Financial Intermediaries, Leverage Ratios and Business
... fire-sale of assets means less shares purchased by banks, which further reduces investment and output of non-financial firms. In case of a negative net worth shock, the deterioration in net worth of banks tightens their borrowing constraints directly and triggers the fire-sale of their assets. This ...
... fire-sale of assets means less shares purchased by banks, which further reduces investment and output of non-financial firms. In case of a negative net worth shock, the deterioration in net worth of banks tightens their borrowing constraints directly and triggers the fire-sale of their assets. This ...
Spillover Effect of US Quantitative Easing From the
... realm has shown us that the world was smaller than we thought. In this respect, the financial crisis of 2008 started in the United States catalysed world media’s attention, as the crisis became global in a record time. Due to the leading position of the USA, the exceptional monetary measures taken b ...
... realm has shown us that the world was smaller than we thought. In this respect, the financial crisis of 2008 started in the United States catalysed world media’s attention, as the crisis became global in a record time. Due to the leading position of the USA, the exceptional monetary measures taken b ...
Republic of Croatia: 2014 Article IV Consultation--Staff Report
... reach (see below), private sector debt restructuring and measures to attract FDI provide the best prospect to revive growth in the short to medium term. Further, labor market reforms are critical to strengthen the economy’s capacity to adapt to external conditions. Restoring Fiscal Sustainability. H ...
... reach (see below), private sector debt restructuring and measures to attract FDI provide the best prospect to revive growth in the short to medium term. Further, labor market reforms are critical to strengthen the economy’s capacity to adapt to external conditions. Restoring Fiscal Sustainability. H ...
AID AND FOREIGN DIRECT INVESTMENT:
... tax and tariff levels, market size and potential, quality of institutions, wage rates, human capital, cost differentials, exchange rates, fiscal policies, trade policies, physical and cultural distance, and state of infrastructure among others. Root and Ahmed (1977), Nigh (1986), Ning and Reed (1995 ...
... tax and tariff levels, market size and potential, quality of institutions, wage rates, human capital, cost differentials, exchange rates, fiscal policies, trade policies, physical and cultural distance, and state of infrastructure among others. Root and Ahmed (1977), Nigh (1986), Ning and Reed (1995 ...
South African Capital Flows and Capital Flight over the 1960
... Emerging economies are usually net foreign borrowers during their developmental process. By supplementing domestic savings with external resources, a more desirable growth path can be attained. Often, however, residents of these countries place their wealth abroad simultaneously with their search fo ...
... Emerging economies are usually net foreign borrowers during their developmental process. By supplementing domestic savings with external resources, a more desirable growth path can be attained. Often, however, residents of these countries place their wealth abroad simultaneously with their search fo ...
DIGITAL GLOBALIZATION: THE NEW ERA OF GLOBAL FLOWS
... Over a decade, global flows have raised world GDP by at least 10 percent; this value totaled $7.8 trillion in 2014 alone. Data flows now account for a larger share of this impact than global trade in goods. Global flows generate economic growth primarily by raising productivity, and countries ben ...
... Over a decade, global flows have raised world GDP by at least 10 percent; this value totaled $7.8 trillion in 2014 alone. Data flows now account for a larger share of this impact than global trade in goods. Global flows generate economic growth primarily by raising productivity, and countries ben ...
Willis Peterson OVERINVESTMENT IN PUBLIC SECTOR CAPITAL There
... higherrates of economic growth, such as full employment and a more equal distribution of income. In this case, the marginal rate of return on capital is not the only criterion for resource allocation policy (Harberger 1971). But again it might be noted that the relative increase in the stocks of hum ...
... higherrates of economic growth, such as full employment and a more equal distribution of income. In this case, the marginal rate of return on capital is not the only criterion for resource allocation policy (Harberger 1971). But again it might be noted that the relative increase in the stocks of hum ...
Strategy and Tactics of Monetary Policy: Examples From Europe and
... Having thus discussed how the primary objective, price stability, may be defined, the paper then reviews certain strategic decisions about how to set about achieving this. Should there be a quantified, numerical target for price stability? If so, who should set it, the government alone, the central ...
... Having thus discussed how the primary objective, price stability, may be defined, the paper then reviews certain strategic decisions about how to set about achieving this. Should there be a quantified, numerical target for price stability? If so, who should set it, the government alone, the central ...
NBER WORKING PAPER SERIES RECESSION Joshua Aizenman
... equity indices had peaked before the end of 2008Q2, and only one developing economy, Tunisia, did not see the beginning of a stock market decline before the end of 2008Q2, i.e. before 30 June, 2008. In contrast, most developing economies saw their net capital inflow reversals peak in 2008Q4, after L ...
... equity indices had peaked before the end of 2008Q2, and only one developing economy, Tunisia, did not see the beginning of a stock market decline before the end of 2008Q2, i.e. before 30 June, 2008. In contrast, most developing economies saw their net capital inflow reversals peak in 2008Q4, after L ...
Fiscal Multipliers: Lessons from the Great Recession for Small Open
... with stronger or weaker public finances, during financial and banking crisis, or during an economic downturn. If only briefly, we will also discuss open methodological issues challenging these studies. Then, we will specify a macro model of a small open economy and use model-based simulations to pro ...
... with stronger or weaker public finances, during financial and banking crisis, or during an economic downturn. If only briefly, we will also discuss open methodological issues challenging these studies. Then, we will specify a macro model of a small open economy and use model-based simulations to pro ...
MYANMAR: OPENING UP TO ITS TRADE AND FOREIGN DIRECT INVESTMENT POTENTIAL
... occurred, or the patterns of specialization and competitiveness that would have occurred without such isolation. This paper presents a picture of the country’s trade and foreign direct investment (FDI) patterns in the past two decades and an introductory survey of selected policies that affect Myanm ...
... occurred, or the patterns of specialization and competitiveness that would have occurred without such isolation. This paper presents a picture of the country’s trade and foreign direct investment (FDI) patterns in the past two decades and an introductory survey of selected policies that affect Myanm ...
NZ labour market review, March quarter 2017
... The material does not constitute investment advice. Certain types of transactions, including those involving futures, options and high yield securities give rise to substantial risk and are not suitable for all investors. We recommend that you seek your own independent legal or financial advice befo ...
... The material does not constitute investment advice. Certain types of transactions, including those involving futures, options and high yield securities give rise to substantial risk and are not suitable for all investors. We recommend that you seek your own independent legal or financial advice befo ...
Democratization and Reform Process in East Asian Developmental
... sectors within a country? How can we explain that the changes in developmental states sometimes follow the pattern of continuity, and sometimes do not? According to Przeworski (1993), it may be because political institutions do matter for development. Focusing on regimes, however, does not seem to c ...
... sectors within a country? How can we explain that the changes in developmental states sometimes follow the pattern of continuity, and sometimes do not? According to Przeworski (1993), it may be because political institutions do matter for development. Focusing on regimes, however, does not seem to c ...
PowerPoint-Präsentation
... But if South Africa increases subsidies to domestic producers while at the same time restricting trade further, the reversal is more likely, if S-I is changing due to the policy. If it does not change, then distortions reduce gross flows without changing the balances. ...
... But if South Africa increases subsidies to domestic producers while at the same time restricting trade further, the reversal is more likely, if S-I is changing due to the policy. If it does not change, then distortions reduce gross flows without changing the balances. ...
Graph no. 2.2.1
... period from 2000 to 2004, have been maintained at an acceptable level since 2005, despite the worsening trend. In 2008, the balance of payments deficit amounted to 3.1% of the nominal GDP, which was approximately the same as in 2007 (3.2%). The balance of payments current account deficit achieved it ...
... period from 2000 to 2004, have been maintained at an acceptable level since 2005, despite the worsening trend. In 2008, the balance of payments deficit amounted to 3.1% of the nominal GDP, which was approximately the same as in 2007 (3.2%). The balance of payments current account deficit achieved it ...
IMF Global Financial Stability Report (GFSR) April 2013
... times, the report seeks to play a role in preventing crises by highlighting policies that may mitigate systemic risks, thereby contributing to global financial stability and the sustained economic growth of the IMF’s member countries. Risks to financial stability have declined since the October 2012 ...
... times, the report seeks to play a role in preventing crises by highlighting policies that may mitigate systemic risks, thereby contributing to global financial stability and the sustained economic growth of the IMF’s member countries. Risks to financial stability have declined since the October 2012 ...
Growth Indexed Bonds - A Primer
... For example, the Bulgarian bonds were callable—so that when growth exceeded the thresho ld to generate additional payments, the government simply recalled the bonds rather than pay the additional fee. Furthermore, the bonds did not clearly specify what measure of GDP should be used to calculate the ...
... For example, the Bulgarian bonds were callable—so that when growth exceeded the thresho ld to generate additional payments, the government simply recalled the bonds rather than pay the additional fee. Furthermore, the bonds did not clearly specify what measure of GDP should be used to calculate the ...
a 125-page addendum
... scope and density) or, in other words, of the commercial advantages of big firms over smaller competitors. The latter may not be able to effectively use marketing instruments such as frequent flyer bonuses or computer reservation systems. These instruments, along with the dominance of hubs, may have ...
... scope and density) or, in other words, of the commercial advantages of big firms over smaller competitors. The latter may not be able to effectively use marketing instruments such as frequent flyer bonuses or computer reservation systems. These instruments, along with the dominance of hubs, may have ...
IMF Conditionality, Partisanship and Special Interests: Determinants
... There are also studies that focus on the role of partisanship. Pop-Eleches (2009) focuses on the interaction between partisanship and crisis. By analyzing whether IMF’s policy prescriptions are compatible with partisanship of the government, Pop-Eleches shows that the relative salience and resilienc ...
... There are also studies that focus on the role of partisanship. Pop-Eleches (2009) focuses on the interaction between partisanship and crisis. By analyzing whether IMF’s policy prescriptions are compatible with partisanship of the government, Pop-Eleches shows that the relative salience and resilienc ...
On the determinants of firms` financial surpluses and deficits
... usually act as net borrowers – with the net acquisition of financial assets smaller than the net incurrence of financial liabilities – in order to satisfy their financial needs and to realize investments. This status of firms is generally counterbalanced by the household net lender behavior which ch ...
... usually act as net borrowers – with the net acquisition of financial assets smaller than the net incurrence of financial liabilities – in order to satisfy their financial needs and to realize investments. This status of firms is generally counterbalanced by the household net lender behavior which ch ...
Financial Spillovers Across Countries: The Case of Canada and the
... One of the most striking features of the international business cycle is the co‐movement of output, inflation and interest rates across countries. This co‐movement has become more pronounced over the past three decades, owing to increased trade and financial liberalization. Over the past two years ...
... One of the most striking features of the international business cycle is the co‐movement of output, inflation and interest rates across countries. This co‐movement has become more pronounced over the past three decades, owing to increased trade and financial liberalization. Over the past two years ...
Africa`s Exodus: Capital Flight and the Brain
... flight of financial capital and partly through the emigration of educated people. In this paper we analyze this exodus within an integrating framework of portfolio decisions taken by families. Families can decide both what proportion of their financial wealth, and what proportion of their educated m ...
... flight of financial capital and partly through the emigration of educated people. In this paper we analyze this exodus within an integrating framework of portfolio decisions taken by families. Families can decide both what proportion of their financial wealth, and what proportion of their educated m ...
The Role of Investment Banking for the German Economy
... relevant for financing companies as well as the development and use of specif‐ ic products to support the needs of private and professional clients. The as‐ sessment of benefits and costs of investment banking has been conducted from a European perspective. Nevertheless t ...
... relevant for financing companies as well as the development and use of specif‐ ic products to support the needs of private and professional clients. The as‐ sessment of benefits and costs of investment banking has been conducted from a European perspective. Nevertheless t ...
Managing the consequences of macroeconomic and (geo
... possess enough capital and liquidity. If they are held by retail investors in mutual funds which are not guaranteed, the risk is not big, investors will just lose money when it bursts. Globalisation can transform excess demands for assets in countries with underdeveloped financial systems into capit ...
... possess enough capital and liquidity. If they are held by retail investors in mutual funds which are not guaranteed, the risk is not big, investors will just lose money when it bursts. Globalisation can transform excess demands for assets in countries with underdeveloped financial systems into capit ...
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.