some characteristics of sharp current account deficit reversals in
... even stagnant saving rates. Hence, to close the gap they need to turn to foreign saving, which has generally induced the high and even growing current account deficits of the last decade. In this respect, the problem of external imbalances is particularly important for CEE countries which have alread ...
... even stagnant saving rates. Hence, to close the gap they need to turn to foreign saving, which has generally induced the high and even growing current account deficits of the last decade. In this respect, the problem of external imbalances is particularly important for CEE countries which have alread ...
Business Economics – II (MB1B4): January 2009
... III. Development of basic infrastructures. (a) Only (I) ab ove (b) Only (II) above (c) Only (III) above (d) Both (I) and (II) above (e) All (I), (II) and (III) above. 34.Under the paper currency system, determination of the exchange rate usually takes into account (a) Budget deficit (b) The purchasi ...
... III. Development of basic infrastructures. (a) Only (I) ab ove (b) Only (II) above (c) Only (III) above (d) Both (I) and (II) above (e) All (I), (II) and (III) above. 34.Under the paper currency system, determination of the exchange rate usually takes into account (a) Budget deficit (b) The purchasi ...
A Panel Approach for Developing Countries
... As for the degree of openness, four different measures have been attempted in this study. Firstly, exports of goods and services, as a proportion of GDP in terms of SDR, includes the value of merchandise, freight, insurance, travel, and other non-factor services, excluding the factor and property i ...
... As for the degree of openness, four different measures have been attempted in this study. Firstly, exports of goods and services, as a proportion of GDP in terms of SDR, includes the value of merchandise, freight, insurance, travel, and other non-factor services, excluding the factor and property i ...
Evaluation of Firm Performance
... performance It is important to keep in mind that it is not necessary to use all of these ratios in performing a ratio analysis. Selection of the ratios to be examined will depend on the particular individual’s perspective and objectives. For example, suppliers and short-term creditors are likely to ...
... performance It is important to keep in mind that it is not necessary to use all of these ratios in performing a ratio analysis. Selection of the ratios to be examined will depend on the particular individual’s perspective and objectives. For example, suppliers and short-term creditors are likely to ...
THE (TRUE) COST OF INVESTING
... individual investors, can push total annual expenses into the 7% range.4 According to Bankrate.com,4 examples of unusually low REIT yields and high prices aren’t hard to find, with many posting dividend yields well below historical norms due in part to a persistently low interest rate environment. S ...
... individual investors, can push total annual expenses into the 7% range.4 According to Bankrate.com,4 examples of unusually low REIT yields and high prices aren’t hard to find, with many posting dividend yields well below historical norms due in part to a persistently low interest rate environment. S ...
Assessment of the 2015 Convergence Programme for CROATIA
... deficit outcome by 2.1 pps. compared to plans), which were however more than offset by (3) significantly lower-than-anticipated revenue growth (increasing the deficit outcome by 2.9 pps. compared to plans). In turn, the revenue shortfall in 2014 can be explained in part by a statistical reclassifica ...
... deficit outcome by 2.1 pps. compared to plans), which were however more than offset by (3) significantly lower-than-anticipated revenue growth (increasing the deficit outcome by 2.9 pps. compared to plans). In turn, the revenue shortfall in 2014 can be explained in part by a statistical reclassifica ...
NBER WORKING PAPER SERIES STOCHASTIC TAXATION AND ASSET PRICING IN Clemens Sialm
... paper investigates how stochastic tax policies a ect asset prices and whether they introduce an additional risk factor in the economy, which changes equity and term premia. The theoretical model generalizes the Lucas (1978) asset pricing model by introducing a at consumption tax that follows a two- ...
... paper investigates how stochastic tax policies a ect asset prices and whether they introduce an additional risk factor in the economy, which changes equity and term premia. The theoretical model generalizes the Lucas (1978) asset pricing model by introducing a at consumption tax that follows a two- ...
The Effect of Monetary Policy on Private Sector Investment in Kenya
... arising from a tax cut or an increase in government consumption spending. This induces increased public debt which he describes as; “the decline in private investment that may result from a tax cut financed by a government budget deficit and the decrease in private consumption and investment that re ...
... arising from a tax cut or an increase in government consumption spending. This induces increased public debt which he describes as; “the decline in private investment that may result from a tax cut financed by a government budget deficit and the decrease in private consumption and investment that re ...
Jobs and Growth: Supporting the European Recovery --
... equilibrium model that features nominal and real adjustment costs and incomplete asset markets, is used.3 The model brings together economic agents that optimize freely (firms maximize profits, and households maximize utility based on a consumption-leisure choice) and liquidity-constrained agents th ...
... equilibrium model that features nominal and real adjustment costs and incomplete asset markets, is used.3 The model brings together economic agents that optimize freely (firms maximize profits, and households maximize utility based on a consumption-leisure choice) and liquidity-constrained agents th ...
Concentrated Ownership and Bailout Guarantees (November 2005)
... on entrepreneurial net worth implies that the economy can exhibit endogenous cycles; in particular, it can exhibit a relapse into an inefficient region even without negative shocks. The interaction of bailout guarantees and credit market frictions is thus by itself a source of volatility. We also show ...
... on entrepreneurial net worth implies that the economy can exhibit endogenous cycles; in particular, it can exhibit a relapse into an inefficient region even without negative shocks. The interaction of bailout guarantees and credit market frictions is thus by itself a source of volatility. We also show ...
Inflation and the Price of Real Assets ∗ Monika Piazzesi Martin Schneider
... boomers into asset markets directly lowered the average savings rate. Second, the erosion of bond portfolios by surprise inflation reduced the ratio of financial wealth to human wealth, which also gives rise to lower savings. Since there was only a small reduction in asset supply in the 1970s, the l ...
... boomers into asset markets directly lowered the average savings rate. Second, the erosion of bond portfolios by surprise inflation reduced the ratio of financial wealth to human wealth, which also gives rise to lower savings. Since there was only a small reduction in asset supply in the 1970s, the l ...
Early Indicators of Currency Crises
... They have taken three main forms: currency crises, banking crises, or both – so called twin crises. As the number of developed economies, developing countries, and economies in transition experienced severe financial crashes researchers are trying to propose a framework for systemic analyses. That i ...
... They have taken three main forms: currency crises, banking crises, or both – so called twin crises. As the number of developed economies, developing countries, and economies in transition experienced severe financial crashes researchers are trying to propose a framework for systemic analyses. That i ...
Inflation Report 4/2000
... the next two years. The fall in forward rates has been so pronounced that this has influenced the inflation projections and the economic scenario in this report. Given an interest rate at about the current level, the inflation projection would be a little less than 2% from the end of 2002. The effec ...
... the next two years. The fall in forward rates has been so pronounced that this has influenced the inflation projections and the economic scenario in this report. Given an interest rate at about the current level, the inflation projection would be a little less than 2% from the end of 2002. The effec ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Reducing Inflation: Motivation and Strategy
... rates of interest, and so forth. Even among sophisticated institutional investors, it is remarkable how frequently projections of future returns are stated in nominal terms and based on past experience over periods with very different rates of inflation. I will not attempt to evaluate all of these b ...
... rates of interest, and so forth. Even among sophisticated institutional investors, it is remarkable how frequently projections of future returns are stated in nominal terms and based on past experience over periods with very different rates of inflation. I will not attempt to evaluate all of these b ...
850.12 KB - Asian Development Bank
... risk premium by mitigating uncertainty, thereby fostering investment and international trade. Also, at the time of an economic crisis, maintaining a pegged exchange rate could increase the credibility of policy makers and thereby contribute to stabilizing output movement (Aizenman, et al., 2009). H ...
... risk premium by mitigating uncertainty, thereby fostering investment and international trade. Also, at the time of an economic crisis, maintaining a pegged exchange rate could increase the credibility of policy makers and thereby contribute to stabilizing output movement (Aizenman, et al., 2009). H ...
Lally - The dividend growth model
... less 1%) and a current dividend yield of 5.45%. Using these values they deduce that the cost of equity from year 10 must be 13.38%, which is 50% larger than the AER’s figure of 8.89% for the first ten years. Furthermore, if the MRP of 6% were maintained beyond year 10, the risk free rate beyond year ...
... less 1%) and a current dividend yield of 5.45%. Using these values they deduce that the cost of equity from year 10 must be 13.38%, which is 50% larger than the AER’s figure of 8.89% for the first ten years. Furthermore, if the MRP of 6% were maintained beyond year 10, the risk free rate beyond year ...
Economics 101 Assignment #5 Name
... a. The government of Mexico responded to the problem with a program. First, it significantly reduced government spending. Second, it raised taxes. And third, it decreased the money supply. Show the result of these three changes on the graph above. Since all three of these changes have the same effec ...
... a. The government of Mexico responded to the problem with a program. First, it significantly reduced government spending. Second, it raised taxes. And third, it decreased the money supply. Show the result of these three changes on the graph above. Since all three of these changes have the same effec ...
NBER WORKING PAPER SERIES A MODEL OF SECULAR STAGNATION Gauti B. Eggertsson
... both theoretical and empirical analysis). In that work, typically, this shock leads to a temporary reduction in the real interest rate as debtors pay down their debt and savers need to compensate for the drop in overall spending by increasing their spending. Once the deleveraging process is complete ...
... both theoretical and empirical analysis). In that work, typically, this shock leads to a temporary reduction in the real interest rate as debtors pay down their debt and savers need to compensate for the drop in overall spending by increasing their spending. Once the deleveraging process is complete ...
Why buyout investments are good for Canada
... is that this causes companies to be unable to produce sufficient cash flows to pay interest, forces them to undergo cost cutting and leads them to bankruptcy. In reality, all stakeholders are affected when a company has too much debt: creditors do not get their money back, employees lose jobs, and s ...
... is that this causes companies to be unable to produce sufficient cash flows to pay interest, forces them to undergo cost cutting and leads them to bankruptcy. In reality, all stakeholders are affected when a company has too much debt: creditors do not get their money back, employees lose jobs, and s ...
2013 External Balance Assessment (EBA) Methodology
... which require judgments about policies (as discussed in Section V). For non-policy variables about which we have strong theoretical prior (corroborated by other empirical studies), we generally are willing to include these as regressors even if not statistically significant, as long as the coefficie ...
... which require judgments about policies (as discussed in Section V). For non-policy variables about which we have strong theoretical prior (corroborated by other empirical studies), we generally are willing to include these as regressors even if not statistically significant, as long as the coefficie ...
Hyder, Zulfiqar and Adil Mahboob, 2006, “Equilibrium Real Effective
... competitiveness of domestic products as: a) changes in the cost of production may raise the domestic price level; b) changes in domestic price may also affect production costs if changes in wages are in line with the changes in cost of living when imports become more expensive with depreciation; and ...
... competitiveness of domestic products as: a) changes in the cost of production may raise the domestic price level; b) changes in domestic price may also affect production costs if changes in wages are in line with the changes in cost of living when imports become more expensive with depreciation; and ...
Japan`s Fiscal Policy and Fiscal Reconstruction October 22, 2004 by
... spending budget was complied to provide funding for the measures. Referring to the ballooning budget deficit, Obuchi called himself “the biggest borrower in the world”. The Obuchi administration’s aggressive public spending policy was carried over into the subsequent administration of former ...
... spending budget was complied to provide funding for the measures. Referring to the ballooning budget deficit, Obuchi called himself “the biggest borrower in the world”. The Obuchi administration’s aggressive public spending policy was carried over into the subsequent administration of former ...
What rate of return can we expect over the next decade?
... forecast horizon equals its historical average of the preceding three decades. Grinold & Kroner (2002) provide an interesting example of a discussion of expected multiple changes at the point in time where they made their forecast. 2.1. Interest rate related variables Assuming that monetary policy ...
... forecast horizon equals its historical average of the preceding three decades. Grinold & Kroner (2002) provide an interesting example of a discussion of expected multiple changes at the point in time where they made their forecast. 2.1. Interest rate related variables Assuming that monetary policy ...
What rate of return can we expect over the next decade?
... forecast horizon equals its historical average of the preceding three decades. Grinold & Kroner (2002) provide an interesting example of a discussion of expected multiple changes at the point in time where they made their forecast. 2.1. Interest rate related variables Assuming that monetary policy ...
... forecast horizon equals its historical average of the preceding three decades. Grinold & Kroner (2002) provide an interesting example of a discussion of expected multiple changes at the point in time where they made their forecast. 2.1. Interest rate related variables Assuming that monetary policy ...