Responding to Shocks and Maintaining Stability in the West
... The West African Economic and Monetary Union (WAEMU), like other monetary unions, faces a number of challenges in dealing with macroeconomic shocks.1 A symmetric shock—that is, a shock affecting similarly all members of a monetary union—can in principle be addressed by the common monetary policy or ...
... The West African Economic and Monetary Union (WAEMU), like other monetary unions, faces a number of challenges in dealing with macroeconomic shocks.1 A symmetric shock—that is, a shock affecting similarly all members of a monetary union—can in principle be addressed by the common monetary policy or ...
Cenovus finishes first quarter with strong balance
... in 2016 is expected to become increasingly evident throughout the remainder of this year. In addition, the company continues to seek opportunities across its business to further reduce capital and operating costs. For example, Cenovus is already realizing cost reductions greater than originally expe ...
... in 2016 is expected to become increasingly evident throughout the remainder of this year. In addition, the company continues to seek opportunities across its business to further reduce capital and operating costs. For example, Cenovus is already realizing cost reductions greater than originally expe ...
Transcript - Citigroup
... credit losses in Citi Holdings. Clearly, we continue to make significant progress in reducing Citi Holdings, both in GAAP assets and risk-weighted asset terms. However, as we have previously stated, the Holdings wind down is likely to continue at a slower pace going forward. Moving to slide 9, let m ...
... credit losses in Citi Holdings. Clearly, we continue to make significant progress in reducing Citi Holdings, both in GAAP assets and risk-weighted asset terms. However, as we have previously stated, the Holdings wind down is likely to continue at a slower pace going forward. Moving to slide 9, let m ...
Volatilidad para Columbia
... Not surprisingly, intense efforts are underway throughout Latin America to identify effective measures to buffer the region’s economies from the macroeconomic effects of the crisis. If these are successful, imbalances will be minimized and potential conflicts will be averted. Given these concerns, i ...
... Not surprisingly, intense efforts are underway throughout Latin America to identify effective measures to buffer the region’s economies from the macroeconomic effects of the crisis. If these are successful, imbalances will be minimized and potential conflicts will be averted. Given these concerns, i ...
diluting - McGraw Hill Higher Education
... • Convertible bonds also allow young firms to delay expensive interest costs until they can afford them. • Support for these assertions is found in the fact that firms that issue convertible bonds are different from other firms: – The bond ratings of firms using convertibles are lower. – Convertible ...
... • Convertible bonds also allow young firms to delay expensive interest costs until they can afford them. • Support for these assertions is found in the fact that firms that issue convertible bonds are different from other firms: – The bond ratings of firms using convertibles are lower. – Convertible ...
Understanding the global financial crisis
... has taken place over the last 15 years or so. The essential function of finance is to channel funds from savers to individuals and firms with productive opportunities. Any new idea applicable to the essential function of finance is termed a financial innovation. Beyond any doubt, financial innovatio ...
... has taken place over the last 15 years or so. The essential function of finance is to channel funds from savers to individuals and firms with productive opportunities. Any new idea applicable to the essential function of finance is termed a financial innovation. Beyond any doubt, financial innovatio ...
An analysis of financial ratios for the Oslo Stock
... potential value added for equity holders. At the same time, changes in the interest rate level will have greater consequences for return on equity (ROE). The purpose of this article is to discuss key figures that can shed light on developments in operating profit, financial conditions and risk premi ...
... potential value added for equity holders. At the same time, changes in the interest rate level will have greater consequences for return on equity (ROE). The purpose of this article is to discuss key figures that can shed light on developments in operating profit, financial conditions and risk premi ...
Form 10-Q - Town Sports International Holdings, Inc.
... 2011 Senior Credit Facility On May 11, 2011, TSI, LLC entered into a $350,000 senior secured credit facility (“2011 Senior Credit Facility”). The 2011 Senior Credit Facility consisted of a $300,000 term loan facility (“2011 Term Loan Facility”) and a $50,000 revolving loan facility (“2011 Revolving ...
... 2011 Senior Credit Facility On May 11, 2011, TSI, LLC entered into a $350,000 senior secured credit facility (“2011 Senior Credit Facility”). The 2011 Senior Credit Facility consisted of a $300,000 term loan facility (“2011 Term Loan Facility”) and a $50,000 revolving loan facility (“2011 Revolving ...
2 - Economic Growth and Distribution:On the Nature and Causes of
... turn, a change in the ratio of debt to capital has an impact (nonetheless ambiguous) on capacity utilization and growth only in case those saving propensities are different. Moreover, it is formally derived a version of the minskyan taxonomy of finance regimes or postures (hedge, speculative and pon ...
... turn, a change in the ratio of debt to capital has an impact (nonetheless ambiguous) on capacity utilization and growth only in case those saving propensities are different. Moreover, it is formally derived a version of the minskyan taxonomy of finance regimes or postures (hedge, speculative and pon ...
Document
... Doomsday Machine by Martin Cohen and Andrew McKillop ]) that what is often not appreciated in debates about the economics of nuclear power is that the cost of equity, that is companies using their own money to pay for new plants, is generally higher than the cost of debt.The Doomsday Machine, Cohen ...
... Doomsday Machine by Martin Cohen and Andrew McKillop ]) that what is often not appreciated in debates about the economics of nuclear power is that the cost of equity, that is companies using their own money to pay for new plants, is generally higher than the cost of debt.The Doomsday Machine, Cohen ...
CAPSTEAD MORTGAGE CORP (Form: 8-K, Received: 01
... Commenting on current operating and market conditions, Phillip A. Reinsch, President and Chief Executive Officer, said, “Earnings for the fourth quarter were hampered by slower than anticipated declines in mortgage prepayment levels. As a result, portfolio yields did not improve as much as expected. ...
... Commenting on current operating and market conditions, Phillip A. Reinsch, President and Chief Executive Officer, said, “Earnings for the fourth quarter were hampered by slower than anticipated declines in mortgage prepayment levels. As a result, portfolio yields did not improve as much as expected. ...
Adverse Selection and Risk Aversion in Capital Markets
... and social welfare may or may not increase. These numerical results are aligned with the theoretical underpinnings in our companion paper, Braido et al. (2010), which considers an economy with debt financing only. In section 4.2, we consider how the tax treatment of losses can affect the level of in ...
... and social welfare may or may not increase. These numerical results are aligned with the theoretical underpinnings in our companion paper, Braido et al. (2010), which considers an economy with debt financing only. In section 4.2, we consider how the tax treatment of losses can affect the level of in ...
Housing and the Monetary Transmission Mechanism Frederic S. Mishkin
... Interest Rate Effects on Housing Supply I will now turn from demand to the supply factors that affect housing activity. Because builders construct houses relatively quickly, the interest rates that are relevant to the cost of financing house construction are short-term rates. Higher short-term rates ...
... Interest Rate Effects on Housing Supply I will now turn from demand to the supply factors that affect housing activity. Because builders construct houses relatively quickly, the interest rates that are relevant to the cost of financing house construction are short-term rates. Higher short-term rates ...
How Can the Poorest Countries Catch Up?
... Africa, the level of real per capita income today is lower than it was 30 years ago. In developing countries in the Middle East and the Western Hemisphere, real incomes have risen, but at a slower pace than in industrial countries (Figure 4.1). Sustained and rapid improvements in relative income pos ...
... Africa, the level of real per capita income today is lower than it was 30 years ago. In developing countries in the Middle East and the Western Hemisphere, real incomes have risen, but at a slower pace than in industrial countries (Figure 4.1). Sustained and rapid improvements in relative income pos ...
Liberal Mercantilism: Exchange Rate Regimes, Foreign Currency
... trade disputes is therefore a natural response to increased reserve needs. As we describe in more detail below, trade disputes are very plausibly capable of expanding exporting opportunities and, importantly, they operate on a timescale that allows them to serve foreign exchange needs. Declines in r ...
... trade disputes is therefore a natural response to increased reserve needs. As we describe in more detail below, trade disputes are very plausibly capable of expanding exporting opportunities and, importantly, they operate on a timescale that allows them to serve foreign exchange needs. Declines in r ...
CLOROX CO /DE/ (Form: 8-K, Received: 02/04/2014 08:45:50)
... described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Report on Form 10-K for the fiscal year ended June 30, 2013, as updated from time to time in the company’s SEC filings. These factors include, b ...
... described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Report on Form 10-K for the fiscal year ended June 30, 2013, as updated from time to time in the company’s SEC filings. These factors include, b ...
Introduction to High-Yield Bond Covenants
... a company’s option to retire the issue is limited but not impossible. For example, most bonds contain a “make whole” call feature that allows the company to call bonds during the non-call period at a premium of US Treasuries (UST) plus 50 bps. Investors are typically very satisfied when a “make whol ...
... a company’s option to retire the issue is limited but not impossible. For example, most bonds contain a “make whole” call feature that allows the company to call bonds during the non-call period at a premium of US Treasuries (UST) plus 50 bps. Investors are typically very satisfied when a “make whol ...
Our currency, your problem? The global effects of the euro debt crisis
... the movement must be motivated by a speci…c euro area event happening on that day and widely reported in the …nancial press as the motivating factor for the jump in the spread. I focus in particular on announcements by policy makers and decisions taken at the European level, which have re‡ected repe ...
... the movement must be motivated by a speci…c euro area event happening on that day and widely reported in the …nancial press as the motivating factor for the jump in the spread. I focus in particular on announcements by policy makers and decisions taken at the European level, which have re‡ected repe ...
Global safe assets - Bank for International Settlements
... a significant theme in recent policy debates (see inter alia Caballero, 2010b, Garcia, 2011, Credit Suisse, 2011, and especially International Monetary Fund, 2012, chap. 3). Safe assets are a cornerstone of modern financial systems. They provide a reliable store of value, serve as collateral in fina ...
... a significant theme in recent policy debates (see inter alia Caballero, 2010b, Garcia, 2011, Credit Suisse, 2011, and especially International Monetary Fund, 2012, chap. 3). Safe assets are a cornerstone of modern financial systems. They provide a reliable store of value, serve as collateral in fina ...
Kingdom of Lesotho: 2015 Article IV Consultation -
... While existing buffers provide a cushion to allow an orderly adjustment over the next 23 years, it is critical that the authorities take a substantial first step in the upcoming fiscal year to ensure credibility. Containing recurrent expenditures—most importantly, the extraordinarily large governmen ...
... While existing buffers provide a cushion to allow an orderly adjustment over the next 23 years, it is critical that the authorities take a substantial first step in the upcoming fiscal year to ensure credibility. Containing recurrent expenditures—most importantly, the extraordinarily large governmen ...
Better banks for Eastern Europe
... non-performing loans granted to state enterprises. Some of these bad loans are a legacy from the days of socialism, although the value of these loans has been largely eroded by inflation in some countries such as Poland. A major portion of the bad loans was accumulated when the banks expanded their ...
... non-performing loans granted to state enterprises. Some of these bad loans are a legacy from the days of socialism, although the value of these loans has been largely eroded by inflation in some countries such as Poland. A major portion of the bad loans was accumulated when the banks expanded their ...
Ch16 - NYU Stern
... which the premiums are based are historical data on asset prices over very long time periods. In the CAPM, the premium is estimated by looking at the difference between average returns on stocks and average returns on riskless securities over an extended period of history. In most cases, you follow ...
... which the premiums are based are historical data on asset prices over very long time periods. In the CAPM, the premium is estimated by looking at the difference between average returns on stocks and average returns on riskless securities over an extended period of history. In most cases, you follow ...
Mise en page 1
... responsible for documenting and addressing ethnic grievances. A well-anchored multiparty system Ghana’s political landscape and electoral system have three main distinguishing features compared to many African countries. First of all, the multiparty system is firmly anchored given that the bipartisa ...
... responsible for documenting and addressing ethnic grievances. A well-anchored multiparty system Ghana’s political landscape and electoral system have three main distinguishing features compared to many African countries. First of all, the multiparty system is firmly anchored given that the bipartisa ...
Household debt
Household debt is defined as the amount of money that all adults in the household owe financial institutions. It includes consumer debt and mortgage loans. A significant rise in the level of this debt coincides historically with many severe economic crises and was a cause of the U.S. and subsequent European economic crises of 2007–2012. Several economists have argued that lowering this debt is essential to economic recovery in the U.S. and selected Eurozone countries.