Back to the Future: Latin America’s Current Development Strategy
... In the years running from 2002 to 2006 Latin America registered one of the highest average growth rates in over two decades. Aggregate demand decomposition into the three major sectors of the economy (external, government and private) shows that the growth trajectory is explained, mainly by the favo ...
... In the years running from 2002 to 2006 Latin America registered one of the highest average growth rates in over two decades. Aggregate demand decomposition into the three major sectors of the economy (external, government and private) shows that the growth trajectory is explained, mainly by the favo ...
The Regulation of Financial Holding Companies
... assessments of the consolidated holding company structure. In contrast to mandatory capital requirements, which seeks to control the structure of a holding company balance sheet, consolidated risk assessment relies to disclosure mechanisms and supervisory oversight. The premise of this approach is t ...
... assessments of the consolidated holding company structure. In contrast to mandatory capital requirements, which seeks to control the structure of a holding company balance sheet, consolidated risk assessment relies to disclosure mechanisms and supervisory oversight. The premise of this approach is t ...
The exchange rate and the monetary transmission mechanism in
... Identified Vector Autoregressions (VARs) are a useful tool to empirically examine the MTM because they allow to separate the endogenous reaction of the monetary authorities to developments in the economy from exogenous monetary impulses. The estimated effects of such policy shocks can then be used t ...
... Identified Vector Autoregressions (VARs) are a useful tool to empirically examine the MTM because they allow to separate the endogenous reaction of the monetary authorities to developments in the economy from exogenous monetary impulses. The estimated effects of such policy shocks can then be used t ...
2003:2 Errors and omissions in the balance of payments statistics
... between Sweden and other countries. The Riksbank is responsible for producing and publishing these figures. The statistics are very similar to traditional accounting and based on the principle of double entry bookkeeping. This means, quite simply, that the real and financial transactions should add ...
... between Sweden and other countries. The Riksbank is responsible for producing and publishing these figures. The statistics are very similar to traditional accounting and based on the principle of double entry bookkeeping. This means, quite simply, that the real and financial transactions should add ...
Financial Development in Sub-Saharan Africa
... this area in other countries, and this can compensate for some of the infrastructure and other shortcomings that most countries face. At the same time, microfinance has grown rapidly, providing services to customers at the lower end of the income distribution. However, all new and rapid financial de ...
... this area in other countries, and this can compensate for some of the infrastructure and other shortcomings that most countries face. At the same time, microfinance has grown rapidly, providing services to customers at the lower end of the income distribution. However, all new and rapid financial de ...
LCCARL252_en.pdf
... The global economic crisis prompted a myriad of policy responses in Caribbean countries on different fronts. Despite limited fiscal space due to excessive public debt stocks, various countries managed to introduce counter-cyclicality through some combination of larger public infrastructure investmen ...
... The global economic crisis prompted a myriad of policy responses in Caribbean countries on different fronts. Despite limited fiscal space due to excessive public debt stocks, various countries managed to introduce counter-cyclicality through some combination of larger public infrastructure investmen ...
Why DSGE analysis cannot accurately model financial-real sector interaction
... In sum, agents attach utility to the medium of exchange because it facilitates trade by economising on, unlocking and enhancing market knowledge. That is why people hold money in spite of it not necessarily having any intrinsic value or carrying any interest. 1.2 Radical uncertainty: primacy of mone ...
... In sum, agents attach utility to the medium of exchange because it facilitates trade by economising on, unlocking and enhancing market knowledge. That is why people hold money in spite of it not necessarily having any intrinsic value or carrying any interest. 1.2 Radical uncertainty: primacy of mone ...
Full Report - World Future Council
... crisis. The lingering recession that followed the financial crisis, combined with countless defaulted legacies manifested in bank balance sheets, make it impossible for the central banks to bring the economy back on track using their existing monetary policy tool of interest rate management. Negativ ...
... crisis. The lingering recession that followed the financial crisis, combined with countless defaulted legacies manifested in bank balance sheets, make it impossible for the central banks to bring the economy back on track using their existing monetary policy tool of interest rate management. Negativ ...
Mackenzie Canadian Large Cap Growth Fund
... An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud o ...
... An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud o ...
economic reforms and inflows of foreign direct investment in latin
... order to promote the development of a domestic industrial base. Initially, success resulted from ISI policies, as Latin American countries averaged annual growth rates of over 5 percent between 1945 and 1972 (Thorp 1998, 15). However, by the 1970s, ISI forced domestic consumers to buy overpriced goo ...
... order to promote the development of a domestic industrial base. Initially, success resulted from ISI policies, as Latin American countries averaged annual growth rates of over 5 percent between 1945 and 1972 (Thorp 1998, 15). However, by the 1970s, ISI forced domestic consumers to buy overpriced goo ...
Basel III: Dynamics of State Implementation
... developing countries whose sovereign debt remained on the books of U.S. banks.28 Those countries would use the funds to service their debt to U.S. banks, effectively transferring money from taxpayers to commercial banks.29 Voters, and thus Congress, were adamantly opposed to such a bail out, and the ...
... developing countries whose sovereign debt remained on the books of U.S. banks.28 Those countries would use the funds to service their debt to U.S. banks, effectively transferring money from taxpayers to commercial banks.29 Voters, and thus Congress, were adamantly opposed to such a bail out, and the ...
NBER WORKING PAPER SERIES INDIA’S EXPERIENCE WITH CAPITAL FLOWS: CURRENT ACCOUNT DEFICIT
... While portfolio flows are sometimes considered volatile, in India’s experience, there has been no episode of a significant retreat by foreign investors. Net FDI and net portfolio flows have been fairly stable. Debt flows have been highly volatile, reflecting numerous changes in capital controls appl ...
... While portfolio flows are sometimes considered volatile, in India’s experience, there has been no episode of a significant retreat by foreign investors. Net FDI and net portfolio flows have been fairly stable. Debt flows have been highly volatile, reflecting numerous changes in capital controls appl ...
Assessing the impact of the current financial and economic crisis... global FDI flows
... period of the previous year (UNCTAD, 2008b). A brutal shock in October 2008. During the first eight months of 2008, the world financial system went through a period of relative relief, leading to some optimism regarding the outcome of the on-going crisis. But subsequently, a brutal crisis erupted ag ...
... period of the previous year (UNCTAD, 2008b). A brutal shock in October 2008. During the first eight months of 2008, the world financial system went through a period of relative relief, leading to some optimism regarding the outcome of the on-going crisis. But subsequently, a brutal crisis erupted ag ...
BIS 85th Annual Report - June 2015
... Falling term premia push yields lower . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The ECB’s asset purchase programme has a strong effect on interest rates . . . . . Official holdings of government securities grow . . . . . . . . . . . . . . . . . . . . . . . . . . . ...
... Falling term premia push yields lower . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The ECB’s asset purchase programme has a strong effect on interest rates . . . . . Official holdings of government securities grow . . . . . . . . . . . . . . . . . . . . . . . . . . . ...
Government guarantees and financial liabilities of state owned road
... government guarantees approximately equals the amount of the liabilities incurred. HC has from 2011 been included in the statistics of general government debt according to the Eurostat methodology, whereas in 2014 the liabilities of HAC and ARZ were retroactively included. Reclassification of these ...
... government guarantees approximately equals the amount of the liabilities incurred. HC has from 2011 been included in the statistics of general government debt according to the Eurostat methodology, whereas in 2014 the liabilities of HAC and ARZ were retroactively included. Reclassification of these ...
Harvard Kennedy School
... • Each transactions is recorded twice: once as a credit and once as a debit. – E.g., when an importer pays cash dollars, • the debit on the merchandise account is offset by • a credit under short-term capital: the exporter in the other country has, at least for the moment, increased holdings of US a ...
... • Each transactions is recorded twice: once as a credit and once as a debit. – E.g., when an importer pays cash dollars, • the debit on the merchandise account is offset by • a credit under short-term capital: the exporter in the other country has, at least for the moment, increased holdings of US a ...
Public Ownership of Banks and Economic Growth – The Role
... private objectives, we find a strong negative effect of public ownership on growth, as long as the country’s financial development is not too high. Hence, financial development and political institutions appear to be substitutes regarding their mitigating effects on the impact of public ownership of ...
... private objectives, we find a strong negative effect of public ownership on growth, as long as the country’s financial development is not too high. Hence, financial development and political institutions appear to be substitutes regarding their mitigating effects on the impact of public ownership of ...
How have world shocks affected the UK economy?
... economic structure on the data, it also makes it possible to trace their impact on the UK economy.(4) There are several ways in which such a structure could be imposed. Most techniques focus on the response of each variable ‘on impact’: the structure imposes restrictions on how each variable respond ...
... economic structure on the data, it also makes it possible to trace their impact on the UK economy.(4) There are several ways in which such a structure could be imposed. Most techniques focus on the response of each variable ‘on impact’: the structure imposes restrictions on how each variable respond ...
PRIVATE CAPITAL FLOWS AND THE REAL EXCHANGE RATE IN
... Empirical finding on the growth potential of capital account openness is however mixed (Kose et al. 2006). Beyond their potential economic benefits, significant increase in capital inflows could also create important challenges because of their potential to generate more vulnerable financial system ...
... Empirical finding on the growth potential of capital account openness is however mixed (Kose et al. 2006). Beyond their potential economic benefits, significant increase in capital inflows could also create important challenges because of their potential to generate more vulnerable financial system ...
Foreign Direct Investment - Faculty Directory | Berkeley-Haas
... Motorola sets up a plant in China to manufacture cell phones Starbuck purchases an existing UK firm, “British Coffee,” to sell coffee, tea and desserts in the UK Volkswagen and two Chinese joint venture partners Shanghai Automotive Industry Corporation (SAIC) and First Automotive Works (FAW) open th ...
... Motorola sets up a plant in China to manufacture cell phones Starbuck purchases an existing UK firm, “British Coffee,” to sell coffee, tea and desserts in the UK Volkswagen and two Chinese joint venture partners Shanghai Automotive Industry Corporation (SAIC) and First Automotive Works (FAW) open th ...
Contribution of Remittance on Current Account of Balance of
... effects of worker’s remittances in the growth and development process have been conducted. According to Elbadawi and Rocha (1992) the determinants of remittances can be divided into two main categoriesendogenous migration and portfolio approaches. The key determinants and the motivating factors behi ...
... effects of worker’s remittances in the growth and development process have been conducted. According to Elbadawi and Rocha (1992) the determinants of remittances can be divided into two main categoriesendogenous migration and portfolio approaches. The key determinants and the motivating factors behi ...
PDF
... banking crisis and from the subsequent Black Death (1348), international financial linkages grew strong once again. The Catholic church, through its usury doctrine, unwittingly promoted the internationalization of banking in this period. While domestic loans for interest were prohibited, there was ...
... banking crisis and from the subsequent Black Death (1348), international financial linkages grew strong once again. The Catholic church, through its usury doctrine, unwittingly promoted the internationalization of banking in this period. While domestic loans for interest were prohibited, there was ...
Current Account Norms in Natural Resource Rich and Capital
... How important are these development considerations— investment needs and frictions such as external credit constraints— in shaping the current account dynamics and external sustainability in RRDCs during windfalls? What is the optimal external balance in response to windfalls for RDDCs? In this pape ...
... How important are these development considerations— investment needs and frictions such as external credit constraints— in shaping the current account dynamics and external sustainability in RRDCs during windfalls? What is the optimal external balance in response to windfalls for RDDCs? In this pape ...
Local Government Financing Platforms in China
... governments in promoting infrastructure development in China. As the principal financing agents for local governments, their crucial role in upgrading China’s infrastructure and promoting economic growth has been widely acknowledged. By not encouraging higher local fiscal deficits or imposing more p ...
... governments in promoting infrastructure development in China. As the principal financing agents for local governments, their crucial role in upgrading China’s infrastructure and promoting economic growth has been widely acknowledged. By not encouraging higher local fiscal deficits or imposing more p ...
Q1 - Franchise Services of North America Inc.
... because the majority of its operations are located in the United States. All references to US$ or to $ are to United States dollars and references to C$ are to Canadian dollars. At December 31, 2010, certain of the Company’s financial instruments are denominated in Canadian ...
... because the majority of its operations are located in the United States. All references to US$ or to $ are to United States dollars and references to C$ are to Canadian dollars. At December 31, 2010, certain of the Company’s financial instruments are denominated in Canadian ...
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.