growthfin_slides_AFA - Duke University`s Fuqua School of
... What we know as a result of our research: • We show the mechanism. Both: » increased investment, partially through a cost of capital effect and » increased productivity (which is different from the financial development literature) ...
... What we know as a result of our research: • We show the mechanism. Both: » increased investment, partially through a cost of capital effect and » increased productivity (which is different from the financial development literature) ...
Self certification for companies, trusts and partnerships
... Non-registering local bank – This category applies to small regulated local banks, credit unions and similar entities that are primarily depository institutions, and may operate without a profit. They must not have a fixed place of business outside of the UK (although this does not include a locatio ...
... Non-registering local bank – This category applies to small regulated local banks, credit unions and similar entities that are primarily depository institutions, and may operate without a profit. They must not have a fixed place of business outside of the UK (although this does not include a locatio ...
DOCUMENTOS DE TRABAJO FCEA Departamento de Economía
... Data sources for the annual time series from 1985 to 2013 are Cuba´s Statistical Yearbook prepared by the National Statistics and Information Office of Cuba (ONEI, various years) and the series offered by the U.N. Economic Commission for Latin America and the Caribbean (ECLAC, 2000). From 1996 to 20 ...
... Data sources for the annual time series from 1985 to 2013 are Cuba´s Statistical Yearbook prepared by the National Statistics and Information Office of Cuba (ONEI, various years) and the series offered by the U.N. Economic Commission for Latin America and the Caribbean (ECLAC, 2000). From 1996 to 20 ...
Financial Market Imperfections and the impact of
... short run - or a slightly negative impact -, and the long run impact depends on the period considered. Campa (2000) tests the impact of exchange rate movements on South American countries’ exports. The impact appears to be positive or non significant, according to the specification. However, the aut ...
... short run - or a slightly negative impact -, and the long run impact depends on the period considered. Campa (2000) tests the impact of exchange rate movements on South American countries’ exports. The impact appears to be positive or non significant, according to the specification. However, the aut ...
WORLD TRADE
... to developing countries, be it foreign direct investment or other forms of inflows. This is affecting capital accumulation, and hence growth, in countries that need capital the most. It is limiting investments in trade-related infrastructure that would expand their capacity to trade in the future. I ...
... to developing countries, be it foreign direct investment or other forms of inflows. This is affecting capital accumulation, and hence growth, in countries that need capital the most. It is limiting investments in trade-related infrastructure that would expand their capacity to trade in the future. I ...
Shaping Factors for Trade - World Trade Organization
... to developing countries, be it foreign direct investment or other forms of inflows. This is affecting capital accumulation, and hence growth, in countries that need capital the most. It is limiting investments in trade-related infrastructure that would expand their capacity to trade in the future. I ...
... to developing countries, be it foreign direct investment or other forms of inflows. This is affecting capital accumulation, and hence growth, in countries that need capital the most. It is limiting investments in trade-related infrastructure that would expand their capacity to trade in the future. I ...
CENTRAL BANK OF THE REPUBLIC OF TURKEY
... Monetary Policy Strategy – Inflation Targeting Experience of IT in Developing Countries; Inflation has declined in all developing countries. IT has helped authorities to shape inflation expectations and to fight against inflation shocks. Rigidity in inflation has been gradually reduced. Pass-throug ...
... Monetary Policy Strategy – Inflation Targeting Experience of IT in Developing Countries; Inflation has declined in all developing countries. IT has helped authorities to shape inflation expectations and to fight against inflation shocks. Rigidity in inflation has been gradually reduced. Pass-throug ...
The Bank of Japan`s Efforts toward Overcoming Deflation
... where the monetary policy framework is called inflation targeting, the actual conduct of monetary policy is increasingly aimed at achieving the inflation target in the medium to long term while paying attention to economic and financial stability, instead of achieving the target at all costs in the ...
... where the monetary policy framework is called inflation targeting, the actual conduct of monetary policy is increasingly aimed at achieving the inflation target in the medium to long term while paying attention to economic and financial stability, instead of achieving the target at all costs in the ...
title of the paper - economics and management
... country. Finally, the monetary, fiscal, and exchange rate policies of a country also influence GDP through their effect on aggregate demand in that country. 2. Financial Markets. The assets that trade on the market of a country are claims on the cash flows of the real sector. In a world with complet ...
... country. Finally, the monetary, fiscal, and exchange rate policies of a country also influence GDP through their effect on aggregate demand in that country. 2. Financial Markets. The assets that trade on the market of a country are claims on the cash flows of the real sector. In a world with complet ...
Goods and Financial Markets1: IS-LM
... Goods market effects As G Y= too immediately Then C= and I = also Multiplier effect: at same i, Y reaches a higher level as IS shifts to the right Financial markets effects As Y the demand for money M = and the ward shift in Md results in a i, but this is a movement along the curve to A’. BlCh5 ...
... Goods market effects As G Y= too immediately Then C= and I = also Multiplier effect: at same i, Y reaches a higher level as IS shifts to the right Financial markets effects As Y the demand for money M = and the ward shift in Md results in a i, but this is a movement along the curve to A’. BlCh5 ...
CHAPTER 13 Capital Mobility and the Exchange Rate in the IS
... point where the demand for domestic goods is reduced to the original level. In the end, the level of output and the interest rate will remain unchanged. In an IS-LM model, an increase in G will shift the IS-curve to the right, increasing both the levels of output (Y) and the interest rate (i). But t ...
... point where the demand for domestic goods is reduced to the original level. In the end, the level of output and the interest rate will remain unchanged. In an IS-LM model, an increase in G will shift the IS-curve to the right, increasing both the levels of output (Y) and the interest rate (i). But t ...
Speaking Notes for Ambassadors and Embassy Staff
... [If applicable: Regarding the effects of the UK Anti Terrorism Act against Iceland: The House of Commons Treasury Committee recently published a report on the actions taken by the UK government early October against Icelandic banks. The report concludes that the use of the Anti-Terrorism legislation ...
... [If applicable: Regarding the effects of the UK Anti Terrorism Act against Iceland: The House of Commons Treasury Committee recently published a report on the actions taken by the UK government early October against Icelandic banks. The report concludes that the use of the Anti-Terrorism legislation ...
The Theory of Optimum Deficits and Debt
... and consequences, only a few of which can be considered here. By influencing the interpersonal, intertemporal and intergenerational distribution of income it will affect risk sharing, the extent to which households can smooth consumption over the life cycle, and capital formation. All this can occur ...
... and consequences, only a few of which can be considered here. By influencing the interpersonal, intertemporal and intergenerational distribution of income it will affect risk sharing, the extent to which households can smooth consumption over the life cycle, and capital formation. All this can occur ...
Paper file
... for financial markets’ reaction. Second, Differently to most of previous literature we focus on a medium and long term market reaction so as to be more in line with the allocation decisions of large investment funds. Third, this paper provides the first evidence for the different reactions to macroe ...
... for financial markets’ reaction. Second, Differently to most of previous literature we focus on a medium and long term market reaction so as to be more in line with the allocation decisions of large investment funds. Third, this paper provides the first evidence for the different reactions to macroe ...
Minsky`s best-known contribution is his tripartite
... ultimately, is the reason that the non-government sector will accept government liabilities as payment for the goods and services government buys. As discussed, a government deficit means that some of the reserves created by spending are not drained by taxes. In systems like that of the USA, in whic ...
... ultimately, is the reason that the non-government sector will accept government liabilities as payment for the goods and services government buys. As discussed, a government deficit means that some of the reserves created by spending are not drained by taxes. In systems like that of the USA, in whic ...
The ECB`s Expanded Asset Purchase Programme
... measure, EAPP. Similar unconventional measures were implemented by the Bank of Japan in 2001 and by the Federal Reserve and the Bank of England since 2008. Although ...
... measure, EAPP. Similar unconventional measures were implemented by the Bank of Japan in 2001 and by the Federal Reserve and the Bank of England since 2008. Although ...
The Impact of the Global Economic Crisis on Arab Countries: A Year
... than in 2008.2 In five oil-exporting countries (Algeria, Oman, Qatar, Saudi Arabia, and UAE), fiscal spending is expected to be larger in 2009 compared with 2008, despite lower oil revenues. In most cases this increase results from deliberate expansionary fiscal policies initiated in response to the ...
... than in 2008.2 In five oil-exporting countries (Algeria, Oman, Qatar, Saudi Arabia, and UAE), fiscal spending is expected to be larger in 2009 compared with 2008, despite lower oil revenues. In most cases this increase results from deliberate expansionary fiscal policies initiated in response to the ...
Banks` Sovereign Exposures and the Feedback Loop
... This is clearly shown by the example of Italy, where the debt to GDP ratio has risen by 33 percentage points since 2007. Back-of-the-envelope calculations show that if Italian real GDP had since grown at a similar rate as in the previous ten years and the deflator had risen in line with the euro ar ...
... This is clearly shown by the example of Italy, where the debt to GDP ratio has risen by 33 percentage points since 2007. Back-of-the-envelope calculations show that if Italian real GDP had since grown at a similar rate as in the previous ten years and the deflator had risen in line with the euro ar ...
PDF - Department of Economics
... the heterodoxy of central banking in the 1930s is the emphasis that was put on managing the conflict between debtors and creditors, on the one hand, and the preoccupation with external shocks, on the other, which came to be seen, among certain central bankers as essential for demand management. The ...
... the heterodoxy of central banking in the 1930s is the emphasis that was put on managing the conflict between debtors and creditors, on the one hand, and the preoccupation with external shocks, on the other, which came to be seen, among certain central bankers as essential for demand management. The ...
“Moonlights, Sunspots and Frontier Finance: On the Nexus between
... Notes: In panel (b), metro area extrusions are proportional the share of total loan sales by NDFIs – this is the y-axis variable in panel (a). Area shading reflects the relative share of securitisation by GSEs (this is the x-axis variable in panel (a) – ranging from dark grey: 15-20% to dark red: 60 ...
... Notes: In panel (b), metro area extrusions are proportional the share of total loan sales by NDFIs – this is the y-axis variable in panel (a). Area shading reflects the relative share of securitisation by GSEs (this is the x-axis variable in panel (a) – ranging from dark grey: 15-20% to dark red: 60 ...
NBER WORKING PAPER SERIES ON THE HIDDEN LINKS BETWEEN Joshua Aizenman
... positive association between the two. In order to evaluate the statistical significance of these linkages, I apply a panel regression methodology. Table 1 presents the regressions, where the dependent variable is the change in financial openness. The explanatory variables are changes in trade openne ...
... positive association between the two. In order to evaluate the statistical significance of these linkages, I apply a panel regression methodology. Table 1 presents the regressions, where the dependent variable is the change in financial openness. The explanatory variables are changes in trade openne ...
International Financial Reporting Standards
... Possible obligation confirmed by occurrence or nonoccurrence of future event Present obligation not recognized because: No probable outflow of resources Amount cannot be measured reliably ...
... Possible obligation confirmed by occurrence or nonoccurrence of future event Present obligation not recognized because: No probable outflow of resources Amount cannot be measured reliably ...
Global financial system
The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.A series of currency devaluations and oil crises in the 1970s led most countries to float their currencies. The world economy became increasingly financially integrated in the 1980s and 1990s due to capital account liberalization and financial deregulation. A series of financial crises in Europe, Asia, and Latin America followed with contagious effects due to greater exposure to volatile capital flows. The global financial crisis, which originated in the United States in 2007, quickly propagated among other nations and is recognized as the catalyst for the worldwide Great Recession. A market adjustment to Greece's noncompliance with its monetary union in 2009 ignited a sovereign debt crisis among European nations known as the Eurozone crisis.A country's decision to operate an open economy and globalize its financial capital carries monetary implications captured by the balance of payments. It also renders exposure to risks in international finance, such as political deterioration, regulatory changes, foreign exchange controls, and legal uncertainties for property rights and investments. Both individuals and groups may participate in the global financial system. Consumers and international businesses undertake consumption, production, and investment. Governments and intergovernmental bodies act as purveyors of international trade, economic development, and crisis management. Regulatory bodies establish financial regulations and legal procedures, while independent bodies facilitate industry supervision. Research institutes and other associations analyze data, publish reports and policy briefs, and host public discourse on global financial affairs.While the global financial system is edging toward greater stability, governments must deal with differing regional or national needs. Some nations are trying to orderly discontinue unconventional monetary policies installed to cultivate recovery, while others are expanding their scope and scale. Emerging market policymakers face a challenge of precision as they must carefully institute sustainable macroeconomic policies during extraordinary market sensitivity without provoking investors to retreat their capital to stronger markets. Nations' inability to align interests and achieve international consensus on matters such as banking regulation has perpetuated the risk of future global financial catastrophes.