State-controlled Banks and the Effectiveness of Monetary Policy
... Canada, to move as well, and this affects the real economy by altering potential borrowers’ costs of capital and capital budgeting hurdle rates. A second method of conducting monetary policy has the central banks altering liquidity and capital structure regulations that limit bank lending. Changes t ...
... Canada, to move as well, and this affects the real economy by altering potential borrowers’ costs of capital and capital budgeting hurdle rates. A second method of conducting monetary policy has the central banks altering liquidity and capital structure regulations that limit bank lending. Changes t ...
Money and Monetary Policy
... • President of the NY Fed • 4 (of remaining 11) district bank presidents ...
... • President of the NY Fed • 4 (of remaining 11) district bank presidents ...
The determinants of government bond yield spreads in
... for models taking into account this time-varying relationship between interest differentials and sovereign risk factors. ...
... for models taking into account this time-varying relationship between interest differentials and sovereign risk factors. ...
Valuation effects and sustainability of current account
... rich countries have benefited from the high degree of international financial globalization and have been able to finance their growing current account imbalances through foreign capital entries. However, the deterioration of the NFA position has been severe in many cases and calls for painful adjus ...
... rich countries have benefited from the high degree of international financial globalization and have been able to finance their growing current account imbalances through foreign capital entries. However, the deterioration of the NFA position has been severe in many cases and calls for painful adjus ...
Series 18 early page.cdr - Central Bank of Nigeria
... Monetary Policy Department wishes to acknowledge the efforts of Mr. P.N. Okafor in producing the initial draft of this paper ...
... Monetary Policy Department wishes to acknowledge the efforts of Mr. P.N. Okafor in producing the initial draft of this paper ...
ReAssure Limited Annual Accounts 2015
... Strategic report for the year ended 31 December 2015 (continued) Principal risks and uncertainties The following have been defined as the principal risks and uncertainties affecting the company: Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuat ...
... Strategic report for the year ended 31 December 2015 (continued) Principal risks and uncertainties The following have been defined as the principal risks and uncertainties affecting the company: Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuat ...
Foreign investor protections in the Trans-Pacific
... • There is no requirement for a foreign investor to use a country’s domestic courts before resorting to ISDS, no matter how fair and independent the domestic courts are. This anomalous situation arises because the TPP does not apply the usual requirement in international law that a foreign national ...
... • There is no requirement for a foreign investor to use a country’s domestic courts before resorting to ISDS, no matter how fair and independent the domestic courts are. This anomalous situation arises because the TPP does not apply the usual requirement in international law that a foreign national ...
The role of the government in financial sector
... The development view argues that the government can help overcome market failures and promote development through lower costs and increased access to finance, particularly in the developing economies. The political view on the other hand, argues that the government, by pursuing its own political obj ...
... The development view argues that the government can help overcome market failures and promote development through lower costs and increased access to finance, particularly in the developing economies. The political view on the other hand, argues that the government, by pursuing its own political obj ...
When the North Last Headed South
... space to be aggressive, if they felt so inclined.6 All this meets the definition of “unconventional” monetary policy and quantitative easing (as in Bernanke and Reinhart 2004). In the standard rendering, there were three acts to this episode of quantitative easing. In the first act, in 1932, U.S. po ...
... space to be aggressive, if they felt so inclined.6 All this meets the definition of “unconventional” monetary policy and quantitative easing (as in Bernanke and Reinhart 2004). In the standard rendering, there were three acts to this episode of quantitative easing. In the first act, in 1932, U.S. po ...
NBER WORKING PAPER SERIES Alessandra Fogli
... factors, the strength of its precautionary saving motive relative to that of its partners. This, in turn, is affected by the relative volatility of the shocks faced by the country. As the relative volatility of the shocks falls, a country faces less risk vis-à-vis its partners and, as a consequence ...
... factors, the strength of its precautionary saving motive relative to that of its partners. This, in turn, is affected by the relative volatility of the shocks faced by the country. As the relative volatility of the shocks falls, a country faces less risk vis-à-vis its partners and, as a consequence ...
Economics for Investment Decision Makers Workbook
... Goods markets are the interactions of consumers as buyers and firms as sellers of goods and services produced by firms and bought by households. Factor markets are the interactions of firms as buyers and households as sellers of land, labor, capital, and entrepreneurial risk-taking ability. Capital mar ...
... Goods markets are the interactions of consumers as buyers and firms as sellers of goods and services produced by firms and bought by households. Factor markets are the interactions of firms as buyers and households as sellers of land, labor, capital, and entrepreneurial risk-taking ability. Capital mar ...
03/RT/2015 The macroeconomic effects of the Euro Area`s fiscal
... In 2010, when the Euro Area (EA) was just for about a year into recovery from the downturn caused by the world financial crisis, fiscal policy in the EA turned progressively more restrictive. According to estimates by the European Commission (2012b) which are reported in Table 1, spending cuts and t ...
... In 2010, when the Euro Area (EA) was just for about a year into recovery from the downturn caused by the world financial crisis, fiscal policy in the EA turned progressively more restrictive. According to estimates by the European Commission (2012b) which are reported in Table 1, spending cuts and t ...
A Neo-Keynedan Vie~ of Monetary Policy
... time deposits to attract funds to meet the demands of their customers. If savings and loan associations do not raise the rates paid to their depositors or raise them less than the banks raise their rates, households, may rechannel their saving flows away from the savings and loan associations and to ...
... time deposits to attract funds to meet the demands of their customers. If savings and loan associations do not raise the rates paid to their depositors or raise them less than the banks raise their rates, households, may rechannel their saving flows away from the savings and loan associations and to ...
ca-ipcc (1st group) financial management (71 imp questions)
... Under the short-term profit maximization objective a manager could continue to show profit increased by merely issuing stock and using the proceeds to invest in risk-free or near to risk-free securities. He may also opt for increasing profit through other non-operational activities like disposal of ...
... Under the short-term profit maximization objective a manager could continue to show profit increased by merely issuing stock and using the proceeds to invest in risk-free or near to risk-free securities. He may also opt for increasing profit through other non-operational activities like disposal of ...
Income, Wealth, and the Balance of Payments
... income (occurring through market transactions or transfers). The current account is not, however, a complete picture of international transactions. Resource flows of goods, services, and income are not the only items that flow between open economies. Financial assets such as stocks, bonds, or real e ...
... income (occurring through market transactions or transfers). The current account is not, however, a complete picture of international transactions. Resource flows of goods, services, and income are not the only items that flow between open economies. Financial assets such as stocks, bonds, or real e ...
Redefining the Role of the State
... President and Chief Economist at the World Bank. Equally impressive as the sheer volume of his publications is the range of important issues that have captured his interest over the years. He is best known for his pioneering work on the impact of costly and imperfect information on the functioning o ...
... President and Chief Economist at the World Bank. Equally impressive as the sheer volume of his publications is the range of important issues that have captured his interest over the years. He is best known for his pioneering work on the impact of costly and imperfect information on the functioning o ...
Financial Statements Mott Community College Flint, Michigan
... respects, the financial position of Mott Community College and its discretely presented component unit as of June 30, 2011 and 2010 and the changes in its financial position and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States ...
... respects, the financial position of Mott Community College and its discretely presented component unit as of June 30, 2011 and 2010 and the changes in its financial position and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States ...
Liberal Mercantilism: Exchange Rate Regimes, Foreign Currency
... developing countries “pursue WTO dispute settlement only for the most meaningful cases” (Allee 2009: 4). Our argument implies that “meaningfulness” can be as much a property of the initiating country's macroeconomic condition as of the case itself. This paper also contributes to the literature on th ...
... developing countries “pursue WTO dispute settlement only for the most meaningful cases” (Allee 2009: 4). Our argument implies that “meaningfulness” can be as much a property of the initiating country's macroeconomic condition as of the case itself. This paper also contributes to the literature on th ...
BNDES - International Economic Association
... • PITCE (2004-2007): Industrial, Technology and Trade Policy – Foster technology based sectors – The return of Phoenix • PDP (2008-2010): Productive Development Policy – Innovate and invest to sustain growth – Riding favourable winds and the storm • PBM (2011-2014): Plano Brasil Maior – Innovate to ...
... • PITCE (2004-2007): Industrial, Technology and Trade Policy – Foster technology based sectors – The return of Phoenix • PDP (2008-2010): Productive Development Policy – Innovate and invest to sustain growth – Riding favourable winds and the storm • PBM (2011-2014): Plano Brasil Maior – Innovate to ...
ch17
... decisions but the Federal Reserve Act requires the Board of Governors to report on monetary policy to Congress. The Fed makes two reports to Congress each year. The formal role of the President of the United States is limited to appointing the members and the Chairman of the Board of Governors. ...
... decisions but the Federal Reserve Act requires the Board of Governors to report on monetary policy to Congress. The Fed makes two reports to Congress each year. The formal role of the President of the United States is limited to appointing the members and the Chairman of the Board of Governors. ...
Government Ownership of Banking
... either of the two institutional quality indicators improves the explanatory power of the regression and renders GB70 insignificant. Model IIa has a better fit than Model IIb, reflecting the higher level of statistical significance of bureaucratic quality. The property rights indicator in Model IIb i ...
... either of the two institutional quality indicators improves the explanatory power of the regression and renders GB70 insignificant. Model IIa has a better fit than Model IIb, reflecting the higher level of statistical significance of bureaucratic quality. The property rights indicator in Model IIb i ...
The Ill Wind that Blows from Europe: Implications for Canada`s
... major economic or financial shock originating from the globe’s largest economic block (as measured by gross domestic product, GDP). The sovereign debt crisis in the eurozone exposed major fault lines in the economic stability of the common currency area. The indirect exposure of Canadian banks – and ...
... major economic or financial shock originating from the globe’s largest economic block (as measured by gross domestic product, GDP). The sovereign debt crisis in the eurozone exposed major fault lines in the economic stability of the common currency area. The indirect exposure of Canadian banks – and ...
Current Account Reversals: Always a Problem?
... At the same time, crises – currency crises in particular – were lower in frequency under the gold standard than in recent years.5 Indeed, another reading of gold standard experience is that the economic and political environment made current account reversals less of a problem. Greater wage and pric ...
... At the same time, crises – currency crises in particular – were lower in frequency under the gold standard than in recent years.5 Indeed, another reading of gold standard experience is that the economic and political environment made current account reversals less of a problem. Greater wage and pric ...
Exchange Rate Developments and Fundamentals in Four
... the official exchange rate and the acceleration of privatizations. These measures actually revealed problems that had previously been alleviated by an accommodating monetary policy. Real GDP fell by around 5% in 1996 and 1997, and inflation reached 150% in 1997. In mid-1999, Romania faced major diff ...
... the official exchange rate and the acceleration of privatizations. These measures actually revealed problems that had previously been alleviated by an accommodating monetary policy. Real GDP fell by around 5% in 1996 and 1997, and inflation reached 150% in 1997. In mid-1999, Romania faced major diff ...
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.