Sterling corporate bonds: an investor`s guide
... In the European Union, this document is only for the attention of “Professional” investor as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”), to investment services providers and any other professional of the financial industry, and as the case may b ...
... In the European Union, this document is only for the attention of “Professional” investor as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”), to investment services providers and any other professional of the financial industry, and as the case may b ...
U.S. Growth, the Housing Market and the Distribution of Income 1
... into the housing market, and the price of existing homes accelerated, again providing prolonged capital gains relative to income, with a peak in the second quarter of 2005 9 . Capital gains may thus provide a simple explanation for the decline in the saving rate. On the other hand, capital gains pro ...
... into the housing market, and the price of existing homes accelerated, again providing prolonged capital gains relative to income, with a peak in the second quarter of 2005 9 . Capital gains may thus provide a simple explanation for the decline in the saving rate. On the other hand, capital gains pro ...
Privatization and Politics - FGV
... (rating agency), specifically related to an entity’s ability to meet its debt obligations. Ratings are used by lenders to decide on approval of credit applications, and also to determine the regulatory capital backing required to cover a lender’s exposure. ...
... (rating agency), specifically related to an entity’s ability to meet its debt obligations. Ratings are used by lenders to decide on approval of credit applications, and also to determine the regulatory capital backing required to cover a lender’s exposure. ...
Investment Analysis (FIN 670)
... 38. Jones Group has been generating stable after-tax return on equity (ROE) despite declining operating income. Explain how it might be able to maintain its stable after-tax ROE. ...
... 38. Jones Group has been generating stable after-tax return on equity (ROE) despite declining operating income. Explain how it might be able to maintain its stable after-tax ROE. ...
Century Bonds: Issuance Motivations and Debt versus Equity
... Although insignificant stock price reactions to straight debt issuance announcements are often documented in prior studies [Eckho (1986), Mikkelson and Partch (1986) and ShyamSunder (1991)], Chaplinsky and Hansen (1993) find significant negative stock price reactions to unanticipated straight debt i ...
... Although insignificant stock price reactions to straight debt issuance announcements are often documented in prior studies [Eckho (1986), Mikkelson and Partch (1986) and ShyamSunder (1991)], Chaplinsky and Hansen (1993) find significant negative stock price reactions to unanticipated straight debt i ...
Fiscal Consolidation Strategy: An Update For The Budget Reform
... As a consequence of the global financial crisis and great recession government deficits have risen substantially, thus creating the need for a fiscal consolidation strategy to reduce deficits and stabilize government debt. Looking forward, sustained spending increases are particularly worrisome, bec ...
... As a consequence of the global financial crisis and great recession government deficits have risen substantially, thus creating the need for a fiscal consolidation strategy to reduce deficits and stabilize government debt. Looking forward, sustained spending increases are particularly worrisome, bec ...
Latest bill text (Draft #1)
... "Budget unit request" means a detailed statement of the financial requirements of a budget unit by principal budget class, and an estimate of its receipts and expenditures for the next two (2) fiscal years, with the accompanying explanations provided for by this chapter; ...
... "Budget unit request" means a detailed statement of the financial requirements of a budget unit by principal budget class, and an estimate of its receipts and expenditures for the next two (2) fiscal years, with the accompanying explanations provided for by this chapter; ...
Overborrowing and Systemic Externalities in the Business Cycle†
... pressure on the price of nontradables, which drags down the real exchange rate. This leads to a further tightening of the credit constraint, setting in motion Fisher’s debt deflation channel by which declines in consumption, the real exchange rate, and access to foreign financing mutually reinforce ...
... pressure on the price of nontradables, which drags down the real exchange rate. This leads to a further tightening of the credit constraint, setting in motion Fisher’s debt deflation channel by which declines in consumption, the real exchange rate, and access to foreign financing mutually reinforce ...
Brief answers to problems and questions for review
... Since the breakup of the Bretton Woods system of fixed exchange rates in the early 1970s, the IMF has been primarily involved in making loans to developing countries. The original intent of IMF lending was short-run balance of payments support for countries whose macroeconomic policies were inconsis ...
... Since the breakup of the Bretton Woods system of fixed exchange rates in the early 1970s, the IMF has been primarily involved in making loans to developing countries. The original intent of IMF lending was short-run balance of payments support for countries whose macroeconomic policies were inconsis ...
References - Lorenzo Bini Smaghi
... may impair the effectiveness of monetary policy. This means not only that monetary policy might become less effective in achieving price stability, but also that it could have perverse effects on financial stability itself. I will consider two cases. The first case occurs when the market turmoil has ...
... may impair the effectiveness of monetary policy. This means not only that monetary policy might become less effective in achieving price stability, but also that it could have perverse effects on financial stability itself. I will consider two cases. The first case occurs when the market turmoil has ...
Low interest rates and implications for financial stability
... • Economic agents accumulated excessive debt in the period before the crisis, based on optimistic expectations • Consequence: Extensive deleverage, dampening of investment and real interest rates, decline in nominal rates due to recession and accompanying monetary policy response • Secular stagnatio ...
... • Economic agents accumulated excessive debt in the period before the crisis, based on optimistic expectations • Consequence: Extensive deleverage, dampening of investment and real interest rates, decline in nominal rates due to recession and accompanying monetary policy response • Secular stagnatio ...
Brazil`s Enormous Interest Rate Tax
... could be expected to increase the risk of default and/or to raise the interest rate on their debt. Yemen is currently engulfed in a brutal civil war and has suffered from considerable political instability for many years. Egypt, with an interest burden the same as Brazil’s, has also been politically ...
... could be expected to increase the risk of default and/or to raise the interest rate on their debt. Yemen is currently engulfed in a brutal civil war and has suffered from considerable political instability for many years. Egypt, with an interest burden the same as Brazil’s, has also been politically ...
Recession Rebound Reaches Six-Year
... than policy makers would have liked. Even with a decent growth rate for the period of about 3 percent, which many expect, growth for the entire first half of the year would fall short of the 2.2 percent average pace over the six years since the recovery began, which itself is about half the normal g ...
... than policy makers would have liked. Even with a decent growth rate for the period of about 3 percent, which many expect, growth for the entire first half of the year would fall short of the 2.2 percent average pace over the six years since the recovery began, which itself is about half the normal g ...
A Summary of the Primary Causes of the Housing Bubble and the
... not based on the quality of each individual mortgage but based on historical mortgage default rates for similar mortgage pools. These historical default rates would become irrelevant in the event of an unprecedented increase in defaults. As irrational exuberance caused the housing market to overheat ...
... not based on the quality of each individual mortgage but based on historical mortgage default rates for similar mortgage pools. These historical default rates would become irrelevant in the event of an unprecedented increase in defaults. As irrational exuberance caused the housing market to overheat ...
Fundamental Analysis Chapter 7
... Cyclical industry - performance is positively related to economic activity Defensive industry - performance is insensitive to economic activity Growth industry - characterized by rapid growth in sales, independent of the business cycle ...
... Cyclical industry - performance is positively related to economic activity Defensive industry - performance is insensitive to economic activity Growth industry - characterized by rapid growth in sales, independent of the business cycle ...
Chapter 6 Long-run aspects of fiscal policy and
... ratio. For more developed countries this ratio is generally a small number.6 For some of the emerging economies that have poor institutions for collection of taxes it is considerably higher and time-varying. And in situations of budget crisis and hyperin‡ation it may be sizeable (see Montiel, 2003). ...
... ratio. For more developed countries this ratio is generally a small number.6 For some of the emerging economies that have poor institutions for collection of taxes it is considerably higher and time-varying. And in situations of budget crisis and hyperin‡ation it may be sizeable (see Montiel, 2003). ...
CH07 - U of L Class Index
... ◦ Have to estimate beta, which also varies over time ◦ We are relying on the past to predict the future, which is not always reliable ...
... ◦ Have to estimate beta, which also varies over time ◦ We are relying on the past to predict the future, which is not always reliable ...
Comments on approach paper 04 - Central Electricity Regulatory
... (2) In case of ROE: Existing methodology; any guarantee commission paid may be permitted. ...
... (2) In case of ROE: Existing methodology; any guarantee commission paid may be permitted. ...
Reinhart and Rogoff
... The combination of high and climbing public debts (a rising share of which is held by major central banks) and the protracted process of private deleveraging makes it likely that the ten years from 2008 to 2017 will be aptly described as a decade of debt. As such, the issues we raise in this paper w ...
... The combination of high and climbing public debts (a rising share of which is held by major central banks) and the protracted process of private deleveraging makes it likely that the ten years from 2008 to 2017 will be aptly described as a decade of debt. As such, the issues we raise in this paper w ...
on the structural weaknesses of the post-1999 turkish dis
... As indicators tabulated in Table 1 reveal, the strategy of “public sector deficit financing based on short-term foreign borrowing” led the banking system to be more vulnerable against the foreign exchange and interest risks. Increasingly unhedged risk-taking behavior, coupled with a remarkable buil ...
... As indicators tabulated in Table 1 reveal, the strategy of “public sector deficit financing based on short-term foreign borrowing” led the banking system to be more vulnerable against the foreign exchange and interest risks. Increasingly unhedged risk-taking behavior, coupled with a remarkable buil ...
Glossary
... Core Earnings and Core Earnings Per Average Common Share (Unrevised – excluding PAA) Non-GAAP measure that is defined as net income (loss) excluding gains or losses on disposals of investments and termination of interest rate swaps, unrealized gains or losses on interest rate swaps and investments m ...
... Core Earnings and Core Earnings Per Average Common Share (Unrevised – excluding PAA) Non-GAAP measure that is defined as net income (loss) excluding gains or losses on disposals of investments and termination of interest rate swaps, unrealized gains or losses on interest rate swaps and investments m ...
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.