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 ...
Government Bonds and Their Investors
... investor base and yields. In Japan, a large domestic investor base has been associated with the low and stable yields despite very high debt (Tukuoka, 2010; Fidora et al., 2006). This large domestic investor base is mostly a result of the accumulation of pension savings through deposits and investme ...
... investor base and yields. In Japan, a large domestic investor base has been associated with the low and stable yields despite very high debt (Tukuoka, 2010; Fidora et al., 2006). This large domestic investor base is mostly a result of the accumulation of pension savings through deposits and investme ...
US Quantitative Easing and the Global Monetary Policymaking
... This paper empirically analyzes how the US Quantitative Easing (QE) affects the economic and financial condition of the US economy, the other advanced, and emerging economies; and whether it alters monetary policymaking in non-US economies. This research question brings about an important implicatio ...
... This paper empirically analyzes how the US Quantitative Easing (QE) affects the economic and financial condition of the US economy, the other advanced, and emerging economies; and whether it alters monetary policymaking in non-US economies. This research question brings about an important implicatio ...
Currency Wars and its impact on Saudi Arabia
... a concept has witnessed significant transformation in the last century. During this period, the world has faced many currency crises and the currencies have evolved at every such incident. The pre-World War II era was characterized by currency crisis, primarily due to wars. The post-World War era ca ...
... a concept has witnessed significant transformation in the last century. During this period, the world has faced many currency crises and the currencies have evolved at every such incident. The pre-World War II era was characterized by currency crisis, primarily due to wars. The post-World War era ca ...
Financial Innovation, Macroeconomic Stability and Systemic Crises
... changes in macroeconomic volatility. This paper seeks to bridge this gap. We develop a general equilibrium model of intermediation with nancial constraints and state-contingent contracts. Systemic nancial crises are generated through a clearly de ned pecuniary externality associated with asset ` re ...
... changes in macroeconomic volatility. This paper seeks to bridge this gap. We develop a general equilibrium model of intermediation with nancial constraints and state-contingent contracts. Systemic nancial crises are generated through a clearly de ned pecuniary externality associated with asset ` re ...
IOSR Journal of Economics and Finance (IOSR-JEF) e-ISSN: 2321-5933, p-ISSN: 2321-5925.
... and economic growth process document four views on the finance-growth nexus – supply driven, that is, those that suggest the provision of an inexpensive and reliable means of payment; demand leading, that is, volume and allocation effect, in which financial activity increases resources that could be ...
... and economic growth process document four views on the finance-growth nexus – supply driven, that is, those that suggest the provision of an inexpensive and reliable means of payment; demand leading, that is, volume and allocation effect, in which financial activity increases resources that could be ...
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... which some financial assets suddenly lose their nominal value. In general, many financial crises were associated with panics. Moreover, stock market crashes and the bursting of other financial bubbles (e.g. related to the real estate or IT sector) or galloping inflation have also been characterized ...
... which some financial assets suddenly lose their nominal value. In general, many financial crises were associated with panics. Moreover, stock market crashes and the bursting of other financial bubbles (e.g. related to the real estate or IT sector) or galloping inflation have also been characterized ...
Saving, Investment, and the Financial System
... © 2009 South-Western, a part of Cengage Learning, all rights reserved ...
... © 2009 South-Western, a part of Cengage Learning, all rights reserved ...
Journal of Financial Stability Asset prices and banking distress: A macroeconomic approach
... asset price falls to reflect the reduced future return on assets. As a result, old firms suffer a loss on assets sold. The associated wealth effect reduces consumption spending and the price level may fall as well. When these declines are large, firms end up in default and losses spill over to the bank ...
... asset price falls to reflect the reduced future return on assets. As a result, old firms suffer a loss on assets sold. The associated wealth effect reduces consumption spending and the price level may fall as well. When these declines are large, firms end up in default and losses spill over to the bank ...
The External Current Account in the Macroeconomic Adjustment
... deficit will need to be mindful of the strong interconnectedness of imports and exports. There is a clear link between Turkey’s position in the business cycle and the size of its current account deficit. This suggests an important role for counter-cyclical fiscal and monetary policy to manage cyclic ...
... deficit will need to be mindful of the strong interconnectedness of imports and exports. There is a clear link between Turkey’s position in the business cycle and the size of its current account deficit. This suggests an important role for counter-cyclical fiscal and monetary policy to manage cyclic ...
Do shadow banks create money? - Post
... saving may be insufficient to cover desired investment, but that initial finance in the form of new bank lending may not be forthcoming. Once production has been financed, capitalists hope to replace bank credit with long-term ...
... saving may be insufficient to cover desired investment, but that initial finance in the form of new bank lending may not be forthcoming. Once production has been financed, capitalists hope to replace bank credit with long-term ...
Bulletin Contents Volume 75 No. 3, September 2012
... because international asset prices were rising sharply and we had a strong New Zealand housing market. ...
... because international asset prices were rising sharply and we had a strong New Zealand housing market. ...
Optimum Currency Area Theory and EMU
... and notes introduced in 2002. A prime concern in advance of its creation was whether 11 different countries which controlled their own monetary policies, fiscal policies and currency could be somehow brought together as one currency area. Various authors pointed to flaws in the Eurozone’s design inc ...
... and notes introduced in 2002. A prime concern in advance of its creation was whether 11 different countries which controlled their own monetary policies, fiscal policies and currency could be somehow brought together as one currency area. Various authors pointed to flaws in the Eurozone’s design inc ...
SW Umwelttechnik: Clear increase of turnover, but market situation
... when it reached EUR 47.0 m. In the third quarter alone turnover was improved by 20 %, resulting from the increased market share in Hungary and Romania. All other key data that measure success also show a positive development. EBITDA is 167 % higher and EBIT EUR 3.4 m higher than those values in the ...
... when it reached EUR 47.0 m. In the third quarter alone turnover was improved by 20 %, resulting from the increased market share in Hungary and Romania. All other key data that measure success also show a positive development. EBITDA is 167 % higher and EBIT EUR 3.4 m higher than those values in the ...
“Azerbaijan Caspian Shipping” Closed Joint Stock Company
... Basis of preparation. The consolidated financial statements of the Company and its subsidiaries (collectively referred as the “Group”) have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The princi ...
... Basis of preparation. The consolidated financial statements of the Company and its subsidiaries (collectively referred as the “Group”) have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The princi ...
CESifo Working Paper no. 5776 - Center for Regional Economic
... Lotharstraße 65 D-47057 Duisburg Telephone: +49 (203) 379 - 2625 Email: [email protected] ...
... Lotharstraße 65 D-47057 Duisburg Telephone: +49 (203) 379 - 2625 Email: [email protected] ...
Financial Frictions in Macroeconomic Fluctuations
... The cyclical properties of financial markets can be seen not only by the aggregate dynamics of credit flows (as shown in the top panel of Figure 1), but also by indicators of tightening credit standards. The bottom panel of Figure 1 plots the net fraction of senior bank managers reporting tightening ...
... The cyclical properties of financial markets can be seen not only by the aggregate dynamics of credit flows (as shown in the top panel of Figure 1), but also by indicators of tightening credit standards. The bottom panel of Figure 1 plots the net fraction of senior bank managers reporting tightening ...
Fat Tails and their (Un)happy Endings
... Furthermore, it can be shown that the copula capital structure model is a natural extension of the contingent claim approach of Black and Scholes (1973) and Merton (1974) since the value of equity is determined by a portfolio of options in several projects, or that each tranche comprises long and sh ...
... Furthermore, it can be shown that the copula capital structure model is a natural extension of the contingent claim approach of Black and Scholes (1973) and Merton (1974) since the value of equity is determined by a portfolio of options in several projects, or that each tranche comprises long and sh ...
CCL Industries Appoints New President For Checkpoint
... the Company’s focused strategies and operational approach; the achievement of the Company’s plans for improved efficiency and lower costs, including stable aluminum costs; the availability of cash and credit; fluctuations of currency exchange rates; the Company’s continued relations with its custome ...
... the Company’s focused strategies and operational approach; the achievement of the Company’s plans for improved efficiency and lower costs, including stable aluminum costs; the availability of cash and credit; fluctuations of currency exchange rates; the Company’s continued relations with its custome ...
Saving, Investment, and the Financial System
... © 2009 South-Western, a part of Cengage Learning, all rights reserved ...
... © 2009 South-Western, a part of Cengage Learning, all rights reserved ...
NBER WORKING PAPER SERIES LINKING EXTERNAL SECTOR IMBALANCES AND CHANGING FINANCIAL
... data. Importantly, we use data on trade imbalances and current account imbalances from national Balance of Payment (BOP) sources without reconciling statistical differences in global trade data. Thus, present available data on international trade, both in goods a ...
... data. Importantly, we use data on trade imbalances and current account imbalances from national Balance of Payment (BOP) sources without reconciling statistical differences in global trade data. Thus, present available data on international trade, both in goods a ...
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.