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 ...
INF2570 AR10 cover AW05.indd
... Although we are a relatively young Company, our bloodline dates back to 1734 when the first issue of the maritime publication Lloyd’s List was first pinned to the wall of Edward Lloyd’s City of London coffee shop. Today Lloyd’s List is still published daily and, along with other products and service ...
... Although we are a relatively young Company, our bloodline dates back to 1734 when the first issue of the maritime publication Lloyd’s List was first pinned to the wall of Edward Lloyd’s City of London coffee shop. Today Lloyd’s List is still published daily and, along with other products and service ...
Financial Stability Report - Palestine Monetary Authority
... Assault on the banks’ branches in Gaza ensued, leading to their closure for several days, virtually bringing banking and much of economic activity in Gaza to a standstill. Shortly afterwards, the 51-day Israeli aggression against Gaza Strip (GS) in July caused devastating damage and loss of lives, p ...
... Assault on the banks’ branches in Gaza ensued, leading to their closure for several days, virtually bringing banking and much of economic activity in Gaza to a standstill. Shortly afterwards, the 51-day Israeli aggression against Gaza Strip (GS) in July caused devastating damage and loss of lives, p ...
EXECUTIVE SUMMARY - Inter-American Development Bank
... better saving to address several of the region’s most pressing issues including lackluster growth, low investment rates, and the growing need to care for an aging population. Why should economies care about how much they save? After all, if economies can always borrow from abroad, then national savi ...
... better saving to address several of the region’s most pressing issues including lackluster growth, low investment rates, and the growing need to care for an aging population. Why should economies care about how much they save? After all, if economies can always borrow from abroad, then national savi ...
Fiscal Policy and the Current Account
... corroborate each other. The sample includes about a hundred countries over a period of more than two decades. The estimates distinguish among advanced and emerging/low-income countries; more and less open economies; and country-years with small and large output gaps. While the analysis was also cond ...
... corroborate each other. The sample includes about a hundred countries over a period of more than two decades. The estimates distinguish among advanced and emerging/low-income countries; more and less open economies; and country-years with small and large output gaps. While the analysis was also cond ...
Uncertainty, Capital Flows, and Maturity Mismatch
... Or does some feature of emerging markets cause them to respond differently when hit by shocks that affect all economies? In this paper I show that when maturity mismatch is widespread, as is the case in emerging markets, capital flow volatility contributes to the volatility of output and TFP. When f ...
... Or does some feature of emerging markets cause them to respond differently when hit by shocks that affect all economies? In this paper I show that when maturity mismatch is widespread, as is the case in emerging markets, capital flow volatility contributes to the volatility of output and TFP. When f ...
Exploring the Dynamics of Global Liquidity
... One challenge in measuring liquidity is that it is largely endogenous and highly cyclical, contributing to the build-up of risks to financial stability and be affected by them in return. While central bank injection of base money plays an important role in liquidity creation, flows in global liquidi ...
... One challenge in measuring liquidity is that it is largely endogenous and highly cyclical, contributing to the build-up of risks to financial stability and be affected by them in return. While central bank injection of base money plays an important role in liquidity creation, flows in global liquidi ...
NATIONAL BANK OF POLAND WORKING PAPER No. 135
... by cash-in-advance models (CIA, Clower 1967) in which the importance of money results from the technology of concluding transactions, i.e. from the fact that some transactions, concerning cash goods, cannot be concluded without money (as opposed to transactions involving credit goods). However, atte ...
... by cash-in-advance models (CIA, Clower 1967) in which the importance of money results from the technology of concluding transactions, i.e. from the fact that some transactions, concerning cash goods, cannot be concluded without money (as opposed to transactions involving credit goods). However, atte ...
Capital Flows to Developing Countries: The Allocation Puzzle
... Our finding is that the difference between savings and investment (capital outflows) is positively correlated with productivity growth, which means that savings not only has to be positively correlated with productivity growth, but the correlation must be stronger than that between investment and pr ...
... Our finding is that the difference between savings and investment (capital outflows) is positively correlated with productivity growth, which means that savings not only has to be positively correlated with productivity growth, but the correlation must be stronger than that between investment and pr ...
A Separate Debt Management Office
... between monetary and debt management policy relates to the fixation of interest rates. The conflict between fiscal policy and debt management relates to the choice of keeping debt servicing costs low over the short term or over the medium-long term. A separate debt management authority is a step rem ...
... between monetary and debt management policy relates to the fixation of interest rates. The conflict between fiscal policy and debt management relates to the choice of keeping debt servicing costs low over the short term or over the medium-long term. A separate debt management authority is a step rem ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... rates in 1971 and the intervening turmoil before its eventual replacement ...
... rates in 1971 and the intervening turmoil before its eventual replacement ...
1861 - Syndicate annual accounts 2016
... Syndicate 1861 has delivered 16.7% growth in top-line premium in 2016, 4.5% excluding the impact of foreign exchange rate changes between its US dollar functional currency and its Sterling presentational currency, which is a strong performance in the context of the current market conditions across t ...
... Syndicate 1861 has delivered 16.7% growth in top-line premium in 2016, 4.5% excluding the impact of foreign exchange rate changes between its US dollar functional currency and its Sterling presentational currency, which is a strong performance in the context of the current market conditions across t ...
World Economic Outlook: Housing and the Business Cycle
... Economic Studies division, ably led by Charles Collyns and, since January, Subir Lall. I would also like to recognize the particular contribution of Tim Callen, who led this division for three years and who helped shape this issue of the World Economic Outlook during its design and development. In a ...
... Economic Studies division, ably led by Charles Collyns and, since January, Subir Lall. I would also like to recognize the particular contribution of Tim Callen, who led this division for three years and who helped shape this issue of the World Economic Outlook during its design and development. In a ...
The Economic Importance of Financial Literacy
... literacy. We start with an overview of theoretical research which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare as well as policies intended to enhance levels of financial knowledge in the larger population ...
... literacy. We start with an overview of theoretical research which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare as well as policies intended to enhance levels of financial knowledge in the larger population ...
I Financial in North Dakota Barriers to International
... international markets, customers, and business connections necessary to expand international sales. Management may not have the practical knowledge required to develop and comply with an international sales contract to include letters of credit, exchange rates, and insurance. Individual firms trying ...
... international markets, customers, and business connections necessary to expand international sales. Management may not have the practical knowledge required to develop and comply with an international sales contract to include letters of credit, exchange rates, and insurance. Individual firms trying ...
The Changing Dynamics of the Global Business Cycle
... vidual countries therefore tended to offset one another to a greater degree during the 1960s. The evolution of output volatility over time can be broken down into several phases. In advanced economies, volatility was high in the 1950s, partly as a result of the boom-andbust cycle associated with th ...
... vidual countries therefore tended to offset one another to a greater degree during the 1960s. The evolution of output volatility over time can be broken down into several phases. In advanced economies, volatility was high in the 1950s, partly as a result of the boom-andbust cycle associated with th ...
The impact of foreign interest rates on the economy: The role of the
... the same time, the open economy “trilemma” and empirical tests of it suggest that only countries with pegged exchange rate regimes give up their domestic monetary autonomy.1 This loss of autonomy then implies a potential channel through which foreign interest rates can affect pegs and floats differe ...
... the same time, the open economy “trilemma” and empirical tests of it suggest that only countries with pegged exchange rate regimes give up their domestic monetary autonomy.1 This loss of autonomy then implies a potential channel through which foreign interest rates can affect pegs and floats differe ...
Towards a new framework for banking crisis management
... Drawing on the analyses made by economists and regulators, the paper looks at the most relevant banking crises in the US and in Europe, highlighting, case by case, the new tools employed by governments and central banks as well as their possible drawbacks. The paper includes a comprehensive reconstr ...
... Drawing on the analyses made by economists and regulators, the paper looks at the most relevant banking crises in the US and in Europe, highlighting, case by case, the new tools employed by governments and central banks as well as their possible drawbacks. The paper includes a comprehensive reconstr ...
The Macroeconomics of Shadow Banking Alan Moreira Alexi Savov July 2014
... intermediaries, which get passed through as lower discount rates for their assets. Lower discount rates lead to higher prices, investment, and growth. The effect is strongest for assets with low collateral values (like riskier mortgages or commercial loans), which shifts the economy’s capital mix to ...
... intermediaries, which get passed through as lower discount rates for their assets. Lower discount rates lead to higher prices, investment, and growth. The effect is strongest for assets with low collateral values (like riskier mortgages or commercial loans), which shifts the economy’s capital mix to ...
EIB - EESC European Economic and Social Committee
... This involvement of the EIB should further four basic objectives: a) making the transmission mechanism of monetary policy more efficient in terms of its direct connection with the real economy; b) establishing a more direct relationship between monetary policy, money supply and price stability; c) e ...
... This involvement of the EIB should further four basic objectives: a) making the transmission mechanism of monetary policy more efficient in terms of its direct connection with the real economy; b) establishing a more direct relationship between monetary policy, money supply and price stability; c) e ...
First and Second Reviews of the Staff-Monitored Program and
... strengthening the anti-money laundering and combatting of financing of terrorism (AMLCFT) framework to stem illegal and speculative demand on foreign exchange. Implementing fiscal consolidation while protecting the poor. The government will continue to implement fiscal consolidation, mostly through ...
... strengthening the anti-money laundering and combatting of financing of terrorism (AMLCFT) framework to stem illegal and speculative demand on foreign exchange. Implementing fiscal consolidation while protecting the poor. The government will continue to implement fiscal consolidation, mostly through ...
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.