Financial Development and Economic Growth: Evidence from a
... selection problems in capital markets more severe inducing a high degree of credit rationing and a negative impact on financial development. In a monetary growth model, Huybens and Smith (1999) show that, at the steady state, higher rates of money creation reduce the real return on all assets and, u ...
... selection problems in capital markets more severe inducing a high degree of credit rationing and a negative impact on financial development. In a monetary growth model, Huybens and Smith (1999) show that, at the steady state, higher rates of money creation reduce the real return on all assets and, u ...
Cumulative impact of financial regulation in Sweden
... facts supporting this conclusion are as follows: Overall funding costs will rise if Swedish banks are forced to hold more equity capital in particular and/or more liquid assets. With already very high credit ratings, funding rates for debt finance will go down only marginally. This will be more than ...
... facts supporting this conclusion are as follows: Overall funding costs will rise if Swedish banks are forced to hold more equity capital in particular and/or more liquid assets. With already very high credit ratings, funding rates for debt finance will go down only marginally. This will be more than ...
the macedonian economy and the european union
... of the currency. Although the country followed a policy of fixed exchange rate, as from the monetary independence in April 1992 until May 1993, the currency was devalued several times during this period. Then, in May 1993, the country moved to a policy of a floating exchange rate, which made the cur ...
... of the currency. Although the country followed a policy of fixed exchange rate, as from the monetary independence in April 1992 until May 1993, the currency was devalued several times during this period. Then, in May 1993, the country moved to a policy of a floating exchange rate, which made the cur ...
P a g e 1
... As the 2012–13 GGE affirmed, international law does apply, and such law is essential to regulating State conduct in this domain. The challenge is providing decision-makers with considerations that may be taken into account when determining how existing international law _____________________________ ...
... As the 2012–13 GGE affirmed, international law does apply, and such law is essential to regulating State conduct in this domain. The challenge is providing decision-makers with considerations that may be taken into account when determining how existing international law _____________________________ ...
Two Depressions, One Banking Collapse
... The central argument of this paper is that variation in the performance of the financial system across the two depressions was primarily due to variation in the condition of the financial system prior to each depression. We show this by examining the behaviour of a range of indicators of financial s ...
... The central argument of this paper is that variation in the performance of the financial system across the two depressions was primarily due to variation in the condition of the financial system prior to each depression. We show this by examining the behaviour of a range of indicators of financial s ...
JOURNAL OF GLOBAL ECONOMY REVIEW
... investigated problems of functioning and development of banking sector. At the same time in scientific publications the endogenous approach is predominating that is investigation of inner problems in the development of banking system. The exogenous factors in its development related to the investiga ...
... investigated problems of functioning and development of banking sector. At the same time in scientific publications the endogenous approach is predominating that is investigation of inner problems in the development of banking system. The exogenous factors in its development related to the investiga ...
Changing Global Financial Structures: Can They Improve Economic
... financial systems plays in achieving good economic outcomes. A number of forces can be expected to change financial intermediation structures in the period ahead, including crisis intervention measures and an evolving regulatory reform agenda. The changing structures for financial intermediation (th ...
... financial systems plays in achieving good economic outcomes. A number of forces can be expected to change financial intermediation structures in the period ahead, including crisis intervention measures and an evolving regulatory reform agenda. The changing structures for financial intermediation (th ...
Financial Sector Policies, Poverty and Income Inequality
... interest rates, credit rationing, entry barriers into the banking sector, capital controls, and so on. For inequality, we follow the literature and concentrate on income distribution as a proxy for the inequality of opportunity (Demirgüç-Kunt and Levine, 2009). The measure we use for financial repre ...
... interest rates, credit rationing, entry barriers into the banking sector, capital controls, and so on. For inequality, we follow the literature and concentrate on income distribution as a proxy for the inequality of opportunity (Demirgüç-Kunt and Levine, 2009). The measure we use for financial repre ...
MONETARY POLICY AND THE ECONOMY First
... CENTRAL BANKING A central bank is a government organization that is primarily responsible for the monetary affairs of a country. In this section, we focus on the U.S. Federal Reserve System. We describe its history, objectives, and functions. ...
... CENTRAL BANKING A central bank is a government organization that is primarily responsible for the monetary affairs of a country. In this section, we focus on the U.S. Federal Reserve System. We describe its history, objectives, and functions. ...
How Do Financial Systems Affect Economic Cycles?
... There is a strong role for price signals and open competition among lenders. On the other hand, in a more relationship-based system, transactions between two parties—such as a bank and a corporate borrower—primarily rely on information the lender has about the borrower that is not available publicly ...
... There is a strong role for price signals and open competition among lenders. On the other hand, in a more relationship-based system, transactions between two parties—such as a bank and a corporate borrower—primarily rely on information the lender has about the borrower that is not available publicly ...
An optimum-currency
... monetary authority – the federal government – having ultimate fiscal and monetary powers. In addition, the former have, while the latter have not, effectively surrendered the right to impose restrictions on the movement of goods, people, or capital between one another. This is a major factor explain ...
... monetary authority – the federal government – having ultimate fiscal and monetary powers. In addition, the former have, while the latter have not, effectively surrendered the right to impose restrictions on the movement of goods, people, or capital between one another. This is a major factor explain ...
MONETARY POLICY AND THE ECONOMY First
... CENTRAL BANKING A central bank is a government organization that is primarily responsible for the monetary affairs of a country. In this section, we focus on the U.S. Federal Reserve System. We describe its history, objectives, and functions. ...
... CENTRAL BANKING A central bank is a government organization that is primarily responsible for the monetary affairs of a country. In this section, we focus on the U.S. Federal Reserve System. We describe its history, objectives, and functions. ...
W T O
... Belize has taken significant steps to liberalize most aspects of its trade regime while seeking to maintain high levels of protection for a few selected domestic activities. Legislative reforms have been implemented to improve market access in both goods and services. Average applied MFN tariffs are ...
... Belize has taken significant steps to liberalize most aspects of its trade regime while seeking to maintain high levels of protection for a few selected domestic activities. Legislative reforms have been implemented to improve market access in both goods and services. Average applied MFN tariffs are ...
Kiss Me Deadly: From Finnish Great Depression to Great Recession
... the drop in GDP dynamics would have been considerably (approximately three percentage points) smaller. Nevertheless, the Great Recession in Finland was very different than early 1990s. The drop of GDP is attributed solely to external shocks — an increase in global financial stress and a slump in glo ...
... the drop in GDP dynamics would have been considerably (approximately three percentage points) smaller. Nevertheless, the Great Recession in Finland was very different than early 1990s. The drop of GDP is attributed solely to external shocks — an increase in global financial stress and a slump in glo ...
The Open Economy: Implications for Monetary and Fiscal Policy
... attention as a macroeconomic phenomenon. In particular, the SmootHawley tariff of 1930 is argued to have played an important role in the Great Depression. This view is certainly not found in the classic Friedman/Schwartz account of the depression: 7 the Hawley-Smoot 'Tariff Act does not appear in th ...
... attention as a macroeconomic phenomenon. In particular, the SmootHawley tariff of 1930 is argued to have played an important role in the Great Depression. This view is certainly not found in the classic Friedman/Schwartz account of the depression: 7 the Hawley-Smoot 'Tariff Act does not appear in th ...
PDF 2.55 MB - KNOT Offshore Partners LP
... forward-looking statements that involve risks and uncertainties. These risks and uncertainties include, among other things, market conditions and other factors that are described in KNOT Offshore Partners LP’s (“KNOP”) filings with the U.S Securities and Exchange Commission (“SEC”), which are availa ...
... forward-looking statements that involve risks and uncertainties. These risks and uncertainties include, among other things, market conditions and other factors that are described in KNOT Offshore Partners LP’s (“KNOP”) filings with the U.S Securities and Exchange Commission (“SEC”), which are availa ...
IOSR Journal of Business and Management (IOSR-JBM)
... Rostow (1961) in his work defined the ‘take off of an economy into a sustained 1evel.in terms of a critical ratio of investment to national output. Arthur (1955) described the process of development as one of transforming a country from being a low saver and investor to a high saver and Investor. It ...
... Rostow (1961) in his work defined the ‘take off of an economy into a sustained 1evel.in terms of a critical ratio of investment to national output. Arthur (1955) described the process of development as one of transforming a country from being a low saver and investor to a high saver and Investor. It ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... attention as a macroeconomic phenomenon. In particular, the SmootHawley tariff of 1930 is argued to have played an important role in the Great Depression. This view is certainly not found in the classic Friedman/Schwartz account of the depression: 7 the Hawley-Smoot 'Tariff Act does not appear in th ...
... attention as a macroeconomic phenomenon. In particular, the SmootHawley tariff of 1930 is argued to have played an important role in the Great Depression. This view is certainly not found in the classic Friedman/Schwartz account of the depression: 7 the Hawley-Smoot 'Tariff Act does not appear in th ...
Estimating A Monetary Policy Reaction Function for the CBN–
... stipulated for the banks in the mid-1970s on the basis of their total deposit liabilities; but they were not very effective since they were lower than those the banks on their own maintained with the CBN. ...
... stipulated for the banks in the mid-1970s on the basis of their total deposit liabilities; but they were not very effective since they were lower than those the banks on their own maintained with the CBN. ...
How Much Is That in Dollars?
... in the demand for the exports of developing countries and increased capital flows between industrialized countries at the expense of flows to developed countries. ...
... in the demand for the exports of developing countries and increased capital flows between industrialized countries at the expense of flows to developed countries. ...
paper - Jonathan Heathcote
... address: Federal Reserve Bank of Minneapolis, Research Department, 90 Hennepin Ave., Minneapolis, MN 55401, USA. We thank Markus Brunnermeier, Mick Devereux, Pierre-Olivier Gourinchas, Ayhan Kose, and two anonymous referees for very useful comments. The views expressed herein are those of the author ...
... address: Federal Reserve Bank of Minneapolis, Research Department, 90 Hennepin Ave., Minneapolis, MN 55401, USA. We thank Markus Brunnermeier, Mick Devereux, Pierre-Olivier Gourinchas, Ayhan Kose, and two anonymous referees for very useful comments. The views expressed herein are those of the author ...
Economic Review no 2 - National Bank of Rwanda
... because of low wage level. In November 2007, inflation stood at 0.6%, against 0.3% in October, while it represented 0.4% when you exclude foodstuffs, against 0.1% in the same month. ...
... because of low wage level. In November 2007, inflation stood at 0.6%, against 0.3% in October, while it represented 0.4% when you exclude foodstuffs, against 0.1% in the same month. ...
what does the international monetary fund(imf) do?
... Where Does the IMF gets its Money? • The IMF's resources come mainly from the quotas that countries deposit when they join the IMF. • Quotas broadly reflect the size of each member's economy: the larger a country's economy in terms of output, and the larger and more variable its trade, the larger i ...
... Where Does the IMF gets its Money? • The IMF's resources come mainly from the quotas that countries deposit when they join the IMF. • Quotas broadly reflect the size of each member's economy: the larger a country's economy in terms of output, and the larger and more variable its trade, the larger i ...
Impact of exchange rate, inflation rate and interest rate on balance of
... currency value. If the capital account goes into surplus it creates a huge affect on the BOP of a country [1]. The economic crisis in the country can cause a huge affect on the BOP. The regulatory bodies of the countries applied many test to solve this problem [2]. The natural resources of a home co ...
... currency value. If the capital account goes into surplus it creates a huge affect on the BOP of a country [1]. The economic crisis in the country can cause a huge affect on the BOP. The regulatory bodies of the countries applied many test to solve this problem [2]. The natural resources of a home co ...
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.