Management`s Discussion and Analysis
... The annual consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), also referred to as Generally Accepted Accounting Principles (“GAAP”), using the accounting policies described in Note 3 of the annual consolidated financial state ...
... The annual consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), also referred to as Generally Accepted Accounting Principles (“GAAP”), using the accounting policies described in Note 3 of the annual consolidated financial state ...
S2009519_en.pdf
... the region in more than 40 years. The growth took place against a backdrop of global economic expansion, which was particularly strong from 2003 to mid-2007, when problems in the subprime mortgage market in the United States spread to other markets and regions. The crisis impacted the financial syst ...
... the region in more than 40 years. The growth took place against a backdrop of global economic expansion, which was particularly strong from 2003 to mid-2007, when problems in the subprime mortgage market in the United States spread to other markets and regions. The crisis impacted the financial syst ...
IMF Staff Papers - Columbia Business School
... pivotal role. Both the IMF and the World Bank provide loans (and in the latter case, some grants as well) to developing countries, but they stipulate conditions for disbursement.3 Since governments in developing countries often need IFI financing to stabilize their economies or fund their developmen ...
... pivotal role. Both the IMF and the World Bank provide loans (and in the latter case, some grants as well) to developing countries, but they stipulate conditions for disbursement.3 Since governments in developing countries often need IFI financing to stabilize their economies or fund their developmen ...
2 MB
... Besides the central bank's foreign reserves, the commercial banks' foreign reserves were also important in absorbing the fall in the euro deposits as a result of withdrawals in the period from August 1998 until May 1999 (Figure 3). Yet, the bankruptcy of a number of banks accentuated the credit crun ...
... Besides the central bank's foreign reserves, the commercial banks' foreign reserves were also important in absorbing the fall in the euro deposits as a result of withdrawals in the period from August 1998 until May 1999 (Figure 3). Yet, the bankruptcy of a number of banks accentuated the credit crun ...
SUSTAINING RECOVERY AND DYNAMISM FOR INCLUSIVE DEVELOPMENT 2010
... momentum for regional economic cooperation. ESCAP, as the only intergovernmental forum which brings together all the countries and territories in the AsiaPacific region, will be playing a critical role in leading the deliberations over next steps. As it turns out, the global crisis may give new impe ...
... momentum for regional economic cooperation. ESCAP, as the only intergovernmental forum which brings together all the countries and territories in the AsiaPacific region, will be playing a critical role in leading the deliberations over next steps. As it turns out, the global crisis may give new impe ...
Capital Flows to Central and Eastern Europe and the Former Soviet
... in 1996-between them they still attracted only about 15 percent of total private capital flows to all developing countries in 1996.2In 1996, FDI to CEE and FSU, for example, was only $14 billion, equivalent to the total amount received by Malaysia and Mexico in that year. The distribution of FDI flo ...
... in 1996-between them they still attracted only about 15 percent of total private capital flows to all developing countries in 1996.2In 1996, FDI to CEE and FSU, for example, was only $14 billion, equivalent to the total amount received by Malaysia and Mexico in that year. The distribution of FDI flo ...
The relevance of Keynes - Dr. Robert E. Looney Homepage
... it enlarges the scope for speculation and thus makes economic life more volatile. This has been exactly the effect of ‘securitisation’ in the last few years. However, the story is only half told. Investment depends on what Keynes calls the marginal efficiency of capital (MEC)—roughly, the expected r ...
... it enlarges the scope for speculation and thus makes economic life more volatile. This has been exactly the effect of ‘securitisation’ in the last few years. However, the story is only half told. Investment depends on what Keynes calls the marginal efficiency of capital (MEC)—roughly, the expected r ...
DRAFT September 8, 2010
... terms of increased openness to trade in goods and services, as well as a dramatic increase in the volume of capital flows. The 21st century experience is sometimes contrasted with that of the last wave of globalization at the end of the 19th century, when increased integration on both of those dimen ...
... terms of increased openness to trade in goods and services, as well as a dramatic increase in the volume of capital flows. The 21st century experience is sometimes contrasted with that of the last wave of globalization at the end of the 19th century, when increased integration on both of those dimen ...
comparative analysis of fdi incentives in new eu
... however, incentives can be justified. In emerging economies where domestic savings are too low to finance economic expansion FDI can become a source of external finance. Governments can also grant incentives if there exists a market failure that hinders foreign companies from earning a normal return ...
... however, incentives can be justified. In emerging economies where domestic savings are too low to finance economic expansion FDI can become a source of external finance. Governments can also grant incentives if there exists a market failure that hinders foreign companies from earning a normal return ...
ion beam applications
... Interim consolidated statement of Financial Position as of June 30, 2016 ....................................... 3333335 Interim consolidated Income Statement for the six months ended June 30, 2016 ....................................... 6 Interim consolidated statement of Comprehensive Income for t ...
... Interim consolidated statement of Financial Position as of June 30, 2016 ....................................... 3333335 Interim consolidated Income Statement for the six months ended June 30, 2016 ....................................... 6 Interim consolidated statement of Comprehensive Income for t ...
trade and development report, 2006
... honour the commitments made in the Monterrey Consensus adopted at the International Conference on Financing for Development in 2002. Considerable progress has been achieved in alleviating the debt burden of the poorest countries. Aid flows are on the rise. These gains, and donor commitments for futu ...
... honour the commitments made in the Monterrey Consensus adopted at the International Conference on Financing for Development in 2002. Considerable progress has been achieved in alleviating the debt burden of the poorest countries. Aid flows are on the rise. These gains, and donor commitments for futu ...
Essays on Fiscal Policy in Developing Countries and Microstates Universitat Autònoma de Barcelona
... under explored area in the literature. The few existing studies, though an important first step in fulfilling this existing gap, remain open to many criticisms on the basis of methodological and analytical grounds. This thesis is an attempt to address three important areas in the literature on fisca ...
... under explored area in the literature. The few existing studies, though an important first step in fulfilling this existing gap, remain open to many criticisms on the basis of methodological and analytical grounds. This thesis is an attempt to address three important areas in the literature on fisca ...
Reforming Major Interest Rate Benchmarks
... rates represents a potentially serious source of vulnerability and systemic risk. Against this background, the G20 asked the FSB to undertake a fundamental review of major interest rate benchmarks and plans for reform to ensure that those plans are consistent and coordinated, and that interest rate ...
... rates represents a potentially serious source of vulnerability and systemic risk. Against this background, the G20 asked the FSB to undertake a fundamental review of major interest rate benchmarks and plans for reform to ensure that those plans are consistent and coordinated, and that interest rate ...
The great reversals - The University of Chicago Booth School of
... surpassed their 1913 levels. Furthermore, even after controlling for the different levels of industrialization, the pattern across countries is quite different from the 1990s. In 1913, France’s stock market capitalization (as a fraction of GDP) was almost twice that of the United States (0.78 vs. 0. ...
... surpassed their 1913 levels. Furthermore, even after controlling for the different levels of industrialization, the pattern across countries is quite different from the 1990s. In 1913, France’s stock market capitalization (as a fraction of GDP) was almost twice that of the United States (0.78 vs. 0. ...
Macroeconomic impact assessment of OTC derivatives regulatory
... Briefly, the main benefit of the reforms arises from reducing counterparty exposures, both through netting as central clearing becomes more widespread and through more comprehensive collateralisation. The Group estimates that in the central scenario this lowers the annual probability of a financial ...
... Briefly, the main benefit of the reforms arises from reducing counterparty exposures, both through netting as central clearing becomes more widespread and through more comprehensive collateralisation. The Group estimates that in the central scenario this lowers the annual probability of a financial ...
Macroeconomics Chamberlin and Yueh
... unleashed an equal fiscal expansion. The following figure represents the outcome for each country if they all expand simultaneously. • As output has increased in every country, all will experience a rise in exports as well as the initial expansion in aggregate demand. • Therefore, countries can expa ...
... unleashed an equal fiscal expansion. The following figure represents the outcome for each country if they all expand simultaneously. • As output has increased in every country, all will experience a rise in exports as well as the initial expansion in aggregate demand. • Therefore, countries can expa ...
2016 Annual Financial Report
... Pemberton has more than 30 years of executive experience in the financial services industry with a particular focus on the banking and wealth management sectors and the technology and operations that underpin them. Ms Pemberton was appointed chairperson on 1 February 2017. Other than as stated above ...
... Pemberton has more than 30 years of executive experience in the financial services industry with a particular focus on the banking and wealth management sectors and the technology and operations that underpin them. Ms Pemberton was appointed chairperson on 1 February 2017. Other than as stated above ...
Why Are There MNEs?
... Commerce, 1994; Graham and Krugman; OECD). Also quite open are Canada, the U.K., Australia, and the smaller European nations (Netherlands and Switzerland), as indicated by the ratios of FDI to GDP. Germany also has relatively few formal restrictions on FDI, so that its low host ratio is puzzling, gi ...
... Commerce, 1994; Graham and Krugman; OECD). Also quite open are Canada, the U.K., Australia, and the smaller European nations (Netherlands and Switzerland), as indicated by the ratios of FDI to GDP. Germany also has relatively few formal restrictions on FDI, so that its low host ratio is puzzling, gi ...
new challenges to growth and stability
... Commodity prices have eased based on concerns about China’s ability to sustain high rates of investment-led growth. In the months following the May 2013 announcement by the Federal Reserve that monetary policy in the United States would gradually normalize, global financial conditions tightened and ...
... Commodity prices have eased based on concerns about China’s ability to sustain high rates of investment-led growth. In the months following the May 2013 announcement by the Federal Reserve that monetary policy in the United States would gradually normalize, global financial conditions tightened and ...
Mitigating Systemic Risk - A Role for Securities Regulators
... financial crisis which help to define the securities regulators‟ role. There have been a number of developments around the world that have been aimed at reinforcing the regulatory infrastructure and its ability to address systemic risk concerns pro-actively. Building upon that, IOSCO has an essentia ...
... financial crisis which help to define the securities regulators‟ role. There have been a number of developments around the world that have been aimed at reinforcing the regulatory infrastructure and its ability to address systemic risk concerns pro-actively. Building upon that, IOSCO has an essentia ...
improving the process of change in australian financial sector
... power of the Executive to make Regulations with respect to particular matters is delegated by the Parliament in the primary statute. Regulations are used extensively to supplement a number of these primary Acts, especially the SIS Act (which covers superannuation) and Ch 7 of the Corporations Act (w ...
... power of the Executive to make Regulations with respect to particular matters is delegated by the Parliament in the primary statute. Regulations are used extensively to supplement a number of these primary Acts, especially the SIS Act (which covers superannuation) and Ch 7 of the Corporations Act (w ...
Report of the management board for the period from 1
... tobacco distribution. This new company Eurocash Serwis is able to provide to independent retail stores in Poland competitive advantage in one of the most important categories ensuring the strength of traditional market against aggressive activities of discount stores and hypermarket chains. Acquisit ...
... tobacco distribution. This new company Eurocash Serwis is able to provide to independent retail stores in Poland competitive advantage in one of the most important categories ensuring the strength of traditional market against aggressive activities of discount stores and hypermarket chains. Acquisit ...
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.