SOME POSITIVE EFFECTS OF DECENTRALIZED FISCAL
... the year 2006. Figure 5 shows that in that period there is an inversion of the path. The opposite effect of interest rates movements on GDP reduces and, at a time of financial crises, it approximates to zero. Around the year 2008 happened a kind of liquidity trap, testifying the fact that the intere ...
... the year 2006. Figure 5 shows that in that period there is an inversion of the path. The opposite effect of interest rates movements on GDP reduces and, at a time of financial crises, it approximates to zero. Around the year 2008 happened a kind of liquidity trap, testifying the fact that the intere ...
EUROPEAN COMMISSION Brussels, 22.2.2017 SWD(2017) 76 final
... vulnerabilities persist, in particular related to high levels of debt denominated in foreign currency. Modest growth prospects remain a key challenge for the economy. Protractedly slow productivity growth and low and declining utilisation of human capital reduce the economy's long term growth prospe ...
... vulnerabilities persist, in particular related to high levels of debt denominated in foreign currency. Modest growth prospects remain a key challenge for the economy. Protractedly slow productivity growth and low and declining utilisation of human capital reduce the economy's long term growth prospe ...
A Policy Model for Analyzing Macroprudential and Monetary Policies Sami Alpanda Gino Cateau
... Theoretical front: renewed interest in incorporating real-…nancial linkages into DSGE models Policy front: new emphasis on the role of macroprudential regulations more targeted than MP to achieve …nancial stability MP may at times face tradeo¤s: e.g. low in‡ation and high HH debt ...
... Theoretical front: renewed interest in incorporating real-…nancial linkages into DSGE models Policy front: new emphasis on the role of macroprudential regulations more targeted than MP to achieve …nancial stability MP may at times face tradeo¤s: e.g. low in‡ation and high HH debt ...
The Risks of Sovereign Lending: Lessons from History
... there were both productive and consumption-oriented uses of the funds depending upon the particular country. The emergence of the United States as a large net creditor after World War I had a profound impact on the supply of loans to foreign governments. The U.S. had been producing supplies and muni ...
... there were both productive and consumption-oriented uses of the funds depending upon the particular country. The emergence of the United States as a large net creditor after World War I had a profound impact on the supply of loans to foreign governments. The U.S. had been producing supplies and muni ...
Inflation, Debt, and Default
... However, for a domestic government, debt becomes less attractive in bad times: deflation makes real government obligations larger in recessions, when the government values consumption more. In contrast, the government in the countercyclical economy benefits from the haircut induced by inflation in b ...
... However, for a domestic government, debt becomes less attractive in bad times: deflation makes real government obligations larger in recessions, when the government values consumption more. In contrast, the government in the countercyclical economy benefits from the haircut induced by inflation in b ...
Dan diBartolomeo
... Combining factor models and structural models of credit risk allows for consistent estimation of equity risk, credit risk and default correlation Structural models based on contingent claims methods are a direct and informative approach to assessing the expected survival of firms Comparison of ...
... Combining factor models and structural models of credit risk allows for consistent estimation of equity risk, credit risk and default correlation Structural models based on contingent claims methods are a direct and informative approach to assessing the expected survival of firms Comparison of ...
Understanding the economic fallacies of the intergenerational debate
... and money creation), various scenarios are constructed to show that budget deficits are either inflationary, if 'financed' by 'printing money' or squeeze private sector spending (by pushing up interest rates) if 'financed' by debt issue. Taxation is also considered to be a drain on private enterpris ...
... and money creation), various scenarios are constructed to show that budget deficits are either inflationary, if 'financed' by 'printing money' or squeeze private sector spending (by pushing up interest rates) if 'financed' by debt issue. Taxation is also considered to be a drain on private enterpris ...
ECONOMIC DEVELOPMENTS IN 2015 AND OUTLOOK FOR 2016
... Real GDP growth in Sint Maarten was dampened by a contraction in the transport, storage, & communication, financial intermediation, construction, and manufacturing sectors. The negative outcome in the transport, storage & communication sector was largely the result of less activity in the harbor as ...
... Real GDP growth in Sint Maarten was dampened by a contraction in the transport, storage, & communication, financial intermediation, construction, and manufacturing sectors. The negative outcome in the transport, storage & communication sector was largely the result of less activity in the harbor as ...
millennials and homeownership
... Other policy efforts miss the mark because they are intended to assist current homeowners rather than help families achieve homeownership for the first time. In response to the rising rate of foreclosure, the government backed the refinancing of distressed loans. This policy approach, which was impl ...
... Other policy efforts miss the mark because they are intended to assist current homeowners rather than help families achieve homeownership for the first time. In response to the rising rate of foreclosure, the government backed the refinancing of distressed loans. This policy approach, which was impl ...
The plan 1 provides a concrete mechanism to
... Securitisation proposal, as part of CMU. The ECB’s easy money policy could then reach SMEs across the entire euro area. o A minor practical benefit - but perhaps looming larger in restoring public trust in financial markets – is that a public authority would provide reference pricing based on massiv ...
... Securitisation proposal, as part of CMU. The ECB’s easy money policy could then reach SMEs across the entire euro area. o A minor practical benefit - but perhaps looming larger in restoring public trust in financial markets – is that a public authority would provide reference pricing based on massiv ...
Discussion Paper
... debt indexation. Commodity-linked bonds are defined as ‘a bond whose redemption value is linked to the price of a commodity. Typically, issuers whose income stream is closely tied to commodity earnings issue these bonds.’ (IMF, 2014a: 188). Unlike conventional bonds, which pay a stated fixed coupon ...
... debt indexation. Commodity-linked bonds are defined as ‘a bond whose redemption value is linked to the price of a commodity. Typically, issuers whose income stream is closely tied to commodity earnings issue these bonds.’ (IMF, 2014a: 188). Unlike conventional bonds, which pay a stated fixed coupon ...
View Article (PDF)
... Acquisition Makes Situs the Leading Multinational, Independent Servicer in Europe NEW YORK AND LONDON – November 2nd, 2016 – Situs, the premier global provider of strategic business solutions for the finance and commercial real estate industries, today announced the completion of its acquisition of ...
... Acquisition Makes Situs the Leading Multinational, Independent Servicer in Europe NEW YORK AND LONDON – November 2nd, 2016 – Situs, the premier global provider of strategic business solutions for the finance and commercial real estate industries, today announced the completion of its acquisition of ...
Chapter 9 - Cost of Capital
... Higher betas mean greater risk. For example, a beta of 2.0 indicates that an asset’s return should increase 2% for every 1% increase in the market. Conversely, the asset’s return should decrease 2% for every 1% decrease in the market. ...
... Higher betas mean greater risk. For example, a beta of 2.0 indicates that an asset’s return should increase 2% for every 1% increase in the market. Conversely, the asset’s return should decrease 2% for every 1% decrease in the market. ...
The Lessons from the Housing Market Crisis Elias Karakitsos
... The US housing market has played a key role in the last business cycle. In the upswing it boosted output and concealed adverse macroeconomic developments, such as the decline in multi-factor productivity, while in the downswing it has been the key driver of the unravelling recession that has turned ...
... The US housing market has played a key role in the last business cycle. In the upswing it boosted output and concealed adverse macroeconomic developments, such as the decline in multi-factor productivity, while in the downswing it has been the key driver of the unravelling recession that has turned ...
G-SIIs - Home.BARCLAYS
... (BCBS) establish a framework to identify Global Systemically Important Institutions (G-SIIs), defined as those financial institutions that could be expected to have the greatest impact on the global financial system and the global economy, should they fail. G-SIIs are required to hold an additional ...
... (BCBS) establish a framework to identify Global Systemically Important Institutions (G-SIIs), defined as those financial institutions that could be expected to have the greatest impact on the global financial system and the global economy, should they fail. G-SIIs are required to hold an additional ...
How Do Local Housing Market Cycles Affect Long
... with same set of household characteristics. • In order to test for the impact of housing wealth on financial wealth we need an instrument correlated with housing wealth but not financial wealth. • Housing market conditions at time of last transition from rent to own. – Is the decision to transition ...
... with same set of household characteristics. • In order to test for the impact of housing wealth on financial wealth we need an instrument correlated with housing wealth but not financial wealth. • Housing market conditions at time of last transition from rent to own. – Is the decision to transition ...
NBER WORKING PAPER SERIES OPTIMAL RESERVE MANAGEMENT AND SOVEREIGN DEBT Laura Alfaro
... potential tightening of international financial constraints rather than income fluctuation per se as in more standard debt models. These models have made important progress in providing an integral framework to analyze quantitatively some of the limitations and risks of the integration of developing ...
... potential tightening of international financial constraints rather than income fluctuation per se as in more standard debt models. These models have made important progress in providing an integral framework to analyze quantitatively some of the limitations and risks of the integration of developing ...
... benefit borrowers (Myers, 1984). This defect is to some extent remedied by indexing interest payments to the prevailing rate of inflation, however this arrangement is more typical of long-term borrowing arrangements between lenders and lending institutions and is not common in short-term credit arra ...
Medium Term Debt Strategy
... As referred in the Budget Statement for FY 2015/16, despite our limited financial circumstances and other constraints, this current budget focuses on improving performance, growth, and wellbeing, while ensuring sound fiscal conditions; these conditions are in turn an essential requirement for our po ...
... As referred in the Budget Statement for FY 2015/16, despite our limited financial circumstances and other constraints, this current budget focuses on improving performance, growth, and wellbeing, while ensuring sound fiscal conditions; these conditions are in turn an essential requirement for our po ...
DP2007/11 Credit constraints and housing markets in New Zealand Andrew Coleman
... bank noted that “principal and interest payments should not exceed 20% of the breadwinner’s annual gross earnings, or at most 25% where other commitments are of little consequence,” and that in making such calculations a 20 year table mortgage would be the standard contract. Moreover, banks would no ...
... bank noted that “principal and interest payments should not exceed 20% of the breadwinner’s annual gross earnings, or at most 25% where other commitments are of little consequence,” and that in making such calculations a 20 year table mortgage would be the standard contract. Moreover, banks would no ...
Cash Available Segment
... Income tax payments Intermediate term loan payments: Interest payments Principal payments Long term loan payments: Interest payments Principal payments Capital expenditures: Machinery and motor vehicles Breeding livestock Buildings and improvements Land Family living expenses Other cash required Tot ...
... Income tax payments Intermediate term loan payments: Interest payments Principal payments Long term loan payments: Interest payments Principal payments Capital expenditures: Machinery and motor vehicles Breeding livestock Buildings and improvements Land Family living expenses Other cash required Tot ...
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.