IOSR Journal of Economics and Finance (IOSR-JEF)
... Derivatives are financial instruments in the form of contracts, the value of which is derived from the value of an underlying asset, Apanardet al. (2014). The underlying entity can be an asset, index, or interest rate, and is commonly called the "underlying". Derivatives can be used for a number of ...
... Derivatives are financial instruments in the form of contracts, the value of which is derived from the value of an underlying asset, Apanardet al. (2014). The underlying entity can be an asset, index, or interest rate, and is commonly called the "underlying". Derivatives can be used for a number of ...
Staying ahead: Central banks in a multi-mandate environment
... And this already difficult hand is going to get harder to play. The immediate tests include new loan provisioning rules (IFRS 9) and the updated capital framework (‘Basel IV’). The greater transparency over bad debts and stronger prudential safeguards are designed to make the financial system safer. ...
... And this already difficult hand is going to get harder to play. The immediate tests include new loan provisioning rules (IFRS 9) and the updated capital framework (‘Basel IV’). The greater transparency over bad debts and stronger prudential safeguards are designed to make the financial system safer. ...
Presentation for conference on Non-China Developing Asia?
... Second, many firms were left with excessive debt after the crisis, particularly as the domestic currency value of their dollar debt was inflated by depreciated exchange rates. Third, in addition to the decline in the demand for investment funds, the near-collapse of domestic banking systems in the r ...
... Second, many firms were left with excessive debt after the crisis, particularly as the domestic currency value of their dollar debt was inflated by depreciated exchange rates. Third, in addition to the decline in the demand for investment funds, the near-collapse of domestic banking systems in the r ...
A record current account deficit: Causes and implications
... not, what the implications of each hypothesis might be for an eventual adjustment in the U.S. economy. We find little support for the consumption boom explanation in the data. While consumption has increased, its share of total expenditures has declined. We find some evidence to support the safe hav ...
... not, what the implications of each hypothesis might be for an eventual adjustment in the U.S. economy. We find little support for the consumption boom explanation in the data. While consumption has increased, its share of total expenditures has declined. We find some evidence to support the safe hav ...
Overcoming the Great Recession
... 4. Extent of globalization. In the context of the United Nations, the IMF and the World Bank, interdependence among countries has increased significantly.5 Nowadays, with the fiat money system entrenched worldwide, a managed floating exchange rate regime has replaced the old gold standard. Increasin ...
... 4. Extent of globalization. In the context of the United Nations, the IMF and the World Bank, interdependence among countries has increased significantly.5 Nowadays, with the fiat money system entrenched worldwide, a managed floating exchange rate regime has replaced the old gold standard. Increasin ...
Speculation and Sovereign Debt – An Insidious Interaction
... selling a security at two different prices in two different markets. To the extent that this arbitrage involves bets, even in the short run, it is a form of speculation. The key point about making a bet on short term changes in prices is that a speculator will rely on the expectations and bets that ...
... selling a security at two different prices in two different markets. To the extent that this arbitrage involves bets, even in the short run, it is a form of speculation. The key point about making a bet on short term changes in prices is that a speculator will rely on the expectations and bets that ...
Ireland’s banking system – looking forward Thorsten Beck*
... financial sector for financing the domestic Irish economy and the services provided by the Irish Financial Services Centre (IFSC). Most importantly, being part of a currency union has not only proven critical during the recent boom-bust period but will also be important for the future of the Irish ...
... financial sector for financing the domestic Irish economy and the services provided by the Irish Financial Services Centre (IFSC). Most importantly, being part of a currency union has not only proven critical during the recent boom-bust period but will also be important for the future of the Irish ...
Foreign reserves for crisis management ARTICLES Michael Gordon, Financial Stability Department
... This is the first of two articles detailing the Reserve Bank’s recent review of its foreign exchange market intervention capabilities. This article deals with the review of the adequacy of foreign reserves that could be used to calm a disorderly foreign exchange market during times of stress. The Ban ...
... This is the first of two articles detailing the Reserve Bank’s recent review of its foreign exchange market intervention capabilities. This article deals with the review of the adequacy of foreign reserves that could be used to calm a disorderly foreign exchange market during times of stress. The Ban ...
Document
... participation of the market and the state in allocation of resources in the economy. While certain trends (e.g. Marxism) assign some major tasks in the economic and social life to the state, others (e.g. liberalism) tend to reduce the role of the state in the society. Between these two extreme posit ...
... participation of the market and the state in allocation of resources in the economy. While certain trends (e.g. Marxism) assign some major tasks in the economic and social life to the state, others (e.g. liberalism) tend to reduce the role of the state in the society. Between these two extreme posit ...
Does macro-pru leak? Evidence from a UK policy experiment
... smaller aggregate size of lending by foreign branches. Accounting for that difference implies an estimated leakage effect of about 30%. That is, for any given change in minimum capital requirements across the regulated banking system, leakages through foreign branches reduce the aggregate credit sup ...
... smaller aggregate size of lending by foreign branches. Accounting for that difference implies an estimated leakage effect of about 30%. That is, for any given change in minimum capital requirements across the regulated banking system, leakages through foreign branches reduce the aggregate credit sup ...
Economics R. Glenn Hubbard, Anthony Patrick O`Brien, 2e.
... United States to the International Economy Open economy An economy that has interactions in trade or finance with other countries. Closed economy An economy that has no interactions in trade or finance with other countries. Balance of payments The record of a country’s trade with other countries in ...
... United States to the International Economy Open economy An economy that has interactions in trade or finance with other countries. Closed economy An economy that has no interactions in trade or finance with other countries. Balance of payments The record of a country’s trade with other countries in ...
Economic environment - World Trade Organization
... growth (over 8% per year) with economic expansion driven by manufacturing investment and exports.1 Malaysia has benefited from the surge in global demand for information and communication technology (ICT) goods, which pulled it out of recession in 1999, but it was hit by a downturn in global demand ...
... growth (over 8% per year) with economic expansion driven by manufacturing investment and exports.1 Malaysia has benefited from the surge in global demand for information and communication technology (ICT) goods, which pulled it out of recession in 1999, but it was hit by a downturn in global demand ...
Paper - Saint Mary`s University
... in some areas, here we must distinguish between financial and economic crisis). It is the secondtier credit unions that have been in trouble. The bailout proposed by the credit union system is not coming from taxpayers, but from credit unions themselves. Legislative changes were needed ...
... in some areas, here we must distinguish between financial and economic crisis). It is the secondtier credit unions that have been in trouble. The bailout proposed by the credit union system is not coming from taxpayers, but from credit unions themselves. Legislative changes were needed ...
Global Imbalances and the Key Currency Regime: The Case for a
... country. Countries outside the optimal zone, in the periphery, could choose a fixed or flexible exchange rate. This system relies on the strength of the key country, which is presumed to have advanced capital markets, high consumption, and can access excess labor in the periphery, which has less sop ...
... country. Countries outside the optimal zone, in the periphery, could choose a fixed or flexible exchange rate. This system relies on the strength of the key country, which is presumed to have advanced capital markets, high consumption, and can access excess labor in the periphery, which has less sop ...
Christodoulakis_presentation
... •Four elections (1932, 1933, 1935 and 1936) •one election boycott •one assassination attempt against ex Prime Minister •a (allegedly rigged) referendum on Monarchy •four military coup d’ etats ...
... •Four elections (1932, 1933, 1935 and 1936) •one election boycott •one assassination attempt against ex Prime Minister •a (allegedly rigged) referendum on Monarchy •four military coup d’ etats ...
LCcarG640_en.pdf
... In order to broaden the economic base, governments in the region pursued a strategy o f import-substitution manufacturing and diversification into tourism services from the 1960s. Since manufacturing activities were heavily protected against foreign competition, and extraregional exports had prefere ...
... In order to broaden the economic base, governments in the region pursued a strategy o f import-substitution manufacturing and diversification into tourism services from the 1960s. Since manufacturing activities were heavily protected against foreign competition, and extraregional exports had prefere ...
Adverse Effects of Ultra-Loose Monetary Policies on Investment
... Wicksell and Hayek have different concepts of the natural interest rate. According to Wicksell’s work, the deviation of the central bank interest rate / capital market interest rate from the natural rate of interest (which guarantees goods market equilibrium) disturbs the equilibrium between ex-ante ...
... Wicksell and Hayek have different concepts of the natural interest rate. According to Wicksell’s work, the deviation of the central bank interest rate / capital market interest rate from the natural rate of interest (which guarantees goods market equilibrium) disturbs the equilibrium between ex-ante ...
Economic environment - World Trade Organization
... in rising world oil and "second-round" domestic transportation costs, and food prices (Table I.2). Modest growth projections for 2008, downgraded in April from 2.2% to 1.7%, were further lowered to 1.2% in the 2009 Budget (released in November 2008). This primarily reflected lower than expected grow ...
... in rising world oil and "second-round" domestic transportation costs, and food prices (Table I.2). Modest growth projections for 2008, downgraded in April from 2.2% to 1.7%, were further lowered to 1.2% in the 2009 Budget (released in November 2008). This primarily reflected lower than expected grow ...
TheRoleOfStateAidInTheBankingUnion
... IV. Delay the necessary adjustment of the domestic banking system postponing the appropriate management of losses derived from non-performing loans –the so called “legacy” assets V. Avoid equity dilution by erecting or maintaining legal and fiscal obstacles to equity market integration The low marke ...
... IV. Delay the necessary adjustment of the domestic banking system postponing the appropriate management of losses derived from non-performing loans –the so called “legacy” assets V. Avoid equity dilution by erecting or maintaining legal and fiscal obstacles to equity market integration The low marke ...
Investor Protection and Capital Markets
... industry in some industrializing countries (19th century Germany). ...
... industry in some industrializing countries (19th century Germany). ...
Elements of expenditure policy
... Review trend in effective nominal interest rates, for domestic debt and for key categories of external debt (e.g. “concessional” and “market”), by dividing in each case the interest payments by ...
... Review trend in effective nominal interest rates, for domestic debt and for key categories of external debt (e.g. “concessional” and “market”), by dividing in each case the interest payments by ...
Changes in Germany`s Bank-Based Financial System: A Varieties of
... Germany has long been known as having one of the most bank-based financial systems in comparison with other countries (see section 2 for an overview of comparative statistics). Recently, however, major changes have been made in Germany in both the business strategies of the large universal banks and ...
... Germany has long been known as having one of the most bank-based financial systems in comparison with other countries (see section 2 for an overview of comparative statistics). Recently, however, major changes have been made in Germany in both the business strategies of the large universal banks and ...
Fixed Exchange Rates
... • In fact, the monetary policy of the U.S. influenced the economies of other countries. • Suppose that the U.S. increased its money supply. – This would lower U.S. interest rates, putting downward pressure on the value of the U.S. dollar. – If other central banks maintained their fixed exchange rate ...
... • In fact, the monetary policy of the U.S. influenced the economies of other countries. • Suppose that the U.S. increased its money supply. – This would lower U.S. interest rates, putting downward pressure on the value of the U.S. dollar. – If other central banks maintained their fixed exchange rate ...
CAPITAL MARKET DEVELOPMENT AND FOREIGN PORTFOLIO INVESTMENT IN THE BAHAMAS May, 2000
... the market price mechanism, more efficient risk sharing, accumulation and dissemination of vital information would improve resource allocation. As markets develop, specialized institutions and instruments, increased liquidity, and diversification opportunities would raise savings rates, capital accu ...
... the market price mechanism, more efficient risk sharing, accumulation and dissemination of vital information would improve resource allocation. As markets develop, specialized institutions and instruments, increased liquidity, and diversification opportunities would raise savings rates, capital accu ...
global regulatory convergence and the valuation profession
... this end it develops resources to assist the creation and development of valuation professional bodies in territories or sectors where there are none at present. It has issued a code of ethical principles that contains fundamental principles of behaviour that must be included in any code of conduct ...
... this end it develops resources to assist the creation and development of valuation professional bodies in territories or sectors where there are none at present. It has issued a code of ethical principles that contains fundamental principles of behaviour that must be included in any code of conduct ...
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.