International Capital Flows
... The greater the risk of default, the higher the coupon rate. Municipal bonds are exempt from federal taxes and have a lower coupon rate. Bondholders may sell their bonds at any time in the bond market at their market price. ...
... The greater the risk of default, the higher the coupon rate. Municipal bonds are exempt from federal taxes and have a lower coupon rate. Bondholders may sell their bonds at any time in the bond market at their market price. ...
Filippo Brutti Essays on Sovereign Debt Crises and Macroeconomic Volatility
... of volatility differences between sectors, which arguably depends on the diversification of input-output structures across many intermediate inputs. On the other side, given that more diversified sectors usually show greater contract intensities as producers need to deal with a wider range of suppl ...
... of volatility differences between sectors, which arguably depends on the diversification of input-output structures across many intermediate inputs. On the other side, given that more diversified sectors usually show greater contract intensities as producers need to deal with a wider range of suppl ...
Defaultable Debt, Interest Rates and the Current Account
... 2,500 years. The intuition for this is described in detail in Section 3. The weakness of the standard model begins with the fact that autarky is not a severe punishment, even adjusting for the relatively large income volatility observed in emerging markets. The welfare gain of smoothing transitory ...
... 2,500 years. The intuition for this is described in detail in Section 3. The weakness of the standard model begins with the fact that autarky is not a severe punishment, even adjusting for the relatively large income volatility observed in emerging markets. The welfare gain of smoothing transitory ...
The benefits of GDP indexed bonds
... to issue. However, a problem may be that the countries that may benefit most from these instruments may also find it difficult to issue them at reasonable premiums, due to markets questioning their economic and policy fundamentals. If GDP-indexed bonds are to be widely used, it would therefore be be ...
... to issue. However, a problem may be that the countries that may benefit most from these instruments may also find it difficult to issue them at reasonable premiums, due to markets questioning their economic and policy fundamentals. If GDP-indexed bonds are to be widely used, it would therefore be be ...
January-March 2002
... The change in operating profit compared with the final quarter of 2001 was partly due to the fact that one-off costs of MSEK 15 affected the final quarter results and partly due to lower sales prices being balanced by higher delivery volumes and slightly lower costs, mainly for energy and chemicals. ...
... The change in operating profit compared with the final quarter of 2001 was partly due to the fact that one-off costs of MSEK 15 affected the final quarter results and partly due to lower sales prices being balanced by higher delivery volumes and slightly lower costs, mainly for energy and chemicals. ...
The Effects of Credit Subsidies on Development
... (we also do experiments for lower levels of interest rate subsidies), then output per capita increases by less than 2 percent in the long run. However, the wage rate decreases by about 3 percent and wealth inequality increases. In order to balance the budget constraint, payroll taxes increase signif ...
... (we also do experiments for lower levels of interest rate subsidies), then output per capita increases by less than 2 percent in the long run. However, the wage rate decreases by about 3 percent and wealth inequality increases. In order to balance the budget constraint, payroll taxes increase signif ...
caRBOn TaXaTIOn anD MaRkeT FInancIaL InSTRuMenTS FOR
... Our common goals to combat climate change, limit the global warming to well below 2 degrees Celsius and protect the environment are economically justified (see e.g. Burke, Hsiang, and Miguel, 2015) but at the same time require trillions of USDs of low carbon investments in the near future. This mean ...
... Our common goals to combat climate change, limit the global warming to well below 2 degrees Celsius and protect the environment are economically justified (see e.g. Burke, Hsiang, and Miguel, 2015) but at the same time require trillions of USDs of low carbon investments in the near future. This mean ...
Asset correlations and credit portfolio risk
... affects total credit portfolio risk; this has important implications for both banks’ internal credit risk modelling processes and banking supervision. We first find substantial time variation in asset correlations both for the market model and the sector model. This suggests that asset correlation esti ...
... affects total credit portfolio risk; this has important implications for both banks’ internal credit risk modelling processes and banking supervision. We first find substantial time variation in asset correlations both for the market model and the sector model. This suggests that asset correlation esti ...
Risk appetite – How hungry are you?
... Regulatory pressures, such as Basel II and a greater focus on corporate governance, have been a stimulus for many changes in the industry – one of these has been the recognition of the need to articulate risk appetite more clearly. On the face of it, this may seem easy to do. After all, is it not si ...
... Regulatory pressures, such as Basel II and a greater focus on corporate governance, have been a stimulus for many changes in the industry – one of these has been the recognition of the need to articulate risk appetite more clearly. On the face of it, this may seem easy to do. After all, is it not si ...
Innovation in Allocation: A Cautionary Tale
... Q4 = 10 or Q5 = 20 or any linear combination such as 4 units of 2004 ( =.4) and 12 units of 2005 for (1- =.6) Revenue is maximized by solving an integer programming problem in Q4, Q5 , and ij ...
... Q4 = 10 or Q5 = 20 or any linear combination such as 4 units of 2004 ( =.4) and 12 units of 2005 for (1- =.6) Revenue is maximized by solving an integer programming problem in Q4, Q5 , and ij ...
Cesim Business Management Simulation Games Overview
... The teams success is measured by their ability to generate shareholder returns. The returns are dependent on how the teams are able to run the operations, how well they manage to maneuver the company through changes in the external environment and competitive forces, and how successful they are in t ...
... The teams success is measured by their ability to generate shareholder returns. The returns are dependent on how the teams are able to run the operations, how well they manage to maneuver the company through changes in the external environment and competitive forces, and how successful they are in t ...
RISK MANAGEMENT
... Policy therefore sets forth fundamental risk management principles including a risk culture and we facilitates proper judgment on the nature of risks the Bank can undertake. Comprehensive risk management requires not only detailed monitoring of each risk involved in individual operations, but also a ...
... Policy therefore sets forth fundamental risk management principles including a risk culture and we facilitates proper judgment on the nature of risks the Bank can undertake. Comprehensive risk management requires not only detailed monitoring of each risk involved in individual operations, but also a ...
PDF
... rather than also considering a market driven dynamic equilibrium 4 . Work which has been done using market analysis concentrates on the cost of environmental policy and ignores externalities which are at the heart of environmental economics 5 This paper is a first step toward integrating the theory ...
... rather than also considering a market driven dynamic equilibrium 4 . Work which has been done using market analysis concentrates on the cost of environmental policy and ignores externalities which are at the heart of environmental economics 5 This paper is a first step toward integrating the theory ...
Fixed Income in a Rising Rate Enviornment
... levels have more room to tighten. This may help reduce the overall yield increase if spreads tighten. The result is less of a decline in the prices of non-government bonds. However, if credit spreads are tight at the start of the rising rate period, there is little potential offset to falling bond p ...
... levels have more room to tighten. This may help reduce the overall yield increase if spreads tighten. The result is less of a decline in the prices of non-government bonds. However, if credit spreads are tight at the start of the rising rate period, there is little potential offset to falling bond p ...
Key Trends in Valuing ASCs
... Control / minority share transactions happen at different valuations… need to document the reasons! ...
... Control / minority share transactions happen at different valuations… need to document the reasons! ...
McGraw Hill / Irwin 6
... The body of the candlestick is defined by the opening and closing prices If the closing price is higher than the opening, the body is clear or white, otherwise its black McGraw Hill / Irwin ...
... The body of the candlestick is defined by the opening and closing prices If the closing price is higher than the opening, the body is clear or white, otherwise its black McGraw Hill / Irwin ...
SAST - SA JPMorgan MFS Core Bond Portfolio Summary
... long term, the stock market tends to move in cycles. Individual stock prices fluctuate from day-to-day and may underperform other asset classes over an extended period of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. ...
... long term, the stock market tends to move in cycles. Individual stock prices fluctuate from day-to-day and may underperform other asset classes over an extended period of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. ...
NBER WORKING PAPER SERIES THE LIMITS OF FINANCIAL GLOBALIZATION René M. Stulz
... in securities across countries.8 3. The limits of globalization With such a dramatic increase in cross-border trading in securities and the disappearance of many formal barriers to international investment, we would expect countries, per se, to matter little in finance. However, this is not the case ...
... in securities across countries.8 3. The limits of globalization With such a dramatic increase in cross-border trading in securities and the disappearance of many formal barriers to international investment, we would expect countries, per se, to matter little in finance. However, this is not the case ...
Did the Basel Process of Capital Regulation Enhance the Resiliency
... as bank-specific balance sheet items. In addition, we control for the implementation dates of important amendments of the Basel process of capital regulation. The implementation of credit risk models along Basel II regulation has a strong impact on individual bank systemic risk exposures (SRISK). We ...
... as bank-specific balance sheet items. In addition, we control for the implementation dates of important amendments of the Basel process of capital regulation. The implementation of credit risk models along Basel II regulation has a strong impact on individual bank systemic risk exposures (SRISK). We ...
Contemporary Securities Market in Cambodia
... Building Process 2.2. Approval for 3.3. Apply for confirofficial listing mation on price from CSX 3.4. Submit application for approval on term of offering 3.5. Subscription 3.6. Report result to SECC ...
... Building Process 2.2. Approval for 3.3. Apply for confirofficial listing mation on price from CSX 3.4. Submit application for approval on term of offering 3.5. Subscription 3.6. Report result to SECC ...