Presentation to the Third Seminar of the FI on the economic crisis
... First, I must thank the organisers of this seminar for inviting to make a presentation. I am honoured to have been asked to speak alongside such an able list of other speakers and, as I can see, an audience of experienced and clever Marxists. The organisers have set me a humungous task: to explain t ...
... First, I must thank the organisers of this seminar for inviting to make a presentation. I am honoured to have been asked to speak alongside such an able list of other speakers and, as I can see, an audience of experienced and clever Marxists. The organisers have set me a humungous task: to explain t ...
Lecture 3b Ch 11 Mortgage Markets
... established by the federal government after WWII when it created Fannie Mae to buy mortgages from thrifts. • The market experienced tremendous growth in the early to mid-1980, and has continued to remain a strong market in the U.S. ACF 104 Financial Institutions ...
... established by the federal government after WWII when it created Fannie Mae to buy mortgages from thrifts. • The market experienced tremendous growth in the early to mid-1980, and has continued to remain a strong market in the U.S. ACF 104 Financial Institutions ...
Essentials of Managerial Finance
... Financial Breakeven Analysis • Financial breakeven point is defined as the level of operating income (NOI or EBIT) that covers all fixed financing charges. • At the financial breakeven point, EPS = 0. • For the most part, fixed financial charges include interest paid on debt and preferred stock div ...
... Financial Breakeven Analysis • Financial breakeven point is defined as the level of operating income (NOI or EBIT) that covers all fixed financing charges. • At the financial breakeven point, EPS = 0. • For the most part, fixed financial charges include interest paid on debt and preferred stock div ...
Loans Classified by Special Provision
... being purchased, stating its current market value based on a VAapproved appraisal. The appraiser uses a form called a URAR (Uniform Residential Appraisal Report) to present the appraisal results to the lender. The CRV places a ceiling on the amount the VA loan allows for the property; if the purchas ...
... being purchased, stating its current market value based on a VAapproved appraisal. The appraiser uses a form called a URAR (Uniform Residential Appraisal Report) to present the appraisal results to the lender. The CRV places a ceiling on the amount the VA loan allows for the property; if the purchas ...
Banking Relationships and REIT Capital Structure - DataPro
... dramatic increase in the use of bank debt.1 This is largely due to the fact that the REIT industry has experienced rapid growth with property acquisitions, development, and mergers representing the core growth strategies employed. Given that REITs have limited ability to retain internal cash flows d ...
... dramatic increase in the use of bank debt.1 This is largely due to the fact that the REIT industry has experienced rapid growth with property acquisitions, development, and mergers representing the core growth strategies employed. Given that REITs have limited ability to retain internal cash flows d ...
The Importance of Financial Literacy
... poor financial decisions come thick and fast through life. Many of these – particularly for the young – are associated with easy access to credit and the ‘buy now, pay later’ marketing of many retailers. For some people, this fuels poor spending habits – indiscriminate and compulsive spending behavi ...
... poor financial decisions come thick and fast through life. Many of these – particularly for the young – are associated with easy access to credit and the ‘buy now, pay later’ marketing of many retailers. For some people, this fuels poor spending habits – indiscriminate and compulsive spending behavi ...
LONGzTERM INVESTORS?
... rising inflation erodes the purchasing power of coupons and the capital. Inflation-linked bonds have become increasingly popular as they pay coupons linked to inflation. • Property: Theoretically, rental fees should rise in line with inflation and household and business incomes. Over time, house pr ...
... rising inflation erodes the purchasing power of coupons and the capital. Inflation-linked bonds have become increasingly popular as they pay coupons linked to inflation. • Property: Theoretically, rental fees should rise in line with inflation and household and business incomes. Over time, house pr ...
Structural Models of Credit Risk are Useful: Evidence
... Table IV reports the average value of the coefficients and their t-statistics calculated from their cross-sectional standard deviation.7 A number of points are worth noting. Both factors are significant for the whole sample and for most of the rating categories. For the whole sample, a one percent ...
... Table IV reports the average value of the coefficients and their t-statistics calculated from their cross-sectional standard deviation.7 A number of points are worth noting. Both factors are significant for the whole sample and for most of the rating categories. For the whole sample, a one percent ...
Word 2002 Format
... arising from mandatory and voluntary non-exchange transactions with federal, state governments, organizations, or individuals that are restricted for use in a particular program. General revenues are revenues that are not required to be reported as program revenues such as property taxes levies for ...
... arising from mandatory and voluntary non-exchange transactions with federal, state governments, organizations, or individuals that are restricted for use in a particular program. General revenues are revenues that are not required to be reported as program revenues such as property taxes levies for ...
a Durable Income Characteristic
... Real assets are generally characterized by high barriers to entry, essential services, relatively inelastic demand, large investment scale, and long duration cash flows Portfolio benefits include: • The ability to earn attractive risk-adjusted returns relative to other asset classes • Low correlatio ...
... Real assets are generally characterized by high barriers to entry, essential services, relatively inelastic demand, large investment scale, and long duration cash flows Portfolio benefits include: • The ability to earn attractive risk-adjusted returns relative to other asset classes • Low correlatio ...
CEDAR REALTY TRUST, INC.
... contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. The prior period finan ...
... contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. The prior period finan ...
TDA 4%
... ability to generate cash flows to service debt, fund capital expenditures and fund other corporate investing and financing activities. Amortization of acquired intangible assets are excluded because they are non-cash expenses that do not require further cash investment. Interest on borrowings is exc ...
... ability to generate cash flows to service debt, fund capital expenditures and fund other corporate investing and financing activities. Amortization of acquired intangible assets are excluded because they are non-cash expenses that do not require further cash investment. Interest on borrowings is exc ...
Weekly Economic Commentary
... and diced several ways. One way to look at the budget is by function or cabinet post, such as the Department of Labor, Department of the Interior, Department of Defense, etc. Another way is to group the spending categories together by legislative mandate — mandatory spending and nonmandatory spendin ...
... and diced several ways. One way to look at the budget is by function or cabinet post, such as the Department of Labor, Department of the Interior, Department of Defense, etc. Another way is to group the spending categories together by legislative mandate — mandatory spending and nonmandatory spendin ...
Banks` Sovereign Exposures and the Feedback Loop
... percentage points since 2007. Back-of-the-envelope calculations show that if Italian real GDP had since grown at a similar rate as in the previous ten years and the deflator had risen in line with the euro area’s inflation target, the debt to GDP ratio would now be just 3 points, and not 33 points, ...
... percentage points since 2007. Back-of-the-envelope calculations show that if Italian real GDP had since grown at a similar rate as in the previous ten years and the deflator had risen in line with the euro area’s inflation target, the debt to GDP ratio would now be just 3 points, and not 33 points, ...
Public Debt and Deficits
... rigorous policy frameworks do not exist—considered analytical tools and normative standards have been developed—but that these frameworks are not well understood by the public. At the highest level, there may be similarities in fiscal frameworks across countries. However, country-specific circumstan ...
... rigorous policy frameworks do not exist—considered analytical tools and normative standards have been developed—but that these frameworks are not well understood by the public. At the highest level, there may be similarities in fiscal frameworks across countries. However, country-specific circumstan ...
From the Great Depression to the Euro Crisis, 1929–2013: A Global
... GDP per capita of an economy, in real terms at purchasing power parity, remains below the highest annual level previously reached. The GDP per capita estimates made by Angus Maddison are the main source of data. For recent years these estimates are linked to OECD figures. Two research hypotheses are ...
... GDP per capita of an economy, in real terms at purchasing power parity, remains below the highest annual level previously reached. The GDP per capita estimates made by Angus Maddison are the main source of data. For recent years these estimates are linked to OECD figures. Two research hypotheses are ...
Full Report
... The recent bursting of the great global credit bubble not only led to the first worldwide recession since the 1930s, but also left an enormous burden of debt that now weighs on the prospects for recovery. Today, government and business leaders are facing the twin questions of how to prevent similar ...
... The recent bursting of the great global credit bubble not only led to the first worldwide recession since the 1930s, but also left an enormous burden of debt that now weighs on the prospects for recovery. Today, government and business leaders are facing the twin questions of how to prevent similar ...
Debt Maturity and the Dynamics of Leverage
... for dynamic capital structure adjustments and which firms are most likely to issue shortterm debt? We address these questions in a framework that does not rely on information asymmetries or agency conflicts. In the model firms’ equityholders are allowed to optimize the mix of debt and equity used to ...
... for dynamic capital structure adjustments and which firms are most likely to issue shortterm debt? We address these questions in a framework that does not rely on information asymmetries or agency conflicts. In the model firms’ equityholders are allowed to optimize the mix of debt and equity used to ...
Original sin
... institutions designed to enforce their claims are weak Chamon (2002) and Aghion, Bacchetta and Banerjee (2001) show that if depreciation and default risk are correlated and, if in case of default, assets are divided among creditors in proportion to their nominal claims, domestic currency market will ...
... institutions designed to enforce their claims are weak Chamon (2002) and Aghion, Bacchetta and Banerjee (2001) show that if depreciation and default risk are correlated and, if in case of default, assets are divided among creditors in proportion to their nominal claims, domestic currency market will ...
Debt Valuation, Renegotiation, and Optimal Dividend Policy
... uses. It is assumed that the private valuation of such alternatives exceed the present value of tax benefits from keeping the firm alive. The debt holders can simply sell the shares to willing buyers to cash out. In this manner they can avoid costly liquidation of assets. While it could be argued that ...
... uses. It is assumed that the private valuation of such alternatives exceed the present value of tax benefits from keeping the firm alive. The debt holders can simply sell the shares to willing buyers to cash out. In this manner they can avoid costly liquidation of assets. While it could be argued that ...
The Chicago Plan Revisited Jaromir Benes and Michael Kumhof WP/12/202
... investment trusts that are funded exclusively by net savers’ equity investments, with the funds either lent to net borrowers, or invested as equity if this is feasible (it may not be feasible for household debtors). We will briefly return to the investment trust alternatives below, but they are not ...
... investment trusts that are funded exclusively by net savers’ equity investments, with the funds either lent to net borrowers, or invested as equity if this is feasible (it may not be feasible for household debtors). We will briefly return to the investment trust alternatives below, but they are not ...
Lazard Emerging Markets Debt
... presidential bid in November. At that point, emerging markets debt had posted one of its longest and strongest continuous rallies since the global financial crisis; however, in our view these gains were partially reversed for reasons related to the unexpected US election result: • Trump’s promises ...
... presidential bid in November. At that point, emerging markets debt had posted one of its longest and strongest continuous rallies since the global financial crisis; however, in our view these gains were partially reversed for reasons related to the unexpected US election result: • Trump’s promises ...
SPERI Paper No.1 - Sheffield Political Economy Research Institute
... through contagion born of financial interdependence. In order to suffer from such an effect, economies did not need to have experienced any housing or other asset-price bubble, but simply to have (or have had) a system of financial regulation sufficiently liberal to allow banks (commercial or invest ...
... through contagion born of financial interdependence. In order to suffer from such an effect, economies did not need to have experienced any housing or other asset-price bubble, but simply to have (or have had) a system of financial regulation sufficiently liberal to allow banks (commercial or invest ...
SPERI Paper No.1 - Sheffield Political Economy Research Institute
... through contagion born of financial interdependence. In order to suffer from such an effect, economies did not need to have experienced any housing or other asset-price bubble, but simply to have (or have had) a system of financial regulation sufficiently liberal to allow banks (commercial or invest ...
... through contagion born of financial interdependence. In order to suffer from such an effect, economies did not need to have experienced any housing or other asset-price bubble, but simply to have (or have had) a system of financial regulation sufficiently liberal to allow banks (commercial or invest ...
Chapter 17 -- Capital Structure Determination
... Initially, low-cost debt is not rising and replaces more expensive equity financing and ko declines. • Then, increasing financial leverage and the associated increase in ke and ki more than offsets the benefits of lower cost debt financing. ...
... Initially, low-cost debt is not rising and replaces more expensive equity financing and ko declines. • Then, increasing financial leverage and the associated increase in ke and ki more than offsets the benefits of lower cost debt financing. ...
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.