Financial Intermediation and Growth: Causality
... the positive link between finance and growth is not only due to growth influencing financial development; the strong positive relationship between financial intermediary development and longrun growth is at least partly explained by the effect of the exogenous component of financial development on ...
... the positive link between finance and growth is not only due to growth influencing financial development; the strong positive relationship between financial intermediary development and longrun growth is at least partly explained by the effect of the exogenous component of financial development on ...
Impact of Macroprudential Policy Measures on Economic Dynamics: Simulation Using
... financial sector of the FMM includes a credit cost function estimated using the selfassessment data of individual banks as a core part of the model, and calculates loan volume and capital ratios based on the function. These financial variables move in step with changes in the real economy. The FMM a ...
... financial sector of the FMM includes a credit cost function estimated using the selfassessment data of individual banks as a core part of the model, and calculates loan volume and capital ratios based on the function. These financial variables move in step with changes in the real economy. The FMM a ...
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 ...
File - GBM/381 International Trade Instructor: Charissa
... • Conditions for joining the monetary union – A budget deficit no greater than 3 percent of GDP – Overall government debt no greater than 60 percent of GDP – Long-term interest rates not to exceed 2 points more than the average interest rates of the three countries with the lowest rates – The averag ...
... • Conditions for joining the monetary union – A budget deficit no greater than 3 percent of GDP – Overall government debt no greater than 60 percent of GDP – Long-term interest rates not to exceed 2 points more than the average interest rates of the three countries with the lowest rates – The averag ...
CanWel Building Materials Group Ltd. Consolidated Financial
... Foreign currency transactions are translated into the functional currency using the spot rate prevailing at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate at the reporting ...
... Foreign currency transactions are translated into the functional currency using the spot rate prevailing at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate at the reporting ...
Exchange rate and monetary policy for Kazakhstan in light of
... government would like to be able to respond so that the country does not go into recession. Under fixed exchange rates, monetary policy is always diverted, at least to some extent, to dealing with the balance of payments. This single instrument cannot be used to achieve both internal balance and ext ...
... government would like to be able to respond so that the country does not go into recession. Under fixed exchange rates, monetary policy is always diverted, at least to some extent, to dealing with the balance of payments. This single instrument cannot be used to achieve both internal balance and ext ...
What Is the Effect of Financial Stress on Economic Activity?
... conditions become stressful, however, obtaining funds from savers becomes more difficult and costly for firms and consumers. The premium that riskier borrowers have to pay increases, and the riskiest borrowers may be unable to obtain credit on any terms. If firms or consumers are unable to obtain fu ...
... conditions become stressful, however, obtaining funds from savers becomes more difficult and costly for firms and consumers. The premium that riskier borrowers have to pay increases, and the riskiest borrowers may be unable to obtain credit on any terms. If firms or consumers are unable to obtain fu ...
Financial literacy and its role in promoting a sound financial system
... Financial literacy and its role in promoting a sound financial system Doug Widdowson and Kim Hailwood This article discusses the importance of financial literacy. Financial literacy – the ability to make informed judgements and decisions regarding the use and management of money – is important for i ...
... Financial literacy and its role in promoting a sound financial system Doug Widdowson and Kim Hailwood This article discusses the importance of financial literacy. Financial literacy – the ability to make informed judgements and decisions regarding the use and management of money – is important for i ...
The Budget Deficit and the Trade Deficit
... Untied States for a variety of circumstances unrelated to the pressures the federal budget deficit puts on U.S. interest rates. A change in U.S. tax law which increases the after tax rate of return on capital could attract foreign funds even if it had no effect on the federal budget deficit. Rising ...
... Untied States for a variety of circumstances unrelated to the pressures the federal budget deficit puts on U.S. interest rates. A change in U.S. tax law which increases the after tax rate of return on capital could attract foreign funds even if it had no effect on the federal budget deficit. Rising ...
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... The ideal breeding ground for the run-up phase is an environment of low volatility. Usually, during such times, financing is easy to come by. Speculators can lever up, lowering the return differential between risky and less risky securities. The resulting leverage and maturity mismatch may be excess ...
... The ideal breeding ground for the run-up phase is an environment of low volatility. Usually, during such times, financing is easy to come by. Speculators can lever up, lowering the return differential between risky and less risky securities. The resulting leverage and maturity mismatch may be excess ...
NBER WORKING PAPER SERIES BUBBLES, FINANCIAL CRISES, AND SYSTEMIC RISK Martin Oehmke
... The ideal breeding ground for the run-up phase is an environment of low volatility. Usually, during such times, financing is easy to come by. Speculators can lever up, lowering the return differential between risky and less risky securities. The resulting leverage and maturity mismatch may be excess ...
... The ideal breeding ground for the run-up phase is an environment of low volatility. Usually, during such times, financing is easy to come by. Speculators can lever up, lowering the return differential between risky and less risky securities. The resulting leverage and maturity mismatch may be excess ...
2015 Full Year Financial Report for Lend Lease Trust
... Rule 12 of the Trust’s Constitution provides for indemnification in favour of each of the Directors named on page one of this Report; the officers of the Responsible Entity or of wholly owned subsidiaries or related entities of the Responsible Entity (‘Officers’) to the extent permitted by the Corpo ...
... Rule 12 of the Trust’s Constitution provides for indemnification in favour of each of the Directors named on page one of this Report; the officers of the Responsible Entity or of wholly owned subsidiaries or related entities of the Responsible Entity (‘Officers’) to the extent permitted by the Corpo ...
Central Bank Tools and Liquidity Shortages
... domestic or foreign currencies. Prior to the current episode, similar interventions in other asset markets were rare. The purchases of equities by the Hong Kong Monetary Authority during the 1997 Asian financial crisis and by the Bank of Japan in 2002 were notable exceptions. The application of outr ...
... domestic or foreign currencies. Prior to the current episode, similar interventions in other asset markets were rare. The purchases of equities by the Hong Kong Monetary Authority during the 1997 Asian financial crisis and by the Bank of Japan in 2002 were notable exceptions. The application of outr ...
One year later: How much have consumer attitudes
... Americans believe there is a retirement crisis in this country and fear they are unprepared. When asked, “Do you believe there is a retirement crisis in this country?” an overwhelming 92% of the respondents agreed. More than half (51%) of those aged 44-54 said they feel unprepared for retirement; an ...
... Americans believe there is a retirement crisis in this country and fear they are unprepared. When asked, “Do you believe there is a retirement crisis in this country?” an overwhelming 92% of the respondents agreed. More than half (51%) of those aged 44-54 said they feel unprepared for retirement; an ...
2015 Statistics Department TURKIYE CUMHURIYET MER KEZ BANKASI
... IV. Households ................................................................................................................ 13 Box: Financial Balance Sheet Risk Indicators .................................................................... 17 ...
... IV. Households ................................................................................................................ 13 Box: Financial Balance Sheet Risk Indicators .................................................................... 17 ...
NBER WORKING PAPER SERIES DECOMPOSING THE EFFECTS OF FINANCIAL LIBERALIZATION: Romain Ranciere
... There are two contrasting views of financial liberalization. In one view, financial liberalization strengthens financial development and contributes to higher long-run growth. In another view, liberalization induces excessive risk-taking, increases macroeconomic volatility and leads to more frequent ...
... There are two contrasting views of financial liberalization. In one view, financial liberalization strengthens financial development and contributes to higher long-run growth. In another view, liberalization induces excessive risk-taking, increases macroeconomic volatility and leads to more frequent ...
The Role of the Bond and Stock Markets for Economic Growth
... amounts outstanding and GDP growth in the USA, Japan, Switzerland and selected European Union member countries over the last fifty years (data-permitting). The stock amounts outstanding are also included in the models in order to control for any substitution effects between stock and bond financing ...
... amounts outstanding and GDP growth in the USA, Japan, Switzerland and selected European Union member countries over the last fifty years (data-permitting). The stock amounts outstanding are also included in the models in order to control for any substitution effects between stock and bond financing ...
Faculty Research Working Papers Series
... term factors that make the South African economy stronger than the typical emerging market economy: a very developed financial sector, no “original sin”, world class corporations, a central bank with strong credibility, low budget deficits, low public sector debt levels, and a successful political t ...
... term factors that make the South African economy stronger than the typical emerging market economy: a very developed financial sector, no “original sin”, world class corporations, a central bank with strong credibility, low budget deficits, low public sector debt levels, and a successful political t ...
2. I E D nternational
... most of the capital outflows in the third quarter, both bond and equity funds of emerging economies saw a similar amount of outflow in the last quarter (Chart 2.5.2). The Fed’s decision in December to cut bond buying by 10 billion USD starting from January caused no sharp fluctuations in capital mar ...
... most of the capital outflows in the third quarter, both bond and equity funds of emerging economies saw a similar amount of outflow in the last quarter (Chart 2.5.2). The Fed’s decision in December to cut bond buying by 10 billion USD starting from January caused no sharp fluctuations in capital mar ...
From Great Depression to Great Credit Crisis
... response, asking: what did governments do to combat the Depression? And had they done more, would it have been effective? Evidence on the (in)effectiveness of policy in the 1930s is relevant to the current debate, we argue, because the causes of the two crises were strikingly similar. Then as now, a ...
... response, asking: what did governments do to combat the Depression? And had they done more, would it have been effective? Evidence on the (in)effectiveness of policy in the 1930s is relevant to the current debate, we argue, because the causes of the two crises were strikingly similar. Then as now, a ...
Agricultural Land Leases
... – Change in market value of assets (+) – Change in deferred liabilities (-) ...
... – Change in market value of assets (+) – Change in deferred liabilities (-) ...
Stability Bonds for the Euro Area - Peterson Institute for International
... national fiscal policies based on common budgetary rules set out in the Stability and Growth Pact (SGP). It was coupled with surveillance tools and coordination of national economic policies, which included national financial supervision. A central fiscal capacity was explicitly ruled out because it ...
... national fiscal policies based on common budgetary rules set out in the Stability and Growth Pact (SGP). It was coupled with surveillance tools and coordination of national economic policies, which included national financial supervision. A central fiscal capacity was explicitly ruled out because it ...
NBER WORKING PAPER SERIES INTERNATIONAL BALANCE OF PAYMENTS FINANCING AND Willem H. Buiter
... This paper is forthcoming in the book International Money, Credit, and the SDR, edited by George M. von Furstenberg (International Monetary Fund, Washington, D.C., 1983). The research reported here is part of the NBER's research program in International Studies. Any- opinions expressed are those of ...
... This paper is forthcoming in the book International Money, Credit, and the SDR, edited by George M. von Furstenberg (International Monetary Fund, Washington, D.C., 1983). The research reported here is part of the NBER's research program in International Studies. Any- opinions expressed are those of ...
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.