Is Financial Development Supply-leading or demand
... economic growth is not new, it remains an important area of inquiry for developing countries, including those in the Caribbean2. This view reflects the facts that since the 1980s developing countries have shifted towards financial development and have increasingly liberalized their financial sectors ...
... economic growth is not new, it remains an important area of inquiry for developing countries, including those in the Caribbean2. This view reflects the facts that since the 1980s developing countries have shifted towards financial development and have increasingly liberalized their financial sectors ...
Financial System Review - December 2012
... structure. Financial markets in Canada have been more stable than their global counterparts. Corporate leverage in Canada is at an all-time low and firms have good access to credit from both banks and capital markets. Nevertheless, the Canadian financial system continues to be vulnerable to a number ...
... structure. Financial markets in Canada have been more stable than their global counterparts. Corporate leverage in Canada is at an all-time low and firms have good access to credit from both banks and capital markets. Nevertheless, the Canadian financial system continues to be vulnerable to a number ...
Foreign Direct Investment in Post-Castro Cuba
... (). The higher these are the smaller the asset value of FDI and, hence, the smaller the wealth created by a foreign investment project that is being considered. If the tax rate is too high, then the value of a potential FDI project may well be negative, indicating that the project will destroy valu ...
... (). The higher these are the smaller the asset value of FDI and, hence, the smaller the wealth created by a foreign investment project that is being considered. If the tax rate is too high, then the value of a potential FDI project may well be negative, indicating that the project will destroy valu ...
FDI versus cross-border financial services: The
... size at the bank level and at the country level. More internationally oriented and larger banks also have the largest foreign investments abroad. Larger markets (in terms of GDP) and a large volume of bilateral trade between Germany and a host country promote FDI. Hence, the intention to realise eco ...
... size at the bank level and at the country level. More internationally oriented and larger banks also have the largest foreign investments abroad. Larger markets (in terms of GDP) and a large volume of bilateral trade between Germany and a host country promote FDI. Hence, the intention to realise eco ...
Strategic Issue Assessment - “2020–Seven” Growth Economies
... September 11, 2001. However, it rebounded relatively rapidly throughout the rest of the 2000s on the back of strong growth and international integration of the BRICS economies, as well as of many other smaller emerging markets, which provided seemingly unlimited fuel for the new engine driving globa ...
... September 11, 2001. However, it rebounded relatively rapidly throughout the rest of the 2000s on the back of strong growth and international integration of the BRICS economies, as well as of many other smaller emerging markets, which provided seemingly unlimited fuel for the new engine driving globa ...
Macroeconomics Chamberlin and Yueh
... that shocks that happen in one country can quickly spread around the world. • The process by which shocks can be transmitted across countries is known as contagion. • One solution would be to reimpose capital controls, but this would also make the advantages of international financial markets unatta ...
... that shocks that happen in one country can quickly spread around the world. • The process by which shocks can be transmitted across countries is known as contagion. • One solution would be to reimpose capital controls, but this would also make the advantages of international financial markets unatta ...
Document
... surplus due to higher interest rates. interest rates rise drawing capital from other countries (1990-1993) Note (1) interest rate rise in Europe, capital flows to Germany. (2) Exchange rates in EU countries want to depreciate, but they can't due to the snake (fixed fx bands) and a crisis results. © ...
... surplus due to higher interest rates. interest rates rise drawing capital from other countries (1990-1993) Note (1) interest rate rise in Europe, capital flows to Germany. (2) Exchange rates in EU countries want to depreciate, but they can't due to the snake (fixed fx bands) and a crisis results. © ...
An Empirical and Theoretical Analysis of the New Imperialism
... of global capitalism, while critical globalization studies use notions such as “Empire” and “new imperialism” to analyze the global economy’s negativity. Critical globalization studies, however, frequently lack a precise theoretical notion of imperialism. This absence can be corrected by connecting ...
... of global capitalism, while critical globalization studies use notions such as “Empire” and “new imperialism” to analyze the global economy’s negativity. Critical globalization studies, however, frequently lack a precise theoretical notion of imperialism. This absence can be corrected by connecting ...
0371 EN
... Capital outstanding (Table A1) .................................................................................... 5 ...
... Capital outstanding (Table A1) .................................................................................... 5 ...
POSITION - Eurofinas and 32 others offer comments to the
... The current proposal includes a restriction on the maturity of assets that can be financed by conduits, which will artificially close this type of financing to certain types of assets currently funded in this way, such as, for example certain car loans, equipment leases or longer dated SME loans. Th ...
... The current proposal includes a restriction on the maturity of assets that can be financed by conduits, which will artificially close this type of financing to certain types of assets currently funded in this way, such as, for example certain car loans, equipment leases or longer dated SME loans. Th ...
SPAIN 2013 ARTICLE IV CONSULTATION
... Baseline—prolonged weakness. The government is expected to meet its structural consolidation targets, implying (inevitably) a drag on growth during the medium term―staff assume a multiplier of around 0.9 on average, reflecting the recession, the relatively closed economy, the exogeneity of monetary ...
... Baseline—prolonged weakness. The government is expected to meet its structural consolidation targets, implying (inevitably) a drag on growth during the medium term―staff assume a multiplier of around 0.9 on average, reflecting the recession, the relatively closed economy, the exogeneity of monetary ...
Advances in Environmental Biology Mohsen Dastgir,
... managers due to excessive optimism may incorrectly predict free cash flows obtained from the projects very favorable and as a result value many projects above their intrinsic value. On the other hand, these managers believe that the market value their company less than the intrinsic value and makes ...
... managers due to excessive optimism may incorrectly predict free cash flows obtained from the projects very favorable and as a result value many projects above their intrinsic value. On the other hand, these managers believe that the market value their company less than the intrinsic value and makes ...
Speech at The Euro and the Dollar in a Globalized... U.C. Santa Cruz, Santa Cruz, CA
... By Janet L. Yellen, President and CEO of the Federal Reserve Bank of San Francisco For delivery on Saturday, May 27, 2006, 9:00 PM Pacific Time Monetary Policy in a Global Environment My topic tonight is globalization and the conduct of U.S. monetary policy. At issue is whether globalization has alt ...
... By Janet L. Yellen, President and CEO of the Federal Reserve Bank of San Francisco For delivery on Saturday, May 27, 2006, 9:00 PM Pacific Time Monetary Policy in a Global Environment My topic tonight is globalization and the conduct of U.S. monetary policy. At issue is whether globalization has alt ...
financial deepening in indonesia
... Indonesia has shown strong and sustainable growth over the last ten to fifteen years, with the real GDP growth rate ranging from 4% to 6% during this period. At the same time, the development of financial markets has been slow. The relative depth of most of the markets has not increased over the las ...
... Indonesia has shown strong and sustainable growth over the last ten to fifteen years, with the real GDP growth rate ranging from 4% to 6% during this period. At the same time, the development of financial markets has been slow. The relative depth of most of the markets has not increased over the las ...
Global Fiscal Systems: From Crisis to Sustainability - WEF
... Director-General for Economic Policy, Federal Ministry for Economic Affairs and Energy, Germany Following the Great Recession, public finance remains high on the global policy agenda. The expansionary monetary policy and quantitative easing of the major central banks, including the latecomer Europea ...
... Director-General for Economic Policy, Federal Ministry for Economic Affairs and Energy, Germany Following the Great Recession, public finance remains high on the global policy agenda. The expansionary monetary policy and quantitative easing of the major central banks, including the latecomer Europea ...
1. O verview
... As a result of these developments, credit growth has started to accelerate during the last quarter of the year (Chart 1.1.10). Accordingly, annual rate of growth in total credit stock has materialized around 16 percent at the end of the year, which is slightly higher than the 15 percent benchmark le ...
... As a result of these developments, credit growth has started to accelerate during the last quarter of the year (Chart 1.1.10). Accordingly, annual rate of growth in total credit stock has materialized around 16 percent at the end of the year, which is slightly higher than the 15 percent benchmark le ...
WORLD ECONOMIC OUTLOOK, September 2003--Chapter 1
... Outlook, the recent weakness of the world economy has not just been due to the war. The equity boom in the late 1990s was the largest in modern history: the unwinding of its effects is uncharted territory, and it is perhaps not surprising that most observers, including the World Economic Outlook, ha ...
... Outlook, the recent weakness of the world economy has not just been due to the war. The equity boom in the late 1990s was the largest in modern history: the unwinding of its effects is uncharted territory, and it is perhaps not surprising that most observers, including the World Economic Outlook, ha ...
Document
... In October 2000 European Union granted status of the Market Economy Country to Kazakhstan The “Law on Investments” was adopted on 8 January, 2003 The Government of the Republic of Kazakhstan approved the program of industrial and innovative development of the Republic of Kazakhstan for 20032015 Fore ...
... In October 2000 European Union granted status of the Market Economy Country to Kazakhstan The “Law on Investments” was adopted on 8 January, 2003 The Government of the Republic of Kazakhstan approved the program of industrial and innovative development of the Republic of Kazakhstan for 20032015 Fore ...
Opportunities in Emerging Corporate Bond: Chapter Bangladesh
... ROLE OF BOND MARKET IN THE ECONOMIC DEVELOPMENT Developing economies heavily rely on foreign investments and debts for maintaining the pace of GDP growth. Foreign investment is clearly a plus for economic development but it does create certain risks. Since financial sector crises will never be elimi ...
... ROLE OF BOND MARKET IN THE ECONOMIC DEVELOPMENT Developing economies heavily rely on foreign investments and debts for maintaining the pace of GDP growth. Foreign investment is clearly a plus for economic development but it does create certain risks. Since financial sector crises will never be elimi ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... money become worthless and, having no tax powers, it struggled to find ways to pay its army and its debts (Ferguson 1961). Congress appointed Robert Morris, a wealthy merchant and financier, to be superintendent of finance in 1781. Morris managed to fund the decisive Yorktown campaign and victory in ...
... money become worthless and, having no tax powers, it struggled to find ways to pay its army and its debts (Ferguson 1961). Congress appointed Robert Morris, a wealthy merchant and financier, to be superintendent of finance in 1781. Morris managed to fund the decisive Yorktown campaign and victory in ...
DOCUMENTOS DE TRABAJO Serie Economía CAPITAL CONTROLS AND THE COST OF DEBT
... We construct our data set for capital account restrictions by using the methodology introduced by Schindler (2009), which is based on information provided in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER). To reduce the potential for errors in the coding of the ...
... We construct our data set for capital account restrictions by using the methodology introduced by Schindler (2009), which is based on information provided in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER). To reduce the potential for errors in the coding of the ...
PDF
... monetary policy was excessively tight at that time and thus ought to be eased in a timely and meaningful way. From late 2014, the People’s Bank of China (PBC) apparently started to act more decisively to ease its monetary policy, most notably its two rate cuts and another broad reserve requirement r ...
... monetary policy was excessively tight at that time and thus ought to be eased in a timely and meaningful way. From late 2014, the People’s Bank of China (PBC) apparently started to act more decisively to ease its monetary policy, most notably its two rate cuts and another broad reserve requirement r ...
Debt as Sweat: Labor, financial crises, and the globalization of capital
... and Kraay (2000) for example shows that poverty fluctuates one to one with output: this however can cover up complex composition effects, with for example labor income falling in relative terms, and traded agriculture rising. The recent work of Milanovic (1999) that shows that rising inequality is m ...
... and Kraay (2000) for example shows that poverty fluctuates one to one with output: this however can cover up complex composition effects, with for example labor income falling in relative terms, and traded agriculture rising. The recent work of Milanovic (1999) that shows that rising inequality is m ...
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.