A Primer on Bank Capital
... Rating agency capital requirements. Ratings from Standard & Poor’s, Moody’s, and Fitch have an important effect on the cost of doing business for the largest banks and to a lesser extent for smaller banks. The cost of raising funds through issuances of debt instruments and preferred shares is con ...
... Rating agency capital requirements. Ratings from Standard & Poor’s, Moody’s, and Fitch have an important effect on the cost of doing business for the largest banks and to a lesser extent for smaller banks. The cost of raising funds through issuances of debt instruments and preferred shares is con ...
CAM Government Securities Investment Fund ANNUAL REPORT
... instruments. Investment funds are available to institutional as well as retail clients and may be suitable for both long-term and short-term investment goals. Since November 2014 sharp upward movement of interest rates in the State Government Bonds market and decline in prices negatively impacted th ...
... instruments. Investment funds are available to institutional as well as retail clients and may be suitable for both long-term and short-term investment goals. Since November 2014 sharp upward movement of interest rates in the State Government Bonds market and decline in prices negatively impacted th ...
External Dependence and Industry Growth Does Financial Structure
... Beck: World Bank; Levine: Carlson School of Management, University of Minnesota. This paper’s findings, interpretations, and conclusions are entirely those of the authors and do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent. Work for ...
... Beck: World Bank; Levine: Carlson School of Management, University of Minnesota. This paper’s findings, interpretations, and conclusions are entirely those of the authors and do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent. Work for ...
Financial Aspects of Recent Trends in the Global Economy
... Thus, the goal of this book - Financial Aspects of the Recent Trends in the Global Economy (FINART) - is to encourage the exchange of new ideas about challenges in global trends in finance in the view of wide aspects of current financial and (public, corporate, households) debt crisis. The book cons ...
... Thus, the goal of this book - Financial Aspects of the Recent Trends in the Global Economy (FINART) - is to encourage the exchange of new ideas about challenges in global trends in finance in the view of wide aspects of current financial and (public, corporate, households) debt crisis. The book cons ...
Economic Development and the Role of Currency Undervaluation Surjit S. Bhalla
... Traditional and New Estimates of the Real Exchange Rate Table 1 reports the estimates obtained for 1996–2007 for the four different methods in existence: Dollar, the log-log formulation, the nonlinear SAE formulation, and the Razin-Collins “fundamental determinants” model. The models are estimated w ...
... Traditional and New Estimates of the Real Exchange Rate Table 1 reports the estimates obtained for 1996–2007 for the four different methods in existence: Dollar, the log-log formulation, the nonlinear SAE formulation, and the Razin-Collins “fundamental determinants” model. The models are estimated w ...
Gold sterilization and the recession of 1937–1938
... impact of the rise in reserve requirements and – no less important – the Treasury gold-sterilization program first sharply reduced the rate of increase in the monetary stock and then converted it into a decline’ (emphasis added).8 Yet they did not provide any direct empirical evidence to support the ...
... impact of the rise in reserve requirements and – no less important – the Treasury gold-sterilization program first sharply reduced the rate of increase in the monetary stock and then converted it into a decline’ (emphasis added).8 Yet they did not provide any direct empirical evidence to support the ...
foreign aid inflows and the real exchange rate in the cfa franc
... – Banque des États de l’Afrique Centrale (BEAC), formed by 6 countries Cameroon, Chad, Congo, Gabon, and Equatorial Guinea (joined in 1984); – Comoros that has its own central bank. The CFA Franc has been freely convertible into French Francs (now Euros) at a fixed rate. France created the Franc zon ...
... – Banque des États de l’Afrique Centrale (BEAC), formed by 6 countries Cameroon, Chad, Congo, Gabon, and Equatorial Guinea (joined in 1984); – Comoros that has its own central bank. The CFA Franc has been freely convertible into French Francs (now Euros) at a fixed rate. France created the Franc zon ...
Did the Basel Process of Capital Regulation Enhance the Resiliency
... After almost thirty years of capital reform, it is high time for an evidencebased evaluation of the economic consequences of the massive regulatory interventions since the initial adoption of the Basel Capital Accord in 1988 - now commonly referred to as “Basel I”. From an economic point of view thi ...
... After almost thirty years of capital reform, it is high time for an evidencebased evaluation of the economic consequences of the massive regulatory interventions since the initial adoption of the Basel Capital Accord in 1988 - now commonly referred to as “Basel I”. From an economic point of view thi ...
ALMADEN MINERALS LTD
... standards and amendments which the Company adopted and are effective for the Company's interim and annual consolidated financial statements commencing January 1, 2015. The following are the accounting standards issued but not yet effective, as of January 1, 2015. ...
... standards and amendments which the Company adopted and are effective for the Company's interim and annual consolidated financial statements commencing January 1, 2015. The following are the accounting standards issued but not yet effective, as of January 1, 2015. ...
International Economics, 10e (Krugman/Obstfeld/Melitz) Chapter 22
... success of the successful industrial economies, the process remains incomplete and most developing countries tend to be characterized by all of the following EXCEPT A) seigniorage. B) control of capital movements by limiting foreign exchange transactions connected with trade in assets. C) use of nat ...
... success of the successful industrial economies, the process remains incomplete and most developing countries tend to be characterized by all of the following EXCEPT A) seigniorage. B) control of capital movements by limiting foreign exchange transactions connected with trade in assets. C) use of nat ...
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... In earlier eras the answer was simple: bank runs. As soon as depositors had reason to believe that a bank had destroyed its capital base, depositors would rush to withdraw their funds. But starting in the 1930s governments began, formally or informally, to protect banks from depositor runs by offeri ...
... In earlier eras the answer was simple: bank runs. As soon as depositors had reason to believe that a bank had destroyed its capital base, depositors would rush to withdraw their funds. But starting in the 1930s governments began, formally or informally, to protect banks from depositor runs by offeri ...
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... in future transfer payments (i.e. bailouts). We believe that only when liquidity transfers are determined optimally (by welfare maximising agents), one can demonstrate formally the consequences of bailing out. Also, in contrast to previous work in the subject, the government is here concerned with ...
... in future transfer payments (i.e. bailouts). We believe that only when liquidity transfers are determined optimally (by welfare maximising agents), one can demonstrate formally the consequences of bailing out. Also, in contrast to previous work in the subject, the government is here concerned with ...
NBER WORKING PAPER SERIES INTERNATIONAL FINANCIAL INTEGRATION AND ECONOMIC GROWTH Hali J. Edison
... specialization, capital allocation, and economic growth (Obstfeld, 1994; Acemoglu and Zilibotti, 1997). Further, in the standard neoclassical growth model, IFI eases the flow of capital to capitalscarce countries with positive output effects. Also, IFI may enhance the functioning of domestic financi ...
... specialization, capital allocation, and economic growth (Obstfeld, 1994; Acemoglu and Zilibotti, 1997). Further, in the standard neoclassical growth model, IFI eases the flow of capital to capitalscarce countries with positive output effects. Also, IFI may enhance the functioning of domestic financi ...
Where Did All The Borrowing Go? Philip R. Lane
... Fundacion Ramon Areces; and the Bureau of Economic Analysis, Ravi Balakrishnan, Tam Bayoumi, Tomas Dvorak, Ralph Kozlow, Guy Meredith and Jean Pisani-Ferry for their comments, and to Carol Bertaut and Frank Warnock for useful discussions. Lane also gratefully acknowledges the HEAPRTLI grant to the I ...
... Fundacion Ramon Areces; and the Bureau of Economic Analysis, Ravi Balakrishnan, Tam Bayoumi, Tomas Dvorak, Ralph Kozlow, Guy Meredith and Jean Pisani-Ferry for their comments, and to Carol Bertaut and Frank Warnock for useful discussions. Lane also gratefully acknowledges the HEAPRTLI grant to the I ...
New Zealand: Financial Sector Assessment Program
... Increasing supervisory resources for all financial sectors is key. This would support the highly qualified RBNZ staff in improving the effectiveness of the supervisory process, enhancing their knowledge of financial institutions’ operations, and deepening risk assessment of supervised entities—and s ...
... Increasing supervisory resources for all financial sectors is key. This would support the highly qualified RBNZ staff in improving the effectiveness of the supervisory process, enhancing their knowledge of financial institutions’ operations, and deepening risk assessment of supervised entities—and s ...
Please click here to see Table 3 - Association for the Study of the
... All the discussions and econometric models of monetary circulation in Cuba—that is, including those of Martínez Fagundo (1989), Espinosa and Quintana (1989) and Alpízar (1992)—focus solely on the component flows into the Balance of Incomes and Expenditures of the Population, completely ignoring the ...
... All the discussions and econometric models of monetary circulation in Cuba—that is, including those of Martínez Fagundo (1989), Espinosa and Quintana (1989) and Alpízar (1992)—focus solely on the component flows into the Balance of Incomes and Expenditures of the Population, completely ignoring the ...
Global outlook - the United Nations
... Weaknesses in major developed economies continue to drag the global recovery and pose risks for world economic stability in the coming years. There will be no quick fix for the problems these economies are still facing in the aftermath of the financial crisis. The unprecedented scale of the policy m ...
... Weaknesses in major developed economies continue to drag the global recovery and pose risks for world economic stability in the coming years. There will be no quick fix for the problems these economies are still facing in the aftermath of the financial crisis. The unprecedented scale of the policy m ...
NBER WORKING PAPER SERIES DOMESTIC AND FOREIGN DISTURBANCES IN AN OPTIMIZING
... parameters and disturbances. The equilibrium is obtained in the following recursive manner. First, the equilibrium stock of traded bonds is determined from the uncovered real interest differential (l5d). This determines net real interest income to the economy. Given this, (15a) and (15c) together de ...
... parameters and disturbances. The equilibrium is obtained in the following recursive manner. First, the equilibrium stock of traded bonds is determined from the uncovered real interest differential (l5d). This determines net real interest income to the economy. Given this, (15a) and (15c) together de ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... between Korea and its major trading partners have been relatively quickly reflected in the won’s exchange rate against the U.S. dollar. This may very well have been inevitable if Korea’s export prices were to remain competitive while its rate of inflation was relatively high. It was also shown that ...
... between Korea and its major trading partners have been relatively quickly reflected in the won’s exchange rate against the U.S. dollar. This may very well have been inevitable if Korea’s export prices were to remain competitive while its rate of inflation was relatively high. It was also shown that ...
EXTERNAL DEBTS SUSTAINABILITY, IMF POLICIES EFFECT AND TURKEY SAMPLE
... The share of domestically issued public debt has risen, outpacing the rise in external debt in most regions. The growth of domestic debt markets reflects the success of many emerging economies in reducing inflation and deepening financial markets, though, as noted above, in several cases, the placem ...
... The share of domestically issued public debt has risen, outpacing the rise in external debt in most regions. The growth of domestic debt markets reflects the success of many emerging economies in reducing inflation and deepening financial markets, though, as noted above, in several cases, the placem ...
Greenko Restricted Group Financial Statements
... An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on our judgement, including the assessment of the risks of material misstatement of the combined financial statements, whether due t ...
... An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on our judgement, including the assessment of the risks of material misstatement of the combined financial statements, whether due t ...
Government of Iceland
... and relatively limited diversification, which increase its vulnerability to shocks. In addition to other factors, Iceland’s demographics are more favorable than many other advanced or developing nations because of long working lives, good fertility rates and the flexibility of the labor force. The l ...
... and relatively limited diversification, which increase its vulnerability to shocks. In addition to other factors, Iceland’s demographics are more favorable than many other advanced or developing nations because of long working lives, good fertility rates and the flexibility of the labor force. The l ...
Monetary policy in albania: froM the past to the
... a regional energy system, a regional market of financial products, and the last but not the least, a regional market of production factors. In Martin Luther King’s words “We may have all come on different ships, but we’re in the same boat now”. Dwelling a little longer on the regional theme, I would ...
... a regional energy system, a regional market of financial products, and the last but not the least, a regional market of production factors. In Martin Luther King’s words “We may have all come on different ships, but we’re in the same boat now”. Dwelling a little longer on the regional theme, I would ...
effectiveness of monetary policy tools in
... Kenya is able to control the levels of inflation reported in Kenya. The Central Bank of Kenya (CBK), like most other central banks around the world, is entrusted with the responsibility of formulating and implementing monetary policy directed at achieving and maintaining low inflation as one of its ...
... Kenya is able to control the levels of inflation reported in Kenya. The Central Bank of Kenya (CBK), like most other central banks around the world, is entrusted with the responsibility of formulating and implementing monetary policy directed at achieving and maintaining low inflation as one of its ...
Monetary Targeting and Monetary Policy
... the prices of government securities will change during the trading day. 9:10 A.M. The account manager studies the FOMC’s directive, or the level of the federal funds rate desired, and designs dynamic open market operations and defensive open market operations to offset temporary disturbances to rese ...
... the prices of government securities will change during the trading day. 9:10 A.M. The account manager studies the FOMC’s directive, or the level of the federal funds rate desired, and designs dynamic open market operations and defensive open market operations to offset temporary disturbances to rese ...
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.