Financial opening and economic growth: a - ANU Press
... development 'leads' economic growth because GDP is a component of both focus variables. Following Levine (1997) and the World Bank (1998) we use total credit to the economy (Te) as a measure of financial development. Credit is an appropriate measure of financial development because it is associated ...
... development 'leads' economic growth because GDP is a component of both focus variables. Following Levine (1997) and the World Bank (1998) we use total credit to the economy (Te) as a measure of financial development. Credit is an appropriate measure of financial development because it is associated ...
Financial integration and emerging markets capital
... argue that if foreign creditors are more risk averse than domestic investors, the debt maturity structure would shift to the short term because foreign creditors would charge emerging market borrowers a higher risk premium on long-term issues than domestic investors. It is also possible that, as not ...
... argue that if foreign creditors are more risk averse than domestic investors, the debt maturity structure would shift to the short term because foreign creditors would charge emerging market borrowers a higher risk premium on long-term issues than domestic investors. It is also possible that, as not ...
State and Local Government Accounting Principles
... revenue-raising powers of the government Unmatured principal does not require current appropriation and expenditure of fund financial resources If included as governmental fund liability would be misleading and dysfunctional to current period management control ...
... revenue-raising powers of the government Unmatured principal does not require current appropriation and expenditure of fund financial resources If included as governmental fund liability would be misleading and dysfunctional to current period management control ...
8. South African Case Studies
... through subsidiary companies or through facilitating major contracts into their parent company global networks. This has encouraged large investments in certain components, the most important of which has been catalytic converters35, the industry in which one of the case firms operates. The change i ...
... through subsidiary companies or through facilitating major contracts into their parent company global networks. This has encouraged large investments in certain components, the most important of which has been catalytic converters35, the industry in which one of the case firms operates. The change i ...
the fall and rise of the gold standard
... Transvaal. The prodigious increase in gold production did not cause price increases per se. The new gold should have been allowed to flow to the bill market. It wasn’t. Banks intercepted it in order to construct a credit pyramid upon their greatly expanded gold reserves. The bank credit, however, wa ...
... Transvaal. The prodigious increase in gold production did not cause price increases per se. The new gold should have been allowed to flow to the bill market. It wasn’t. Banks intercepted it in order to construct a credit pyramid upon their greatly expanded gold reserves. The bank credit, however, wa ...
Financial Development, Human Capital, and Economic Growth: New
... Africa countries since the 1970s to 2000s. The region has suffered tremendously from low level of human and physical capital accumulation leading to severe constraint on resources used for development of the financial sector and consequently impacted negatively on financial sector stability and henc ...
... Africa countries since the 1970s to 2000s. The region has suffered tremendously from low level of human and physical capital accumulation leading to severe constraint on resources used for development of the financial sector and consequently impacted negatively on financial sector stability and henc ...
NBER WORKING PAPER SERIES THE ECONOMY OF ISRAEL Stanley Fischer
... liabilities corresponding to most of the non—equity financial assets owned by the private sector. Thu reserve requirement for the banks against foreign currency linked deposits is 90%; and the indexation provided by private institutions is based on their holdings of government indexed liabilities. T ...
... liabilities corresponding to most of the non—equity financial assets owned by the private sector. Thu reserve requirement for the banks against foreign currency linked deposits is 90%; and the indexation provided by private institutions is based on their holdings of government indexed liabilities. T ...
South America`s biophysical involvement in international trade: the
... whereas a positive PTB indicates a net import of physical resources. The balance thus shows if and to what extent a country is either a net provider of physical goods to the world market or whether it depends on material imports from abroad. A growing number of countries are net-importers and thus r ...
... whereas a positive PTB indicates a net import of physical resources. The balance thus shows if and to what extent a country is either a net provider of physical goods to the world market or whether it depends on material imports from abroad. A growing number of countries are net-importers and thus r ...
Policy Trade-offs for Unprecedented Times: Confronting the Global
... play a key role as a lenders-of-last resort, akin to the role that credible governments, such as the US government, play domestically The question then is not whether multilaterals should play a key role in the current crisis, but which is the most effective way to channel their intervention and a ...
... play a key role as a lenders-of-last resort, akin to the role that credible governments, such as the US government, play domestically The question then is not whether multilaterals should play a key role in the current crisis, but which is the most effective way to channel their intervention and a ...
Working Paper No. 869 - Levy Economics Institute of Bard College
... When did financialization start? While there is much literature on the increasing dominance of finance in the United States after 1970, little work to date has attempted to investigate whether financialization was taking place earlier. Whereas few authors consider financialization as an evolutionary ...
... When did financialization start? While there is much literature on the increasing dominance of finance in the United States after 1970, little work to date has attempted to investigate whether financialization was taking place earlier. Whereas few authors consider financialization as an evolutionary ...
the eefect of exchange rate movements on kenya`s exports to
... Equilibrium exchange rate is determined by the interplay of the demand for foreign exchange and the supply of the foreign exchange. The exchange rate varies with varying supply and demand conditions, but it is always possible to find an equilibrium exchange rate which clears the market and creates e ...
... Equilibrium exchange rate is determined by the interplay of the demand for foreign exchange and the supply of the foreign exchange. The exchange rate varies with varying supply and demand conditions, but it is always possible to find an equilibrium exchange rate which clears the market and creates e ...
Financing Local Infrastructure – Linking Local
... Financing Local Infrastructure – Linking Local Governments and Financial Markets addresses capacity development needs from both a public finance and a financial market perspective. Its purpose is to help partners, their advisors, local governments and financial institutions to explore the ways and t ...
... Financing Local Infrastructure – Linking Local Governments and Financial Markets addresses capacity development needs from both a public finance and a financial market perspective. Its purpose is to help partners, their advisors, local governments and financial institutions to explore the ways and t ...
Ghana - United Nations Global Pulse
... The current financial crisis, following so closely the 2007-2008 food and fuel price shocks, and the expected slowdown in global growth have come at a moment when Ghana is considered more vulnerable than it has been in the recent past. Higher food and crude oil prices in 2007-2008 raised the country ...
... The current financial crisis, following so closely the 2007-2008 food and fuel price shocks, and the expected slowdown in global growth have come at a moment when Ghana is considered more vulnerable than it has been in the recent past. Higher food and crude oil prices in 2007-2008 raised the country ...
The Impact of the Global Financial Crisis on Southeastern European
... considered by many economists as the hardest financial crisis since the Great Depression of the 1930s. Being a global financial crisis, as its name implies, the Great Recession had global effects. However, different countries were affected at different levels. ...
... considered by many economists as the hardest financial crisis since the Great Depression of the 1930s. Being a global financial crisis, as its name implies, the Great Recession had global effects. However, different countries were affected at different levels. ...
... outlook where “domestic demand is stronger compared to the previous reporting period, external demand continues to restrain economic activity, and thus aggregate demand conditions continue to support disinflation, albeit to a lesser degree”. This baseline scenario assumes a policy framework that the ...
CENTRAL BANK OF THE REPUBLIC OF TURKEY
... Global Crisis The liquidity crunch has been eliminated to a large extent as a result of monetary policy measures. Nevertheless, asset write-downs and other losses incurred in this period eroded the capitals of financial institutions and caused massive damage on balance sheets. Losses Incurred by th ...
... Global Crisis The liquidity crunch has been eliminated to a large extent as a result of monetary policy measures. Nevertheless, asset write-downs and other losses incurred in this period eroded the capitals of financial institutions and caused massive damage on balance sheets. Losses Incurred by th ...
Diapositive 1
... • The ECB and the national central banks normally do not purchase government securities, and they certainly never do it directly. Thus, unless households or their banks decide to hold a greater proportion of securities issued by fiscally-weak countries, interest rates on government securities in the ...
... • The ECB and the national central banks normally do not purchase government securities, and they certainly never do it directly. Thus, unless households or their banks decide to hold a greater proportion of securities issued by fiscally-weak countries, interest rates on government securities in the ...
What a strong u.s. dollar means for canadian
... is a large-cap company, investors might consider looking also amongst mid- and smaller-cap companies, which, on average, tend to generate more of their revenues at home than larger-cap companies. An example would be Spectranetics, a firm that develops and manufactures single-use medical devices used ...
... is a large-cap company, investors might consider looking also amongst mid- and smaller-cap companies, which, on average, tend to generate more of their revenues at home than larger-cap companies. An example would be Spectranetics, a firm that develops and manufactures single-use medical devices used ...
Turks and Caicos Islands: Financial Sector Assessment Program
... (BCPs), particularly those addressing risk and its management. A supervisory college should be established with key foreign regulators for comprehensive consolidated supervision of a large bank with a cross-border parallel bank structure. The formerly dormant insurance supervision is catching up at ...
... (BCPs), particularly those addressing risk and its management. A supervisory college should be established with key foreign regulators for comprehensive consolidated supervision of a large bank with a cross-border parallel bank structure. The formerly dormant insurance supervision is catching up at ...
Rebooting the Eurozone: Step 1 – agreeing a crisis narrative
... union meant that the ‘sudden stop’ was not precipitous (as it was, for example, in Iceland). Rather this ‘sudden stop with monetary-union characteristics’ showed up in rising risk premiums. The abrupt end of capital flows raised concerns about the viability of banks and governments in nations depend ...
... union meant that the ‘sudden stop’ was not precipitous (as it was, for example, in Iceland). Rather this ‘sudden stop with monetary-union characteristics’ showed up in rising risk premiums. The abrupt end of capital flows raised concerns about the viability of banks and governments in nations depend ...
Ghana - ODI Global Financial Crisis Discussion Papers 5
... The current financial crisis, following so closely the 2007-2008 food and fuel price shocks, and the expected slowdown in global growth have come at a moment when Ghana is considered more vulnerable than it has been in the recent past. Higher food and crude oil prices in 2007-2008 raised the country ...
... The current financial crisis, following so closely the 2007-2008 food and fuel price shocks, and the expected slowdown in global growth have come at a moment when Ghana is considered more vulnerable than it has been in the recent past. Higher food and crude oil prices in 2007-2008 raised the country ...
Global Market Outlook 2017 - State Street Global Advisors
... corresponds to the blip in productivity growth — world trade grew at an average 6.7% a year as value chains linking suppliers in many countries formed. This effectively forced firms to become super-efficient because they faced global, not just domestic, competition. Since the GFC, world trade has gr ...
... corresponds to the blip in productivity growth — world trade grew at an average 6.7% a year as value chains linking suppliers in many countries formed. This effectively forced firms to become super-efficient because they faced global, not just domestic, competition. Since the GFC, world trade has gr ...
NBER WORKING PAPER SERIES Čihák Martin
... Markets are imperfect. It is costly to acquire and process information about potential investments. There are costs and uncertainties associated with writing, interpreting, and enforcing contracts. And, there are costs associated with transacting goods, services, and financial instruments. These mar ...
... Markets are imperfect. It is costly to acquire and process information about potential investments. There are costs and uncertainties associated with writing, interpreting, and enforcing contracts. And, there are costs associated with transacting goods, services, and financial instruments. These mar ...
Global Market Outlook 2017 - State Street Global Advisors
... corresponds to the blip in productivity growth — world trade grew at an average 6.7% a year as value chains linking suppliers in many countries formed. This effectively forced firms to become super-efficient because they faced global, not just domestic, competition. Since the GFC, world trade has gr ...
... corresponds to the blip in productivity growth — world trade grew at an average 6.7% a year as value chains linking suppliers in many countries formed. This effectively forced firms to become super-efficient because they faced global, not just domestic, competition. Since the GFC, world trade has gr ...
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.