2014 Annual Report - Aquatic Foods Group
... as a result of Chinese Government anti-corruption policy, which has led to increasing pressure towards the giving of ...
... as a result of Chinese Government anti-corruption policy, which has led to increasing pressure towards the giving of ...
Macroeconomic Stability and Financial Regulation: Key Issues for
... cannot be influenced by the prospect of future business with the issuer. Prohibit indirect payments by issuers to CRAs in the form of the purchase of consulting or pre-rating services. • Consider eliminating the 'hard wiring' of the CRAs in the regulatory system - less rather than more regulation he ...
... cannot be influenced by the prospect of future business with the issuer. Prohibit indirect payments by issuers to CRAs in the form of the purchase of consulting or pre-rating services. • Consider eliminating the 'hard wiring' of the CRAs in the regulatory system - less rather than more regulation he ...
AND BUSINESS FLUCTUATIONS Mark Gertler Working Paper No. 2015
... to finance projects are more solvent (have more "collateral"), the deadweight agency costs of investment finance are lower. This model of investment finance is then embedded in a dynamic macroeconomic setting. We show that, first, since reductions in collateral in bad times increase the agency costs ...
... to finance projects are more solvent (have more "collateral"), the deadweight agency costs of investment finance are lower. This model of investment finance is then embedded in a dynamic macroeconomic setting. We show that, first, since reductions in collateral in bad times increase the agency costs ...
global property crash stress test scenario
... catastrophes. A large economic or financial catastrophe seldom affects just one part of the system. The historical record shows that multiple market catastrophes tend to occur at the same time and impacts cascade from one crisis to the next. The recent Great Financial Crisis (GFC) is one example of ...
... catastrophes. A large economic or financial catastrophe seldom affects just one part of the system. The historical record shows that multiple market catastrophes tend to occur at the same time and impacts cascade from one crisis to the next. The recent Great Financial Crisis (GFC) is one example of ...
Econ 130
... – Issue new currency – Withdraw damaged currency from circulation – Administer and make discount loans to banks in their districts – Evaluate proposed mergers and applications for banks to expand their activities – Act as liaisons between the business community and the Federal Reserve System – Exami ...
... – Issue new currency – Withdraw damaged currency from circulation – Administer and make discount loans to banks in their districts – Evaluate proposed mergers and applications for banks to expand their activities – Act as liaisons between the business community and the Federal Reserve System – Exami ...
EXPORT DYNAMISM AND GROWTH IN CHILE SINCE THE 1980s Ricardo Ffrench-Davis
... exchange began to ease, the tariff was gradually lowered again, first to 30% in March 1985, then to 20% in June, to 15% in 1988 and to 11% by mid-1991. Following the 1982 crisis, trade policy became more flexible in several respects. The government began to make somewhat active use of anti-dumping m ...
... exchange began to ease, the tariff was gradually lowered again, first to 30% in March 1985, then to 20% in June, to 15% in 1988 and to 11% by mid-1991. Following the 1982 crisis, trade policy became more flexible in several respects. The government began to make somewhat active use of anti-dumping m ...
Fiscal policy considerations in the design of monetary policy
... According to the Peruvian Constitution, the Central Reserve Bank of Peru (BCRP) is an independent public institution that has the objective of preserving monetary stability through the regulation of money and bank credit. On this basis, monetary policy in Peru follows a modified form of inflation ta ...
... According to the Peruvian Constitution, the Central Reserve Bank of Peru (BCRP) is an independent public institution that has the objective of preserving monetary stability through the regulation of money and bank credit. On this basis, monetary policy in Peru follows a modified form of inflation ta ...
Russian Federation 2014 Article IV Consultation
... Ukraine, as well as the suspension of bilateral negotiations on a variety of topics. The EU has also suspended a number of bilateral discussions and imposed travel restrictions and financial sanctions. Canada, Switzerland, and Australia have announced their own programs of financial sanctions. A num ...
... Ukraine, as well as the suspension of bilateral negotiations on a variety of topics. The EU has also suspended a number of bilateral discussions and imposed travel restrictions and financial sanctions. Canada, Switzerland, and Australia have announced their own programs of financial sanctions. A num ...
Balance-Sheets: A Financial/Liability Approach
... Market values thus naturally fluctuate strongly due to external factors and short term supply and demand of capital. But, even if so, the underlying nature of market values is that the capital stock is expected to generate some kind of economic benefit to the economic owner of the asset. The economi ...
... Market values thus naturally fluctuate strongly due to external factors and short term supply and demand of capital. But, even if so, the underlying nature of market values is that the capital stock is expected to generate some kind of economic benefit to the economic owner of the asset. The economi ...
algierslessprocyclical
... The first countries to adopt IT were rich countries: New Zealand, Canada, Sweden and the United Kingdom. Beginning around 1999, many middle-sized middle-income developing countries followed suit. IT became the new conventional wisdom, favored by colleagues in monetary economics, the IMF, and central ...
... The first countries to adopt IT were rich countries: New Zealand, Canada, Sweden and the United Kingdom. Beginning around 1999, many middle-sized middle-income developing countries followed suit. IT became the new conventional wisdom, favored by colleagues in monetary economics, the IMF, and central ...
“Banking, Finance, and Money: a Socio
... Gordon 1990 for a summary.) These have been collected under the banner of New Keynesianism but it is usually conceded that they do not constitute a coherent theoretical challenge to New Classical theory. Another challenge came from Real Business Cycle theory that made money even less important, but ...
... Gordon 1990 for a summary.) These have been collected under the banner of New Keynesianism but it is usually conceded that they do not constitute a coherent theoretical challenge to New Classical theory. Another challenge came from Real Business Cycle theory that made money even less important, but ...
How Effective are Monetary Policy Signals in India: Evidence from a
... curbing short-term volatility in the foreign exchange market. During this phase, however, RBI continued to use the cash reserve ratio (CRR), in addition to outright OMO, for modulating market liquidity. As indicative monetary targets continued to be an important guidepost for the conduct of monetary ...
... curbing short-term volatility in the foreign exchange market. During this phase, however, RBI continued to use the cash reserve ratio (CRR), in addition to outright OMO, for modulating market liquidity. As indicative monetary targets continued to be an important guidepost for the conduct of monetary ...
Which Way for Market Institutions
... The wave of demutualization of exchanges and the recent merger of the New York Stock Exchange and Euronext have triggered the fundamental question. Exchanges are the interface between capital seekers and capital providers and between buyers and sellers of financial products of all kinds. Of the exis ...
... The wave of demutualization of exchanges and the recent merger of the New York Stock Exchange and Euronext have triggered the fundamental question. Exchanges are the interface between capital seekers and capital providers and between buyers and sellers of financial products of all kinds. Of the exis ...
GDB Position paper to BCBS365_9.docx
... Consequently, we disagree to option A, which in the case of a purchase, would add the purchase price or market value of the purchased securities with a Credit Conversion Factor (CCF) of 100% to the total exposure value (Off balance sheet item) while the cash remains in the exposure value (double cou ...
... Consequently, we disagree to option A, which in the case of a purchase, would add the purchase price or market value of the purchased securities with a Credit Conversion Factor (CCF) of 100% to the total exposure value (Off balance sheet item) while the cash remains in the exposure value (double cou ...
2. The Bonds and Bills Market - The University of Texas at Dallas
... transactions are executed separately and excluded from our analysis. The institutions that are authorized to trade on the Bonds and Bills Market are Istanbul Stock Exchange (ISE) member banks and member brokerage houses. These financial institutions typically trade on their own accounts. Sometimes t ...
... transactions are executed separately and excluded from our analysis. The institutions that are authorized to trade on the Bonds and Bills Market are Istanbul Stock Exchange (ISE) member banks and member brokerage houses. These financial institutions typically trade on their own accounts. Sometimes t ...
The Cost of the Financial Crisis: The Impact of the September 2008
... CBO estimates that $500 billion of the $700 billion capacity of the TARP will end up being used or committed, with programs now in existence having a $73 billion net cost to taxpayers. As shown in Table 1, the TARP was used to support a range of activities, including the purchase of stakes in banks ...
... CBO estimates that $500 billion of the $700 billion capacity of the TARP will end up being used or committed, with programs now in existence having a $73 billion net cost to taxpayers. As shown in Table 1, the TARP was used to support a range of activities, including the purchase of stakes in banks ...
Bank Capitalization and Loan Growth
... That is, our results show that banks with a higher capital surplus tend to lend more. In contrast, we find that an increase in capital requirements leads to a decrease in loan growth. Specifically, we find that a 1 percentage point increase in capital requirements is associated with a 0.7 percentage ...
... That is, our results show that banks with a higher capital surplus tend to lend more. In contrast, we find that an increase in capital requirements leads to a decrease in loan growth. Specifically, we find that a 1 percentage point increase in capital requirements is associated with a 0.7 percentage ...
Driving Growth: making the case for bigger and
... If European stockmarkets were the same depth as in the US relative to the size of the economy, they would be something like $6tn bigger. That’s an awful lot of IPOs. The same effect is on display in the corporate bond market, in which the combined value of bonds in the US is more than three times th ...
... If European stockmarkets were the same depth as in the US relative to the size of the economy, they would be something like $6tn bigger. That’s an awful lot of IPOs. The same effect is on display in the corporate bond market, in which the combined value of bonds in the US is more than three times th ...
Risk factors in the establishment and running of EMU
... EMS and the ECOFIN widened the intervention exchange-rate band to 15 per cent for the remaining currencies. This was designed to reduce the need to act in defence of currencies under attack from speculation. The liberalized capital movements and expanded information network led to a situation in whi ...
... EMS and the ECOFIN widened the intervention exchange-rate band to 15 per cent for the remaining currencies. This was designed to reduce the need to act in defence of currencies under attack from speculation. The liberalized capital movements and expanded information network led to a situation in whi ...
EGESIF_15_0012-00 Combination of support
... A FI financed from an ESIF programme is combined with another FI financed from an ESIF programme (the same or other) (FI ESIF +FI ESIF): in this case these two sources of financing combined at the level of investment in the final recipient form parts of two separate FI operations under the CPR with ...
... A FI financed from an ESIF programme is combined with another FI financed from an ESIF programme (the same or other) (FI ESIF +FI ESIF): in this case these two sources of financing combined at the level of investment in the final recipient form parts of two separate FI operations under the CPR with ...
Economic environment - World Trade Organization
... The agriculture sector is the backbone of Ghana's economy; it accounts for more than 40% of merchandise exports (with cocoa beans the main cash crop), some 50% of employment, and nearly 38% of GDP. Mining contributes less than 5% to GDP, but gold generally accounts for about 30% of exports. Manufact ...
... The agriculture sector is the backbone of Ghana's economy; it accounts for more than 40% of merchandise exports (with cocoa beans the main cash crop), some 50% of employment, and nearly 38% of GDP. Mining contributes less than 5% to GDP, but gold generally accounts for about 30% of exports. Manufact ...
Firewalls: Controlling Short-Term Capital Flows Senior Sophisters
... portfolio flows represent a significant proportion of these inflows, and should therefore not be ignored, (see Table I). Calvo, Leiderman and Reinhart8 suggest that cyclical conditions in the industrial countries have been the driving force behind such portfolio flows. The decline in world real inte ...
... portfolio flows represent a significant proportion of these inflows, and should therefore not be ignored, (see Table I). Calvo, Leiderman and Reinhart8 suggest that cyclical conditions in the industrial countries have been the driving force behind such portfolio flows. The decline in world real inte ...
Instructor`s Manual
... Mishkin and Serletis • The Economics of Money, Banking, and Financial Markets, Second Canadian Edition ...
... Mishkin and Serletis • The Economics of Money, Banking, and Financial Markets, Second Canadian Edition ...
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.