asian) households.5 Indeed, many attribute t ...
Which banks are more risky? The impact of loan growth
... While the literature consistently finds that excessive rates of loan growth lead to greater risktaking (see e.g. Foos et al., 2010 and Jimenez and Saurina, 2007), there is less consensus among academics about the impact of a bank’s business mix on bank risk. For example, while some argue that an inc ...
... While the literature consistently finds that excessive rates of loan growth lead to greater risktaking (see e.g. Foos et al., 2010 and Jimenez and Saurina, 2007), there is less consensus among academics about the impact of a bank’s business mix on bank risk. For example, while some argue that an inc ...
EN EN Results of in-depth reviews under Regulation (EU) No 1176
... Credit constraints are easing for households and credit supply is rising. However, credit supply continues to fall for PNFCs – it fell by 3.4% in the year to December 2013 – while, for households, secured lending increased in the same period by 0.9%. There is a need to ensure adequate access to fi ...
... Credit constraints are easing for households and credit supply is rising. However, credit supply continues to fall for PNFCs – it fell by 3.4% in the year to December 2013 – while, for households, secured lending increased in the same period by 0.9%. There is a need to ensure adequate access to fi ...
The value of European Cooperative banks for the future financial
... underway to achieve these objectives. Prominent initiatives are the far reaching reforms in regulatory and supervisory regimes in the US and in Europe.2 The Basel Committee on Banking Supervision (BCBS, 2010a) announced higher capital and liquidity requirements for banks as preventive measures to re ...
... underway to achieve these objectives. Prominent initiatives are the far reaching reforms in regulatory and supervisory regimes in the US and in Europe.2 The Basel Committee on Banking Supervision (BCBS, 2010a) announced higher capital and liquidity requirements for banks as preventive measures to re ...
original article in English
... Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation. U.S. persons wishing to execute any transactions should do so only by contacting a representative of BBVA Securities in the U.S. Unless local regulations provide otherwise, non-U.S. persons should c ...
... Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation. U.S. persons wishing to execute any transactions should do so only by contacting a representative of BBVA Securities in the U.S. Unless local regulations provide otherwise, non-U.S. persons should c ...
SRT510 Business Case Studies
... an investment is higher risk, a “risk premium” is often added to the discount rate to compensate for the risk (e.g. that the investment will not meet projected cash flows). This means that the discount rate for a higher risk investment will typically be higher. ...
... an investment is higher risk, a “risk premium” is often added to the discount rate to compensate for the risk (e.g. that the investment will not meet projected cash flows). This means that the discount rate for a higher risk investment will typically be higher. ...
2013 Archived Documents
... risk-off” lock-step market movements as investors swung quickly and indiscriminately between “risky” and “safe” investments. Global developed country governments, and especially in the U.S. and U.K., continued accommodative monetary policy to keep interest rates low to encourage investors to allocat ...
... risk-off” lock-step market movements as investors swung quickly and indiscriminately between “risky” and “safe” investments. Global developed country governments, and especially in the U.S. and U.K., continued accommodative monetary policy to keep interest rates low to encourage investors to allocat ...
statement of investment policy and objectives sipo
... over the medium to long term. The Funds are actively managed and investments are made where we believe they offer an attractive investment return, rather than tracking an index or holding index-like exposures. All investment decisions are the outcome of a thorough investment process and as such ther ...
... over the medium to long term. The Funds are actively managed and investments are made where we believe they offer an attractive investment return, rather than tracking an index or holding index-like exposures. All investment decisions are the outcome of a thorough investment process and as such ther ...
Taiwan 2015 - 2016.docx
... A FOFs managers now allowed to manage other FOFs Quite a few fund of funds (FOFs) issued by SITEs are based on the mixed asset allocation concept and there exists difficulty differentiating equity-based funds and credit-based funds, and, at present, a balanced fund manager can manage other balanced ...
... A FOFs managers now allowed to manage other FOFs Quite a few fund of funds (FOFs) issued by SITEs are based on the mixed asset allocation concept and there exists difficulty differentiating equity-based funds and credit-based funds, and, at present, a balanced fund manager can manage other balanced ...
Two Additional Market Vectors ETFs Offered to Qualified
... broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. Investing involv ...
... broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. Investing involv ...
EN EN Results of in-depth reviews under Regulation (EU) No 1176
... to absorb losses and to restore confidence and secure market access. After almost five years of house price falls, the Dutch housing market seems to be recovering slowly. House price falls are decelerating. Property transactions seem to be recovering, albeit modestly. On the rental market, rent incr ...
... to absorb losses and to restore confidence and secure market access. After almost five years of house price falls, the Dutch housing market seems to be recovering slowly. House price falls are decelerating. Property transactions seem to be recovering, albeit modestly. On the rental market, rent incr ...
Chairman and CEO letter to shareholders
... global economies, which will fuel the growth in our customer base – consumer deposits, assets under management and small to large clients globally. This growth will obviously be faster in emerging markets than in developed markets – and we are well-positioned to serve both. In addition, we believe w ...
... global economies, which will fuel the growth in our customer base – consumer deposits, assets under management and small to large clients globally. This growth will obviously be faster in emerging markets than in developed markets – and we are well-positioned to serve both. In addition, we believe w ...
What Else Can Central Banks Do? - Economics
... banks can do to stimulate economies when interest rates have reached zero. The authors argue that the negative interest rates and quantitative easing used by central banks in advanced economies since 2009 have been effective and that such policies could be expanded if needed. To lessen future constr ...
... banks can do to stimulate economies when interest rates have reached zero. The authors argue that the negative interest rates and quantitative easing used by central banks in advanced economies since 2009 have been effective and that such policies could be expanded if needed. To lessen future constr ...
Diversification and Portfolio Management (Ch. 8)
... • Therefore, the relevant measure of risk for a portfolio is a measure of the sensitivity of the portfolio’s returns to changes in the return on the “market portfolio”. ...
... • Therefore, the relevant measure of risk for a portfolio is a measure of the sensitivity of the portfolio’s returns to changes in the return on the “market portfolio”. ...
Interest Rate Channel in Indonesia during Inflation - UvA-DARE
... objective. Many central banks around the world have put more attention on the importance of having a stable price level so they set price stability as their ultimate objective. High level of uncertainty on inflation rate is not desirable because it could hamper economic growth of a country through i ...
... objective. Many central banks around the world have put more attention on the importance of having a stable price level so they set price stability as their ultimate objective. High level of uncertainty on inflation rate is not desirable because it could hamper economic growth of a country through i ...
Passing the Baton to Fiscal Policy
... The views and opinions expressed are those of the portfolio management team as of November 2016, and are subject to change based on market, economic, and other conditions. Past performance is not indicative of future results. FIXED INCOME | MORGAN STANLEY INVESTMENT MANAGEMENT ...
... The views and opinions expressed are those of the portfolio management team as of November 2016, and are subject to change based on market, economic, and other conditions. Past performance is not indicative of future results. FIXED INCOME | MORGAN STANLEY INVESTMENT MANAGEMENT ...
World Trade Organization Economic Research and Statistics Division
... regional integration schemes. On average, each African country belongs to four RTAs.2 There has been a renewed push in recent years toward broader and deeper preferential trade arrangements in Africa. RTAs involving African countries are not limited to the continent. The Southern African Customs Uni ...
... regional integration schemes. On average, each African country belongs to four RTAs.2 There has been a renewed push in recent years toward broader and deeper preferential trade arrangements in Africa. RTAs involving African countries are not limited to the continent. The Southern African Customs Uni ...