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The Great Escape? A Quantitative Evaluation of the Fed`s Liquidity
The Great Escape? A Quantitative Evaluation of the Fed`s Liquidity

... and improves their balance sheet by preventing asset prices from falling significantly. In our model the liquidity interventions are not a subsidy to financial intermediaries. In fact, the government “makes money” during the intervention, at least in expectations, as it did ex-post in the financial ...
2013 Annual Report - Investor Relations Solutions
2013 Annual Report - Investor Relations Solutions

Liquidity Policies and Systemic Risk
Liquidity Policies and Systemic Risk

... requirements such as the Liquidity Coverage Ratio (LCR). The LCR has been developed in reaction to the growth of wholesale-funded credit intermediation outside of commercial banks which limits central banks’ ability to act as lender of last resort (see Adrian and Shin [2010] and Adrian and Ashcraft ...
Comprehensive Annual Financial Report
Comprehensive Annual Financial Report

... The remoteness of our City (85 miles from Reno, Nevada and 112 miles from Redding, California) insulated us from some of the large challenges that other cities endured during the economic downturn, but it also slows our growth that aids in economic recovery. Increased housing values over the last ye ...
2015-2016 - Plymouth Marine Laboratory
2015-2016 - Plymouth Marine Laboratory

... A risk management policy was developed and adopted by PML in its first year of operation. In addition, a comprehensive analysis of risks to which PML is exposed was undertaken and systems identified and put in place to mitigate risk. Under the terms of the risk management policy, the Senior Manageme ...
Form 8-K Chemtura CORP - CHMT Filed: February 25, 2013 (period
Form 8-K Chemtura CORP - CHMT Filed: February 25, 2013 (period

... “The fourth quarter completed a year of significant progress in which we delivered improvement each quarter with a modest year-over-year improvement in Adjusted EBITDA,” commented Craig A. Rogerson, Chairman, President and CEO of Chemtura. “Chemtura AgroSolutions and Consumer Products both performed ...
Factors Affecting Dividend Payout
Factors Affecting Dividend Payout

... In the early 1970s and 1980s, several studies introduced tax preference theory (Brennan, 1970; Elton and Gruber, 1970; Litzenberger and Ramaswamy, 1979; Litzenberger and Ramaswamy, ; Kalay, 1982; John and Williams, 1985; Poterba and Summers, 1984; Miller and Rock, 1985; Ambarish et al., 1987). This ...
5 Things You Need to Know to Ride Out a Volatile Stock Market
5 Things You Need to Know to Ride Out a Volatile Stock Market

... Typically, the more aggressive the investment or the greater the potential return, the more risk involved. Generally, investors should be comfortable with some fluctuation in the value of their investments, especially over the short term. Stock prices fluctuate, sometimes rapidly and dramatically, d ...
पीडीएफ फाइल जो नई विंडों में खुलती है।
पीडीएफ फाइल जो नई विंडों में खुलती है।

... funds. The outsiders’ funds include all debts/liabilities to outsiders i.e. debentures, long term loans from financial institutions, etc. Shareholders’ funds mean preference share capital, equity share capital, reserves and surplus and fictitious assets like preliminary expenses. This ratio indicate ...
ADVANCED MACROECONMICS ECO 442
ADVANCED MACROECONMICS ECO 442

... you meet the objectives of the course and, therefore, will help you pass the exam. Submit all assignments no later than the due date. 9. Review the objectives for each study unit to confirm that you have achieved them. If you feel unsure about any of the objectives, review the study material or cons ...
Monetary Policy and the Federal Reserve: Current Policy and Issues
Monetary Policy and the Federal Reserve: Current Policy and Issues

... of money and credit to promote the goals mandated by Congress, a stable price level and maximum sustainable employment. Because the expectations of households as consumers and businesses as purchasers of capital goods exert an important influence on the major portion of spending in the United States ...
Notes - Barchart.com
Notes - Barchart.com

... objectives, exchange rate fluctuations, technology, product support and distribution strength. Briggs & Stratton believes its product value and service reputation have given it strong brand name recognition and enhanced its competitive position. Seasonality of Demand Sales of engines to lawn and gar ...
IPSAS 26 Impairment of Cash-Generating Assets
IPSAS 26 Impairment of Cash-Generating Assets

... This Standard does not apply to inventories and cash-generating assets arising from construction contracts, because existing standards applicable to these assets contain requirements for recognizing and measuring such assets. This Standard does not apply to deferred tax assets, assets related to emp ...
words - Investor Relations Solutions
words - Investor Relations Solutions

... Oil and Natural Gas Properties Investments in oil and natural gas properties are accounted for using the full-cost method of accounting. All costs directly associated with the acquisition, exploration and development of oil and natural gas properties, including the Company’s gas gathering systems, a ...
ACCT 2301 PP Ch 7
ACCT 2301 PP Ch 7

... total bad debts expected to be realized from that period’s sales. There are two advantages to the allowance method: 1. It records estimated bad debts expense in the period when the related sales are recorded. 2. It reports accounts receivable on the balance sheet at the estimated amount of cash to b ...
STAMPS.COM INC (Form: 10-Q, Received: 05/10/2011 14:39:56)
STAMPS.COM INC (Form: 10-Q, Received: 05/10/2011 14:39:56)

... Service revenue is based on monthly convenience fees and is recognized in the period that services are provided. Product sales, net of return allowances, are recorded when the products are shipped and title passes to customers. Sales of items, including PhotoStamps, sold to customers are made pursua ...
Integrated annual report and group annual financial statements
Integrated annual report and group annual financial statements

The Financial Policy Committee`s framework for the systemic risk buffer
The Financial Policy Committee`s framework for the systemic risk buffer

... The economy depends on critical financial services provided by financial institutions, in particular large banks and building societies. The crisis was an example of how the economy can be damaged when such firms become distressed and restrict lending to the economy. It is therefore important that s ...
Annual report 2013
Annual report 2013

... performances, as with the case of Boucheron and Van Cleef & Arpels, bolstered by their ultra high-end positioning as prestigious jewelers.” A word about Repetto’s particularly noteworthy performance for the year? “The Repetto fragrance represented Interparfums’ strongest launch in the French market ...
Liquidity transformation in asset management
Liquidity transformation in asset management

... impact, bank loans cannot be traded before maturity without creating substantial price impact. For asset managers, however, there is no comparable measure. Their assets are typically tradeable securities, though with varying levels of liquidity. Furthermore, some price impact can be passed on to inv ...
NBER Reporter Program Report
NBER Reporter Program Report

... While there have been no comparably dramatic recent changes in government expenditure programs, the policy debate on two major programs has shifted quite sharply. Reforming Social Security and Medicare, long viewed as a political impossibility, has risen high on the policy agenda. While policy debat ...
Class Materials - Washington Bankers 2013
Class Materials - Washington Bankers 2013

... based on stress testing and other factors. XYZ management set the SFG at 9.0% Annual results for capital/assets will be a byproduct of total assets and total capital projections earlier in the model. XYZ management finds the set of assumptions entered into this model (if achieved) will allow it to r ...
Corporate earnings and the equity premium
Corporate earnings and the equity premium

... modeling corporate cash flows. Since the equity premium puzzle was identified by Mehra and Prescott (1985), considerable progress has been made in specifying pricing kernels.1 In contrast, less attention has been paid to the problem of modeling corporate cash flows within this framework. In fact, many ...
Annual Report 2010(7.5mm spine)
Annual Report 2010(7.5mm spine)

... 4.8% to £514.7m in FY14 and group operating profit* was 43% higher at £31.9m. Profit before tax* for the year was markedly higher, through this improved operating profit and reduced interest charges, growing by 87% to £22.0m. Core net debt∆ at the year-end fell to £97.2m, a reduction of £23m, in par ...
Future Equity Patterns and Baby Boomer Retirements
Future Equity Patterns and Baby Boomer Retirements

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Global saving glut

Global saving glut (also global savings glut, GSG, cash hoarding, dead cash, dead money, glut of excess intended saving, shortfall of investment intentions), describes a situation in which desired saving exceeds desired investment. By 2005 Ben Bernanke, chairman of the Federal Reserve, the central bank of the United States, expressed concern about the ""significant increase in the global supply of saving"" and its implications for monetary policies, particularly in the United States. Although Bernanke's analyses focused on events in 2003 to 2007 that led to the 2007–2009 financial crisis, regarding GSG countries and the United States, excessive saving by the non-financial corporate sector (NFCS) is an ongoing phenomenon, affecting many countries. Bernanke's ""celebrated (if sometimes disputed)"" global saving glut (GSG) hypothesis argued that increased capital inflows to the United States from GSG countries were an important reason that U.S. longer-term interest rates from 2003 to 2007 were lower than expected.Alan Greenspan testifying at the Financial Crisis Inquiry Commission in 2010 explained, ""Whether it was a glut of excess intended saving, or a shortfall of investment intentions, the result was the same: a fall in global real long-term interest rates and their associated capitalization rates. Asset prices, particularly house prices, in nearly two dozen countries accordingly moved dramatically higher. U.S. house price gains were high by historical standards but no more than average compared to other countries.""An 2007 Organisation for Economic Co-operation and Development (OECD) report noted that the ""excess of gross saving over fixed investment (i.e. net lending) in the ""aggregate OECD corporate sector"" had been unusually large since 2002. In a 2006 International Monetary Fund report, it was observed that, ""since the bursting of the equity marketbubble in the early 2000s, companies in many industrial countries have moved from their traditional position of borrowing funds to finance their capital expenditures to running financial surpluses that they are now lending to other sectors of the economy."" David Wessell in a Wall Street Journal article observed that, ""[c]ompanies, which normally borrow other folks’ savings in order to invest, have turned thrifty. Even companies enjoying strong profits and cash flow are building cash hoards, reducing debt and buying back their own shares—instead of making investment bets."" Although the hypothesis of excess cash holdings or cash hoarding has been used by the Organisation for Economic Co-operation and Development (OECD), the International Monetary Fund and the media Wall Street Journal, Forbes, Canadian Broadcasting Corporation, the concept itself has been disputed and criticized as conceptually flawed in articles and reports published by the Hoover Institute, the Max-Planck Institute and the CATO Institute among others. Ben Bernanke used the phrase ""global savings glut"" in 2005 linking it to the U.S. current account deficit.In their July 2012 report Standard and Poors described the ""fragile equilibrium that currently exists in the global corporate credit landscape."" U.S. nonfinancial corporate sector NFCS firms continued to hoard a ""record amount of cash"" with large profitable investment-grade companies and technology and health care industries (with significant amounts of cash overseas), holding most of the wealth.By January 2013, NFCS firms in Europe had over 1 trillion euros of cash on their balance sheets, a record high in nominal terms.
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