Asset Management: Illustrative annual report for
... This publication is exclusively designed for the general information of readers and is (i) not intended to address the specific circumstances of any particular individual or entity and (ii) not necessarily comprehensive, complete, accurate or up to date and hence cannot be relied upon to take busin ...
... This publication is exclusively designed for the general information of readers and is (i) not intended to address the specific circumstances of any particular individual or entity and (ii) not necessarily comprehensive, complete, accurate or up to date and hence cannot be relied upon to take busin ...
Sovereign Spreads in the Eurozone: Is Market Discipline Working?
... when creditors have the expectation that a country will receive a bailout package in the scenario of financial distress, they perceive that their losses in case of a country's default are reduced and, therefore, request a lower credit risk premium to invest in those bonds. Moreover, since country mo ...
... when creditors have the expectation that a country will receive a bailout package in the scenario of financial distress, they perceive that their losses in case of a country's default are reduced and, therefore, request a lower credit risk premium to invest in those bonds. Moreover, since country mo ...
... and domestic economic activity contracts may require an easing in all policy instruments. Even if debt problems in the euro area are resolved before they turn into a global crisis, it is still likely to experience a prolonged period of weak economic activity in advanced economies coupled with contin ...
Mortgages and Monetary Policy
... Expected future inflation, transmitted into nominal mortgage interest rates, redistributes real mortgage payments over the life of the loan so as to leave mortgage investors indifferent ...
... Expected future inflation, transmitted into nominal mortgage interest rates, redistributes real mortgage payments over the life of the loan so as to leave mortgage investors indifferent ...
NBER WORKING PAPER SERIES EXTERNAL ADJUSTMENT AND THE GLOBAL CRISIS
... Such a global financial shock might be captured by an increase in the risk premium charged on external liabilities or by an increase in financial home bias. For instance, Blanchard et al (2010) develop a model of a small, emerging economy in which these different types of shocks can be analyzed, and ...
... Such a global financial shock might be captured by an increase in the risk premium charged on external liabilities or by an increase in financial home bias. For instance, Blanchard et al (2010) develop a model of a small, emerging economy in which these different types of shocks can be analyzed, and ...
What Drives the Global Interest Rate
... purchasing power parity basis in 2013 US dollars) that the combined GDP of China and India is about 2/3rds of the combined GDP of the US, Euro area and Japan. 1 With the creation of the European Central Bank and fast economic growth in China and India, the central banks of the largest 5 economies (t ...
... purchasing power parity basis in 2013 US dollars) that the combined GDP of China and India is about 2/3rds of the combined GDP of the US, Euro area and Japan. 1 With the creation of the European Central Bank and fast economic growth in China and India, the central banks of the largest 5 economies (t ...
International trade in durable goods: Understanding volatility
... replicate trade volatility. They argue that trade balance adjustment may be triggered by investment shocks from either the home or foreign country and such adjustment may not cause substantial real exchange rate fluctuations. Warner (1994) finds that global investment demand has been an important dete ...
... replicate trade volatility. They argue that trade balance adjustment may be triggered by investment shocks from either the home or foreign country and such adjustment may not cause substantial real exchange rate fluctuations. Warner (1994) finds that global investment demand has been an important dete ...
NBER WORKING PAPER SERIES THE U.S. CURRENT ACCOUNT DEFICIT: GRADUAL Sebastian Edwards
... account deficits in excess of 5%. This reflects the unique position that the U.S. has in the international financial system, where its assets have been in high demand, allowing it to run high and persistent deficits. On the other hand, this fact also suggests that the U.S. is moving into uncharted w ...
... account deficits in excess of 5%. This reflects the unique position that the U.S. has in the international financial system, where its assets have been in high demand, allowing it to run high and persistent deficits. On the other hand, this fact also suggests that the U.S. is moving into uncharted w ...
NBER WORKING PAPER SERIES FOREIGN DIRECT INVESTMENT AND DOMESTIC ECONOMIC ACTIVITY
... correlation of foreign and domestic investment growth rates, though the inclusion of industryperiod constants again changes the results very little. If firms export to, and invest in, the same countries, foreign economic growth rates might stimulate domestic economic activity directly. This can be ...
... correlation of foreign and domestic investment growth rates, though the inclusion of industryperiod constants again changes the results very little. If firms export to, and invest in, the same countries, foreign economic growth rates might stimulate domestic economic activity directly. This can be ...
2010-IV CENTRAL BANK OF THE REPUBLIC OF TURKEY
... Although unprocessed food inflation was markedly higher than expected, the slowdown in core goods and services inflation was more significant than envisaged. In other words, the core inflation indicators which are critical for medium-term inflation forecasts, and reflect underlying inflation, has de ...
... Although unprocessed food inflation was markedly higher than expected, the slowdown in core goods and services inflation was more significant than envisaged. In other words, the core inflation indicators which are critical for medium-term inflation forecasts, and reflect underlying inflation, has de ...
Inflation Dynamics: The Case of Egypt
... in 1990s as a result of many economic reforms that have been adopted in line with the Economic Reform and Structural Adjustment Program (ERSAP) which was adopted in cooperation with the International Monetary Fund and the World Bank to combat aggregate demand and reduce inflation. This program had s ...
... in 1990s as a result of many economic reforms that have been adopted in line with the Economic Reform and Structural Adjustment Program (ERSAP) which was adopted in cooperation with the International Monetary Fund and the World Bank to combat aggregate demand and reduce inflation. This program had s ...
Maker-Taker Pricing Effects on Market Quotations
... charged a small fee to the buyer, the seller, or both. Now most exchanges charge a relatively high fee to the trade initiator (the taker) and rebate most of it to the liquidity supplier (the maker). Liquidity suppliers are buyers or sellers whose standing limit orders or quotes provide options to tr ...
... charged a small fee to the buyer, the seller, or both. Now most exchanges charge a relatively high fee to the trade initiator (the taker) and rebate most of it to the liquidity supplier (the maker). Liquidity suppliers are buyers or sellers whose standing limit orders or quotes provide options to tr ...
NBER WORKING PAPER SERIES PHOENIX MIRACLES IN EMERGING MARKETS:
... the Gold Standard and the limits it imposed on expansionary monetary policy. Friedman and Schwartz (1963), for example, suggest that if money supply had not been allowed to fall (a policy that the Federal Reserve could have implemented), the Great Depression would at worst be listed among the set of ...
... the Gold Standard and the limits it imposed on expansionary monetary policy. Friedman and Schwartz (1963), for example, suggest that if money supply had not been allowed to fall (a policy that the Federal Reserve could have implemented), the Great Depression would at worst be listed among the set of ...
Futurization of Swaps
... neither the CFTC nor the SEC have addressed. First, margins on futures contracts are calculated differently from and are lower than those for swaps. This is a strong reason by itself for the migration from swaps to futures. But as this migration continues and volumes of transactions cleared on futur ...
... neither the CFTC nor the SEC have addressed. First, margins on futures contracts are calculated differently from and are lower than those for swaps. This is a strong reason by itself for the migration from swaps to futures. But as this migration continues and volumes of transactions cleared on futur ...
CORE INFLATION IN MADAGASCAR
... periodic seasonality; and transient disturbances, which are often supply-related.3 Лoverall = Лtrend + Лcyclic factors + Лseasonal factors + Лtransient shocks + random error (1) There have been various interpretations of core inflation.4 Some viewed core inflation as most closely linked to the trend ...
... periodic seasonality; and transient disturbances, which are often supply-related.3 Лoverall = Лtrend + Лcyclic factors + Лseasonal factors + Лtransient shocks + random error (1) There have been various interpretations of core inflation.4 Some viewed core inflation as most closely linked to the trend ...
Javier Hamann and Alessandro Prati Why Do Many Disinflations Fail? (Second IMF Research Conference).
... See Rogoff (1987) for a critical review of this literature through the mid 1980s. ...
... See Rogoff (1987) for a critical review of this literature through the mid 1980s. ...
Commodity Markets and Futures prices - Farmdoc
... implications of a hedging program. Papers in Section 4 are concerned with price relationships, with one paper each on pricing over time, space, or form. Comments at the beginning of each section provide a brief summary and attempt to link the papers in that section with other investigations. As will ...
... implications of a hedging program. Papers in Section 4 are concerned with price relationships, with one paper each on pricing over time, space, or form. Comments at the beginning of each section provide a brief summary and attempt to link the papers in that section with other investigations. As will ...
Increasing the Macroeconomic Impact of Remittances
... the government ‘middleman’. Hence, the expectation is that they would avoid the negative effects of natural resource windfalls on poverty, growth, and institutional capacity. This is similar to argument by Birdsall and ...
... the government ‘middleman’. Hence, the expectation is that they would avoid the negative effects of natural resource windfalls on poverty, growth, and institutional capacity. This is similar to argument by Birdsall and ...
! Estimating Output Gap for the Turkish Economy
... strongly for emerging markets: Adopting different monetary policy regimes and experiencing frequent fiscal and financial restructuring periods affect the behavior of economic agents over time. For example, the effects of the transition to an inflation-targeting framework after the collapse of the e ...
... strongly for emerging markets: Adopting different monetary policy regimes and experiencing frequent fiscal and financial restructuring periods affect the behavior of economic agents over time. For example, the effects of the transition to an inflation-targeting framework after the collapse of the e ...
O C A S
... Many of the participants in these current account debates argue that regional growth differentials are at the heart of the so-called global imbalances. The argument runs along the following lines: rapid growth in the United States has been associated with an increase in U.S. investment (over savings ...
... Many of the participants in these current account debates argue that regional growth differentials are at the heart of the so-called global imbalances. The argument runs along the following lines: rapid growth in the United States has been associated with an increase in U.S. investment (over savings ...
NBER WORKING PAPER SERIES CYCLES Loukas Karabarbounis
... a high elasticity of substitution between market and home goods, moderately persistent but volatile productivity shocks in the home sector, and highly correlated productivity innovations between the home and the market sector. These parameters allow the model to generate a labor wedge which is as v ...
... a high elasticity of substitution between market and home goods, moderately persistent but volatile productivity shocks in the home sector, and highly correlated productivity innovations between the home and the market sector. These parameters allow the model to generate a labor wedge which is as v ...
The Effects of Capital Structure Change on Security Prices
... approximations to pure capital structure changes: intra-firm exchange offers and recapitalizations. These two events are unique in that they do not entail any firm cash inflows or outflows (with the exception of expenses), while they cause major changes in the firm's capital structure. These changes ...
... approximations to pure capital structure changes: intra-firm exchange offers and recapitalizations. These two events are unique in that they do not entail any firm cash inflows or outflows (with the exception of expenses), while they cause major changes in the firm's capital structure. These changes ...
Exchange Rate Response to Macro News
... more recently in Andersen et al. (2003, 2005), it is presumed that the response to news is entirely a reaction to its information content. That is, the exchange-rate response is monotonically related to the surprise component of the news through its effects on expected future exchange rates or on di ...
... more recently in Andersen et al. (2003, 2005), it is presumed that the response to news is entirely a reaction to its information content. That is, the exchange-rate response is monotonically related to the surprise component of the news through its effects on expected future exchange rates or on di ...
