Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning
... (e.g. Reinhart and Reinhart, 2009 and Calvo and Loo-Kung, 2009). We condition on size throughout our analysis because it has been generally observed that smaller countries have fared poorly in the crisis. The importance of size was felt most strongly among smaller nations who had experienced excepti ...
... (e.g. Reinhart and Reinhart, 2009 and Calvo and Loo-Kung, 2009). We condition on size throughout our analysis because it has been generally observed that smaller countries have fared poorly in the crisis. The importance of size was felt most strongly among smaller nations who had experienced excepti ...
Uganda - COMESA Monetary Institute
... (money market operations and reserve requirements). In the early 1990s, Uganda moved from reliance on credit or interest rate controls toward reliance on money market operations in view of the increasing inefficiency of the former in a context where the financial market was increasing becoming integ ...
... (money market operations and reserve requirements). In the early 1990s, Uganda moved from reliance on credit or interest rate controls toward reliance on money market operations in view of the increasing inefficiency of the former in a context where the financial market was increasing becoming integ ...
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... LOC: Understand the role of the finance function TOP: Expensive and unnecessary corporate diversification ...
... LOC: Understand the role of the finance function TOP: Expensive and unnecessary corporate diversification ...
Economic Forces, Sentiment and Emerging Eastern European Stock
... market of Ghana. They find co-integrated relationships of the lagged macro factors and stock returns that suggest market inefficiency in both Singaporean and Ghanaian markets. Ibrahim and Aziz (2003) and Asmy et al. (2009) also employ co-integration analysis and vector autoregression techniques. How ...
... market of Ghana. They find co-integrated relationships of the lagged macro factors and stock returns that suggest market inefficiency in both Singaporean and Ghanaian markets. Ibrahim and Aziz (2003) and Asmy et al. (2009) also employ co-integration analysis and vector autoregression techniques. How ...
Taxa Real de Câmbio, Mobilidade de Capitais e Mudança Estrutural
... and make a fast convergence of inflation rate to the long-run inflation target, fixed at a level nearest as possible of the international level. Besides that we also show that the degree of openness of capital account is not relevant for long-run growth either in the case where the degree of produc ...
... and make a fast convergence of inflation rate to the long-run inflation target, fixed at a level nearest as possible of the international level. Besides that we also show that the degree of openness of capital account is not relevant for long-run growth either in the case where the degree of produc ...
Hedging Inflation Risk in a Developing Economy
... inflation, (3) an additional investment hedge against changes in the investment opportunity set. Campbell and Viceria (2002) developed an approximation technique in a discretised framework and showed that when assets follow an autoregressive process with partial predictability, the term structure ef ...
... inflation, (3) an additional investment hedge against changes in the investment opportunity set. Campbell and Viceria (2002) developed an approximation technique in a discretised framework and showed that when assets follow an autoregressive process with partial predictability, the term structure ef ...
Pension Reform and Macroeconomic Stability in Latin America
... Financial market development and stability. The experience in the region suggests that regulatory limits on pension funds foreign investments have undoubtedly contributed to the development of local financial markets. However, this impact has largely been felt in the government bond market, and the ...
... Financial market development and stability. The experience in the region suggests that regulatory limits on pension funds foreign investments have undoubtedly contributed to the development of local financial markets. However, this impact has largely been felt in the government bond market, and the ...
Policies to Curb Stock Market Volatility
... reassure lenders and regulators. Third, greater volatility can reduce investor confidence in investing in stocks. As a result of these effects, we believe substantially increased price volatility could, in the long run, impact the ability of U.S. corporations to raise capital efficiently through the ...
... reassure lenders and regulators. Third, greater volatility can reduce investor confidence in investing in stocks. As a result of these effects, we believe substantially increased price volatility could, in the long run, impact the ability of U.S. corporations to raise capital efficiently through the ...
Market Segmentation, Information Asymmetry
... announced, the revision of investors to their prior beliefs and expected payoff causes a change in market price. The investors with more pre-disclosure information revise their belief less than the investors who have less pre-disclosure information. To examine this, we place our focus on market reac ...
... announced, the revision of investors to their prior beliefs and expected payoff causes a change in market price. The investors with more pre-disclosure information revise their belief less than the investors who have less pre-disclosure information. To examine this, we place our focus on market reac ...
NBER WORKING PAPER SERIES FOREIGN BANK ENTRY AND BUSINESS VOLATILITY:
... assets is negatively correlated with the probability of crises. Our paper investigates whether foreign bank entry is associated with more or less economic volatility, as measured by year-to-year fluctuations in real GDP and investment. Financial crises are the higher profile event, but business cycl ...
... assets is negatively correlated with the probability of crises. Our paper investigates whether foreign bank entry is associated with more or less economic volatility, as measured by year-to-year fluctuations in real GDP and investment. Financial crises are the higher profile event, but business cycl ...
Jorge Perez-Lopez - Association for the Study of the Cuban Economy
... causes of the collapse are complex and multi-dimensional. The consequences include job and income loss, the loss of an important part of its economic base, the loss of much of the potential for export expansion and diversification, and rust-belt style industrial and urban decay. Cuba risks becoming ...
... causes of the collapse are complex and multi-dimensional. The consequences include job and income loss, the loss of an important part of its economic base, the loss of much of the potential for export expansion and diversification, and rust-belt style industrial and urban decay. Cuba risks becoming ...
on the meaning and future of the european monetary system
... called for by Churchill and de Gaulle during and after World War II, by Churchill as early as 1943.1 The same attitude became apparent once again when France failed to ratify the European Defense Community (EDC)in 1954. This failure also meant the end of the European Political Community (EPC), on wh ...
... called for by Churchill and de Gaulle during and after World War II, by Churchill as early as 1943.1 The same attitude became apparent once again when France failed to ratify the European Defense Community (EDC)in 1954. This failure also meant the end of the European Political Community (EPC), on wh ...
-External Shocks and Japanese Business Cycles: Impact of the Great Trade Collapse on the Japanese Automobile Industry
... This paper asks why the US-originated crisis had such a large impact on its output. The poor performance was surprising because the Japanese financial system remained largely stable, unlike its counterparts in the US and Europe. On the surface, the cause of the output decline seems clear: it was hit ...
... This paper asks why the US-originated crisis had such a large impact on its output. The poor performance was surprising because the Japanese financial system remained largely stable, unlike its counterparts in the US and Europe. On the surface, the cause of the output decline seems clear: it was hit ...
NBER WORKING PAPER SERIES SUPPLY CAPACITY, VERTICAL SPECIALIZATION AND TARIFF RATES:
... as a proportion of GDP, illustrated in Figure 1 – and recent findings of the persistence of the Houthakker-Magee results, namely that the income elasticity of U.S. imports exceeds that of exports. Over the past 30 years, the gap is at least 0.3 for total goods and services, regardless of the method ...
... as a proportion of GDP, illustrated in Figure 1 – and recent findings of the persistence of the Houthakker-Magee results, namely that the income elasticity of U.S. imports exceeds that of exports. Over the past 30 years, the gap is at least 0.3 for total goods and services, regardless of the method ...
- International Growth Centre
... Derivatives are financial instruments whose payo↵s derive from other, more primitive financial variables such as a stock price, a commodity price, an index level, an interest rate, or an exchange rate. The world market for derivatives is an immense one. The notion amount outstanding in the over-the- ...
... Derivatives are financial instruments whose payo↵s derive from other, more primitive financial variables such as a stock price, a commodity price, an index level, an interest rate, or an exchange rate. The world market for derivatives is an immense one. The notion amount outstanding in the over-the- ...
The Effect of Capital Controls on Interest Rate Differentials
... on interest differentials explicitly considering that investors’ entry and exit decisions —and hence their investment horizon— are contingent on the state of the economy and part of a dynamic optimization process that takes into account entry and exit costs as well as the stochastic process followe ...
... on interest differentials explicitly considering that investors’ entry and exit decisions —and hence their investment horizon— are contingent on the state of the economy and part of a dynamic optimization process that takes into account entry and exit costs as well as the stochastic process followe ...
The Globalization of Liberalization: Policy Diffusion in the
... liberalization may simply be the preference of liberal democracies; such preferences alone may lead governments to respond similarly, but independently, to the conditions they face. Both of these processes could lead to highly clustered policy making, but we would not classify either of them as a di ...
... liberalization may simply be the preference of liberal democracies; such preferences alone may lead governments to respond similarly, but independently, to the conditions they face. Both of these processes could lead to highly clustered policy making, but we would not classify either of them as a di ...
No.314 / January 2010 External Imbalances and Fiscal Policy Philip R. Lane
... be associated with an increase in external debt. For instance, Ganelli (2005) and Kumhof and Laxton (2009) provide models in which households have …nite horizons, such that a debt-…nanced tax cut increases the wealth of currently-alive cohorts, boosting consumption and generating a current account d ...
... be associated with an increase in external debt. For instance, Ganelli (2005) and Kumhof and Laxton (2009) provide models in which households have …nite horizons, such that a debt-…nanced tax cut increases the wealth of currently-alive cohorts, boosting consumption and generating a current account d ...
Modelling the Impact of Trade Liberalisation Lance Taylor and Rudiger von Arnim
... would in turn adversely affect the car industry and many other steel-using industries by driving up costs, and this in part would be passed along into higher prices. If imports of goods competing with US products incorporating steel were to rise sharply, there would be visible ‘general equilibrium’ ...
... would in turn adversely affect the car industry and many other steel-using industries by driving up costs, and this in part would be passed along into higher prices. If imports of goods competing with US products incorporating steel were to rise sharply, there would be visible ‘general equilibrium’ ...
making agricultural market systems work for the poor
... (although this conclusion may not apply to excessively market dependent poor economies, as is explained below); (iv) perhaps most important of all, markets require money, which is not only an essential condition for wider exchange, but also the critical medium for savings, loans and investment; (v) ...
... (although this conclusion may not apply to excessively market dependent poor economies, as is explained below); (iv) perhaps most important of all, markets require money, which is not only an essential condition for wider exchange, but also the critical medium for savings, loans and investment; (v) ...
Five Driving Forces for Hong Kong`s Offshore RMB Market following
... After the entry of the RMB into the SDR, more countries and regions will intend to establish stronger cooperation ties with the relevant authorities in the Mainland. The geographical structure of RMB internationalization is expected to adjust quickly. Recently, RMB clearing banks were established in ...
... After the entry of the RMB into the SDR, more countries and regions will intend to establish stronger cooperation ties with the relevant authorities in the Mainland. The geographical structure of RMB internationalization is expected to adjust quickly. Recently, RMB clearing banks were established in ...
International Aspects of the Great Depression and the Crisis of 2007
... characterized by smaller banks. Large banks might be less prone to failure than smaller institutions because they are better able to diversify their loan and investment portfolios and thereby reduce the risk from any one nonperforming component. Additionally, if leading nonfinancial firms require la ...
... characterized by smaller banks. Large banks might be less prone to failure than smaller institutions because they are better able to diversify their loan and investment portfolios and thereby reduce the risk from any one nonperforming component. Additionally, if leading nonfinancial firms require la ...