Chapter 2
... Such arbitrage is practical only if the participants have instant access to quotes and executions. Bank traders can conduct such arbitrage without an initial sum of money, other than their bank’s credit standing. ...
... Such arbitrage is practical only if the participants have instant access to quotes and executions. Bank traders can conduct such arbitrage without an initial sum of money, other than their bank’s credit standing. ...
The European Redemption Pact (ERP)
... no notable “currency risk” left. Germany’s refinancing costs would thus probably rise to a comparable level, i.e., between 2.5 % and 3 % (see also Question 10). 12. How high are the annual payment-obligations to the European Redemption Fund? The scale of annual payment-obligations will relate to the ...
... no notable “currency risk” left. Germany’s refinancing costs would thus probably rise to a comparable level, i.e., between 2.5 % and 3 % (see also Question 10). 12. How high are the annual payment-obligations to the European Redemption Fund? The scale of annual payment-obligations will relate to the ...
Are bond net wealth Financialization and mainstream economics
... Introduction: the meaning of the Barro-Ricardo equivalence The test of science is prediction – and one should have some skepticism of a model that can’t predict the two biggest macroevents of the last 80 years - Stiglitz The crisis that, with ebb and flows, is plaguing world economy since 2007 has ...
... Introduction: the meaning of the Barro-Ricardo equivalence The test of science is prediction – and one should have some skepticism of a model that can’t predict the two biggest macroevents of the last 80 years - Stiglitz The crisis that, with ebb and flows, is plaguing world economy since 2007 has ...
The Necessity of a Lower Dollar and the Route There
... that we are seeing today, where the median baby boomer will have roughly enough money to pay off the mortgage on their home, and then nothing other than their Social Security to support them in retirement.2 It is difficult to see the benefit to the economy or the country if a reduction in the govern ...
... that we are seeing today, where the median baby boomer will have roughly enough money to pay off the mortgage on their home, and then nothing other than their Social Security to support them in retirement.2 It is difficult to see the benefit to the economy or the country if a reduction in the govern ...
PDF Download
... 375 percent and 425 percent, depending on world commodity prices. Brazil’s debt to export ratio reached 400 percent before the 2002 real depreciation, but it is now below 300 percent on the back of strong recent export growth. 4 In 2004, foreigners – mostly foreign central banks – bought the entire ...
... 375 percent and 425 percent, depending on world commodity prices. Brazil’s debt to export ratio reached 400 percent before the 2002 real depreciation, but it is now below 300 percent on the back of strong recent export growth. 4 In 2004, foreigners – mostly foreign central banks – bought the entire ...
Thoughts from a Renaissance man About that 1982 debt default
... Asia was the region where default seems to have been least common in the 1980s – and which again should suffer less than others in EM from lower commodity prices. What is surprising is that Nigeria with external debt of just 14% of GDP in 1980 should have defaulted as soon as 1982 (when its debt rat ...
... Asia was the region where default seems to have been least common in the 1980s – and which again should suffer less than others in EM from lower commodity prices. What is surprising is that Nigeria with external debt of just 14% of GDP in 1980 should have defaulted as soon as 1982 (when its debt rat ...
Brazil`s Enormous Interest Rate Tax
... As can be seen in Figure 4, Brazil had very little GDP per person growth for the entire 23-year period of 1980–2003, less than 0.2 percent annually. From 2003–2011, per capita GDP growth rebounded sharply for an annual average of 3.3 percent. But growth began to slow in 2011; for 2011–2016, we have ...
... As can be seen in Figure 4, Brazil had very little GDP per person growth for the entire 23-year period of 1980–2003, less than 0.2 percent annually. From 2003–2011, per capita GDP growth rebounded sharply for an annual average of 3.3 percent. But growth began to slow in 2011; for 2011–2016, we have ...
Quarterly report
... developed-country government bonds, as well as our diversified allocation to emerging-market sovereigns and to corporate bonds. With inflation now gaining traction in the US and Europe and political risk on the rise in continental Europe, the Fund’s modified duration is bound to remain low. We will ...
... developed-country government bonds, as well as our diversified allocation to emerging-market sovereigns and to corporate bonds. With inflation now gaining traction in the US and Europe and political risk on the rise in continental Europe, the Fund’s modified duration is bound to remain low. We will ...
Fiscal Policy, Sovereign Debt and Default with Model Misspecification Viktor Tsyrennikov Cornell University
... A. Outstanding debt, % of GDP ...
... A. Outstanding debt, % of GDP ...
The Renminbi’s Role in the Global Monetary System Shang-Jin Wei
... wishes China could be more forthcoming in lending a bigger portion of its foreign exchange reserves to help rescue the euro-zone economies. From China’s point of view, it would be imprudent to invest aggressively directly in European debt because the prospect of a capital loss is simply not consiste ...
... wishes China could be more forthcoming in lending a bigger portion of its foreign exchange reserves to help rescue the euro-zone economies. From China’s point of view, it would be imprudent to invest aggressively directly in European debt because the prospect of a capital loss is simply not consiste ...
Determinants of Exchange Rates
... measure of risk increases with market volatility Foreign Exchange Determination ...
... measure of risk increases with market volatility Foreign Exchange Determination ...
departamento de economia puc-rio texto para discussão n . 407
... Notwithstanding this surprising performance, the fear of a confidence crisis continued to be a major source of macroeconomic instability in the Brazilian economy after the floating of the real. Previous debt restructuring programs such as the 1989 Bonex Plan in Argentina or the 1990 Collor Plan in ...
... Notwithstanding this surprising performance, the fear of a confidence crisis continued to be a major source of macroeconomic instability in the Brazilian economy after the floating of the real. Previous debt restructuring programs such as the 1989 Bonex Plan in Argentina or the 1990 Collor Plan in ...
Brazil`s Enormous Interest Rate Tax
... Chronically high real interest rates can have many costs, including the slowing of investment, economic growth, and development, and all of the attendant effects of reduced employment and upward redistribution of income and wealth. The annual interest payments on the public debt do not encapsulate t ...
... Chronically high real interest rates can have many costs, including the slowing of investment, economic growth, and development, and all of the attendant effects of reduced employment and upward redistribution of income and wealth. The annual interest payments on the public debt do not encapsulate t ...
To view this press release as a file
... The value of Israel's assets abroad increased in the third quarter of 2016 by about $15.4 billion (4.3 percent), to about $376 billion at the end of September, mainly as a result of direct investments in share capital abroad totaling about $7.6 billion, and an increase in the prices of financial sh ...
... The value of Israel's assets abroad increased in the third quarter of 2016 by about $15.4 billion (4.3 percent), to about $376 billion at the end of September, mainly as a result of direct investments in share capital abroad totaling about $7.6 billion, and an increase in the prices of financial sh ...
EMERGING MARKETS DEBT
... with the rest of the world that is currently disadvantageous. This is due to the fact that the tax code of the rest of the world is generally based off a consumption-based VAT approach, whilst the US system is income based. This leaves US imports untaxed relative to domestic production. We believe, ...
... with the rest of the world that is currently disadvantageous. This is due to the fact that the tax code of the rest of the world is generally based off a consumption-based VAT approach, whilst the US system is income based. This leaves US imports untaxed relative to domestic production. We believe, ...
Translation Exposure
... Purpose: Need to translate foreign subs statement into US$ If subs financial statements kept in $, no need for translation. Is local currency functional currency? ...
... Purpose: Need to translate foreign subs statement into US$ If subs financial statements kept in $, no need for translation. Is local currency functional currency? ...
6. Public Finance
... primary expenditures as well as increases in health, pension and social benefit expenditures (Chart 6.1). In addition, marked deceleration of the rate of increase in tax revenues due to changing composition of growth amid balancing of the external and domestic demand was also influential on the dete ...
... primary expenditures as well as increases in health, pension and social benefit expenditures (Chart 6.1). In addition, marked deceleration of the rate of increase in tax revenues due to changing composition of growth amid balancing of the external and domestic demand was also influential on the dete ...
Retrospective Sustainability
... “Menu of policy options”: primary surplus is initial year; average debt is end of year in column. Note: Debt stabilization at 75%, 90% levels requires higher primary surplus than currently observed; Longer horizon implies less stringent initial fiscal policy – end period debt reflects cumulative eff ...
... “Menu of policy options”: primary surplus is initial year; average debt is end of year in column. Note: Debt stabilization at 75%, 90% levels requires higher primary surplus than currently observed; Longer horizon implies less stringent initial fiscal policy – end period debt reflects cumulative eff ...
19. The World of International Finance
... reforms, it pegged its currency to the U.S. dollar, making pesos “convertible” into dollars. To issue pesos, the central bank had to have an equal amount of dollars, or its equivalent in other hard currencies, on hand. Some economists believed this reform would bring stability to the financial syste ...
... reforms, it pegged its currency to the U.S. dollar, making pesos “convertible” into dollars. To issue pesos, the central bank had to have an equal amount of dollars, or its equivalent in other hard currencies, on hand. Some economists believed this reform would bring stability to the financial syste ...
FX Ringside
... undervalued G10 currencies against the dollar. This is also in line with previous findings. The SEK particularly appears to have been systematically undervalued against the EUR for most of the last 12 years. It only traded around its LTFV very briefly in 2011 and 2012 as the euro was under pressure, ...
... undervalued G10 currencies against the dollar. This is also in line with previous findings. The SEK particularly appears to have been systematically undervalued against the EUR for most of the last 12 years. It only traded around its LTFV very briefly in 2011 and 2012 as the euro was under pressure, ...
ch_17_p
... • 22 Dec 1994: with reserves nearly gone, the central bank abandons the fixed rate. • In a week, the peso falls another 30% to about 5.7 pesos/dollar. Copyright © 2006 Pearson Addison-Wesley. All rights reserved. ...
... • 22 Dec 1994: with reserves nearly gone, the central bank abandons the fixed rate. • In a week, the peso falls another 30% to about 5.7 pesos/dollar. Copyright © 2006 Pearson Addison-Wesley. All rights reserved. ...
Consultation Paper: Public Sector Specific Financial
... the whole quota does not require the IMF to call on the promissory note supporting the 75 per cent portion. With respect to the direct benefits from the financial asset itself, we note that direct ownership benefits of interest received in relation to the quota subscription only arises on the reser ...
... the whole quota does not require the IMF to call on the promissory note supporting the 75 per cent portion. With respect to the direct benefits from the financial asset itself, we note that direct ownership benefits of interest received in relation to the quota subscription only arises on the reser ...
Credit, commodities and currencies
... illuminating discussions. The world is a rather different place now and policymakers are a more chastened bunch, but I am expecting equally stimulating discussions on a different topic. Today, I would like to lay out some broad themes that shed light on the current state of the global economy. In De ...
... illuminating discussions. The world is a rather different place now and policymakers are a more chastened bunch, but I am expecting equally stimulating discussions on a different topic. Today, I would like to lay out some broad themes that shed light on the current state of the global economy. In De ...
Bein’ Green “It’s not easy being green.”
... Importantly, central banks around the world are paying attention to these issues. One interesting reaction in 2014 has been the movement of major currencies, particularly the dollar. In some cases, moves have been in a different direction than had been forecast. This month’s title, Bein’ Green, is a ...
... Importantly, central banks around the world are paying attention to these issues. One interesting reaction in 2014 has been the movement of major currencies, particularly the dollar. In some cases, moves have been in a different direction than had been forecast. This month’s title, Bein’ Green, is a ...
2016205 Jaime Caruana Transcript_updated
... illuminating discussions. The world is a rather different place now and policymakers are a more chastened bunch, but I am expecting equally stimulating discussions on a different topic. Today, I would like to lay out some broad themes that shed light on the current state of the global economy. In De ...
... illuminating discussions. The world is a rather different place now and policymakers are a more chastened bunch, but I am expecting equally stimulating discussions on a different topic. Today, I would like to lay out some broad themes that shed light on the current state of the global economy. In De ...