From Recession to Recovery: How Soon and How
... time period, say a year, following the trough. In this chapter, both definitions are used. These two definitions are complementary and display a sort of duality—the first one determines the time it takes to achieve a given amplitude, and the second one determines the amplitude observed after a given ...
... time period, say a year, following the trough. In this chapter, both definitions are used. These two definitions are complementary and display a sort of duality—the first one determines the time it takes to achieve a given amplitude, and the second one determines the amplitude observed after a given ...
notes to the financial statements
... compared to last year especially in the gross premium income which grew significantly from Kshs 2.6 Billion in 2014 to Kshs 4.1 billion in 2015.The growth was supported by significant strides that the company is making in corporate business. Total assets grew from Kshs 2.1 Billion in 2014 to Kshs 3. ...
... compared to last year especially in the gross premium income which grew significantly from Kshs 2.6 Billion in 2014 to Kshs 4.1 billion in 2015.The growth was supported by significant strides that the company is making in corporate business. Total assets grew from Kshs 2.1 Billion in 2014 to Kshs 3. ...
Financing the Future: Report of the Italian National
... generation of innovations from the financial system. In response, Italy’s National Dialogue for Sustainable Finance was launched in February 2016 to take stock of existing practice, identify key challenges and suggest policy options to take promising developments to scale. It was initiated by the Mi ...
... generation of innovations from the financial system. In response, Italy’s National Dialogue for Sustainable Finance was launched in February 2016 to take stock of existing practice, identify key challenges and suggest policy options to take promising developments to scale. It was initiated by the Mi ...
Remittances, Capital Flows and Financial Development during the
... 2004, Esteves 2007). Also as today, the high volatility of foreign capital flows was a factor of instability to emerging economies. But unlike contemporary developing nations that cope with increasingly restrictive immigration polices implemented by rich nations, ...
... 2004, Esteves 2007). Also as today, the high volatility of foreign capital flows was a factor of instability to emerging economies. But unlike contemporary developing nations that cope with increasingly restrictive immigration polices implemented by rich nations, ...
Lecture 6 - Universität Bamberg
... between gold and silver) the whole world was really a monetary union Seignorage as key source of public finance · ‘shaving’ as a means to generate revenues Multiplicity of money Previous explicit unions only agreed on the metal content of coins to simplify everyday trading ...
... between gold and silver) the whole world was really a monetary union Seignorage as key source of public finance · ‘shaving’ as a means to generate revenues Multiplicity of money Previous explicit unions only agreed on the metal content of coins to simplify everyday trading ...
THE GLOBAL CRISIS AND UNCONVENTIONAL MONETARY POLICY
... banking in the US (Board of Governors of the Federal Reserve System, 2005). The Fed supervises and regulates the whole of the US banking system through the Board of Governors, covering a wide range of financial institutions and activities at the national level, but also US banks with branches abroad ...
... banking in the US (Board of Governors of the Federal Reserve System, 2005). The Fed supervises and regulates the whole of the US banking system through the Board of Governors, covering a wide range of financial institutions and activities at the national level, but also US banks with branches abroad ...
WHY FOREIGN SAVINGS FAIL TO CAUSE GROWTH Luiz Carlos Bresser-Pereira Paulo Gala
... Abstract. The present paper is a formalization of the critique of the growth with foreign savings strategy that one of its authors has been doing in recent years. Although medium income countries are capital poor, current account deficits (foreign savings), financed either by loans or by foreign dir ...
... Abstract. The present paper is a formalization of the critique of the growth with foreign savings strategy that one of its authors has been doing in recent years. Although medium income countries are capital poor, current account deficits (foreign savings), financed either by loans or by foreign dir ...
Contributed Session 45 - Financial Systems and Banking II
... Central Bank of TRNC, the Undersecretariat of Treasury of TR, Turkish Airlines and the Turkish Economic Association Foundation for their valuable contributions. It is firstly due to the participation of the invited international economists that made ICE-TEA 2010 an international event. We would lik ...
... Central Bank of TRNC, the Undersecretariat of Treasury of TR, Turkish Airlines and the Turkish Economic Association Foundation for their valuable contributions. It is firstly due to the participation of the invited international economists that made ICE-TEA 2010 an international event. We would lik ...
Brazil: Recent Macroeconomic and Financial Developments
... Recent Initiatives to Inject Liquidity in Foreign Currency Market • Sales of USD in repurchase agreement auctions; • Reduction of reserve requirements for banks acquiring USD with repurchase agreement; ...
... Recent Initiatives to Inject Liquidity in Foreign Currency Market • Sales of USD in repurchase agreement auctions; • Reduction of reserve requirements for banks acquiring USD with repurchase agreement; ...
Harry Potter and the Goblin Bank of Gringotts
... author of this study has been led to believe that the Minister is in favor of keeping Gringotts under goblin control. To guarantee this freedom from Ministry control into the future may require reducing the scale of the bank. Finally, with Hermione Granger’s ties to the Muggle World both as a muggle ...
... author of this study has been led to believe that the Minister is in favor of keeping Gringotts under goblin control. To guarantee this freedom from Ministry control into the future may require reducing the scale of the bank. Finally, with Hermione Granger’s ties to the Muggle World both as a muggle ...
this Paper - Post-Keynesian Economics Study Group
... breaks out2. The reason that lower profits lead to a crisis and not only to a slowdown of economic growth is the existence of the ‘contract-credit system’. This implies that payment obligations exist which cannot be served anymore if the rate of profit falls too strongly (Crotty, 1985). However, Mar ...
... breaks out2. The reason that lower profits lead to a crisis and not only to a slowdown of economic growth is the existence of the ‘contract-credit system’. This implies that payment obligations exist which cannot be served anymore if the rate of profit falls too strongly (Crotty, 1985). However, Mar ...
Exchange rate volatility–economic growth nexus in Uganda
... currency. There was an acute shortage of foreign exchange during this period and exporters/importers of commodities were required to deal directly with the central bank which operated under various fixed exchange regimes that were at odds with market conditions. As a result of the controls in the go ...
... currency. There was an acute shortage of foreign exchange during this period and exporters/importers of commodities were required to deal directly with the central bank which operated under various fixed exchange regimes that were at odds with market conditions. As a result of the controls in the go ...
NBER Reporter Economic Fluctuations and Growth Program Report
... of the life cycle is taken into account, life-cycle patterns of total consumption of services are less steeply sloped than appears when only spending on nondurables and services are considered together. ...
... of the life cycle is taken into account, life-cycle patterns of total consumption of services are less steeply sloped than appears when only spending on nondurables and services are considered together. ...
2nd Con Doc on NBNI G
... As stated in the Introduction, the NBNI G-SIFI methodologies have been developed to extend the G-SIFI framework that currently covers banks and insurers to other financial institutions.9 Thus, NBNI G-SIFI methodologies include a high-level framework and an operational framework for identifying G-SIF ...
... As stated in the Introduction, the NBNI G-SIFI methodologies have been developed to extend the G-SIFI framework that currently covers banks and insurers to other financial institutions.9 Thus, NBNI G-SIFI methodologies include a high-level framework and an operational framework for identifying G-SIF ...
View/Open
... million was available from financing activities as against Rs.707.155 million was used for retiring bank borrowings during last year. Hence, short term borrowings of the company remained controlled and at previous year's reduced level on close of current financial year. Cash used in investing activi ...
... million was available from financing activities as against Rs.707.155 million was used for retiring bank borrowings during last year. Hence, short term borrowings of the company remained controlled and at previous year's reduced level on close of current financial year. Cash used in investing activi ...
effect of cost push inflation on financial performance of
... prices, leading to a vicious circle. He argues that built-in inflation reflects events in the past thus might be seen as hangover inflation. The effect of money supply on inflation is more obvious when governments finance spending in a crisis, such as a civil war, by printing money excessively. This ...
... prices, leading to a vicious circle. He argues that built-in inflation reflects events in the past thus might be seen as hangover inflation. The effect of money supply on inflation is more obvious when governments finance spending in a crisis, such as a civil war, by printing money excessively. This ...
Optimal Monetary and Prudential Policies
... a pecuniary externality associated with a collateral constraint plays a central role: it makes an economic expansion increase the value of borrowers’ collateral and leads to excessive borrowing. A tax on debt can then make borrowers internalize the externality.5 Benigno et al. (2011) add monetary po ...
... a pecuniary externality associated with a collateral constraint plays a central role: it makes an economic expansion increase the value of borrowers’ collateral and leads to excessive borrowing. A tax on debt can then make borrowers internalize the externality.5 Benigno et al. (2011) add monetary po ...
Why foreign savings fail to cause growth - Bresser
... normal and advisable conditions for developing countries provided they were moderate, not leading to balance of payment crises. Our criticism goes directly against this argument. In previous studies we criticized this policy and the resulting exchange rate overvaluation, showing that the outcome of ...
... normal and advisable conditions for developing countries provided they were moderate, not leading to balance of payment crises. Our criticism goes directly against this argument. In previous studies we criticized this policy and the resulting exchange rate overvaluation, showing that the outcome of ...
An electricity-backed currency proposal
... economic desire for price and monetary stability. The value of the deliverable assets representing DeKos can be more stable than highly concentrated domestic debt assets, which may be devalued due to inflation (overissuance). DeKo asset risk is based on electrical energy delivery, not on monetary or ...
... economic desire for price and monetary stability. The value of the deliverable assets representing DeKos can be more stable than highly concentrated domestic debt assets, which may be devalued due to inflation (overissuance). DeKo asset risk is based on electrical energy delivery, not on monetary or ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Exchange Rate Theory and Practice
... is not just the general openness of the economy, as in McKinnon (1963), but the share of trade between potential member countries relative to trade with the rest of the world. 3. The sources and types of economic disturbances giving rise to fluctuations in exchange rates. To some extent the analysis ...
... is not just the general openness of the economy, as in McKinnon (1963), but the share of trade between potential member countries relative to trade with the rest of the world. 3. The sources and types of economic disturbances giving rise to fluctuations in exchange rates. To some extent the analysis ...
PDF Download
... figures 1 and 2.4 Second, political union reduces the implies that no budgetary policy aimed at stabilizdegree of asymmetry, thereby shifting the eurozone ing the business cycle in the union is available. The upwards. As a result of these two shifts, political uniquestion that arises here is how imp ...
... figures 1 and 2.4 Second, political union reduces the implies that no budgetary policy aimed at stabilizdegree of asymmetry, thereby shifting the eurozone ing the business cycle in the union is available. The upwards. As a result of these two shifts, political uniquestion that arises here is how imp ...
CHAPTER 16: Monetary Policy
... © 2007 Prentice Hall Business Publishing; Essentials of Economics, R. Glenn Hubbard, Anthony Patrick O’Brien 10 of 29 ...
... © 2007 Prentice Hall Business Publishing; Essentials of Economics, R. Glenn Hubbard, Anthony Patrick O’Brien 10 of 29 ...
NBER WORKING PAPER SERIES GROWTH? M. Ayhan Kose
... A central debate in international finance is whether openness to foreign capital has significant growth benefits and whether, in the case of developing countries, these benefits outweigh the risks. In theory, there are a number of direct and indirect channels through which financial openness should ...
... A central debate in international finance is whether openness to foreign capital has significant growth benefits and whether, in the case of developing countries, these benefits outweigh the risks. In theory, there are a number of direct and indirect channels through which financial openness should ...
The Game between Family Firms’ Overseas Investment and the
... a carrier for the cross-border flow of foreign investors and the host country's trading activities. Preferential policies attract foreign investment as the means is widely used in many countries . General, the advantages of overseas investors to own the capital and technology, the host country has a ...
... a carrier for the cross-border flow of foreign investors and the host country's trading activities. Preferential policies attract foreign investment as the means is widely used in many countries . General, the advantages of overseas investors to own the capital and technology, the host country has a ...
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.