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insulation of money and credit flows from the impact of financial crisis

charpe et al - financial assets, debt and liquidity crises; a keynesian approach (2011)

charpe et al - financial assets, debt and liquidity crises; a keynesian approach (2011)

Tài chính doanh nghiệp

... point of departure 5.1 Introduction 5.2 The real and the financial part of the economy 5.2.1 The structure of the real part 5.2.2 The structure of the financial part 5.3 The structure of the economy ... to arise from the interplay of the real estate boom and the financial market boom In the USA the financial market crisis of 2007/8 originated in the interaction of the housing market and the banking ... dynamics of credit and debt default Currency crisis, credit crunches and large output loss 2.1 The emergence of currency crises With the end of the Bretton Woods system in the 1970s and the financial...
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The sensitivity of bank stock returns to market, interest and exchange rate risks docx

The sensitivity of bank stock returns to market, interest and exchange rate risks docx

Ngân hàng - Tín dụng

... (CN) derived from the decomposition of the XX matrix, where X is the matrix of regressor variables The CN for a matrix is defined as the square root of the ratio of the largest to the smallest ... of the dollar against a basket of currencies of the other Group of Ten countries plus Switzerland which is also published in the Federal Reserve Bulletin The weights used in the calculation of ... coefficients For these three tests, the b-test reports the significance of either the money- center variable or the post-October 1979 variable The a-test reports the F-value for the joint test that the coefficients...
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Derivative Exposure and the Interest Rate and Exchange Rate Risks of U.S. Banks ppt

Derivative Exposure and the Interest Rate and Exchange Rate Risks of U.S. Banks ppt

Ngân hàng - Tín dụng

... risks The results of this study provide the first formal estimates of the joint effect of derivative exposures on the systematic interest rate and exchange rate risks of U S banks The rest of the ... to examine the nature of these covariances in more detail To this end, suppose beginning of the period The bank’s net asset at the end of the period in dollar terms is (6) where q and q* are ... exposure effect, Journal of Finance 49, December, 1755-1786 Brewer, E and G.D Koppenhaver, 1992 The impact of standby letters of credit on bank risk: A Note, Journal of Banking and Finance 16, December,...
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Interest rates and exchange rate

Interest rates and exchange rate

Mẫu Slide - Template

... I In a world of countries and unrestricted capital flows, the real interest rates will be the same If they are not the same, arbitrage will equalize them For example, = 5%, = 10% The investor ... Effect - The Fisher effect describes the relationship between inflation, real interest rates and nominal interest rates - The nominal interest rate equals the real interest rates plus the expected ... investor will borrow capital in US and invest it in Japan increases, decreses => = The differences in nominal interest rates is also = differences in expected rates of inflation International Fisher...
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Revision of Nominal Effective Exchange Rate (NEER) and Real Effective Exchange Rate (REER) Indices.doc

Revision of Nominal Effective Exchange Rate (NEER) and Real Effective Exchange Rate (REER) Indices.doc

Tài chính - Ngân hàng

... 100.00 The use of bilateral trade and export weights is based on the restrictive assumption that from buyer’s point of view, the elasticity of substitution between the sources of supply is zero The ... chosen as the numeraire currency in the construction of REER/ NEER indices since the exchange value of the SDR is determined by a weighted average of a basket of currencies, which would offset fluctuations ... Moreover, from a statistical perspective, the choice of SDR as numeraire facilitates inclusion of the US, which is a major trading partner of India The exchange rate of a currency is expressed as the...
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The Foreign Exchange and Interest Rate Derivatives Markets: Turnover in the United States, April 2010 doc

The Foreign Exchange and Interest Rate Derivatives Markets: Turnover in the United States, April 2010 doc

Ngân hàng - Tín dụng

... upon at the time of the conclusion of the contract (the short leg), and a reverse exchange of the same two currencies at a date further in the future at a rate (generally different from the rate ... percent of turnover, up from 56 percent In the foreign exchange swaps market, the top ten dealers accounted for 81 percent of market share, unchanged from the previous survey The share of the top ... attributable to the consolidation of firms in 2008 and the exit of some dealers from the U.S market Participating dealers were commercial banks, U.S offices of foreign banking organizations, and securities...
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VIETNAM’S EXCHANGE RATE POLICY AND IMPLICATIONS FOR ITS FOREIGN EXCHANGE MARKET, 1986-2009 doc

VIETNAM’S EXCHANGE RATE POLICY AND IMPLICATIONS FOR ITS FOREIGN EXCHANGE MARKET, 1986-2009 doc

Ngân hàng - Tín dụng

... volatility except for the periods of the Asian Financial Crisis and the recent World Financial Crisis The low volatility of the exchange rate, coupled with the one-way nature of most daily movements, ... through the setting of both the official exchange rate and the allowable trading band, frequent instances of nonclearance of the market were unavoidable During much of the period under study, the ... movements in the nominal bilateral VND/USD rate The former period covered the launch of the Doi Moi process while the latter involved the Asian Financial Crisis and the implementation of trade liberalization...
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WORKING PAPER NO. 218 THE ZERO-INTEREST-RATE BOUND AND THE ROLE OF THE EXCHANGE RATE FOR MONETARY POLICY IN JAPAN potx

WORKING PAPER NO. 218 THE ZERO-INTEREST-RATE BOUND AND THE ROLE OF THE EXCHANGE RATE FOR MONETARY POLICY IN JAPAN potx

Ngân hàng - Tín dụng

... of Japan, the United States and the euro area with rational expectations and nominal rigidities First, we provide a quantitative analysis of the impact of the zero bound on the effectiveness of ... study of the effect of the zero bound on the distributions of output and inflation in the U.S economy Building on this analysis Reifschneider and Williams (2000) explored the consequences of the ... target and the equilibrium real interest rate) and the choice of the policy rule In the following we present results from stochastic simulations of our model with the shocks drawn from the covariance...
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The Exchange Rate Exposure of U.S. and Japanese Banking Institutions potx

The Exchange Rate Exposure of U.S. and Japanese Banking Institutions potx

Ngân hàng - Tín dụng

... affect the exporter’s profitability, it can affect the probability of loan default and, correspondingly, the value of the loan and the profitability of the bank 15 The estimates of exchange rate exposure ... reject the hypothesis that the coefficient is zero for five of the U.S firms and for eight of the Japanese firms This represents about 17 percent of the U S sample and about percent of the Japanese ... construct estimates of the exchange rate sensitivity of the equity returns of the U.S bank holding companies and compare them to those of the Japanese banks We find that the stock returns of a significant...
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Thuyết trình Exchange Rate pass-through and monetary policy in Croatia

Thuyết trình Exchange Rate pass-through and monetary policy in Croatia

Tài chính - Ngân hàng

... nghiên cứu trước  Krugman , 1987, “Pricing to market when the exchange rate changes”  Nghiên cứu vào phân tích chứng việc định giá theo thị trường – định nghĩa việc trì nâng giá hàng hóa xuất ... dẫn hoàn toàn đến giá nhập Tổng quan nghiên cứu trước  Gosh and Wolf, 2001, “Imperfect Exchange Rate PassThrough: Strategic Pricing and Menu Costs”  Nghiên cứu hiệu ứng truyền dẫn ngắn hạn không ... đưa vào phân tích nghiên cứu Tổng quan nghiên cứu trước  McCarthy, 2000, “Pass-Through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrialized Economies”  Bài báo nghiên...
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báo cáo hóa học:

báo cáo hóa học: " Can we derive an ''''exchange rate'''' between descriptive and preference-based outcome measures for stroke? Results from the transfer to utility (TTU) technique" doc

Hóa học - Dầu khí

... in the design of the study and interpretation of results, and suggested edits and revisions to the manuscript JS contributed to the acquisition and interpretation of the data, participated in the ... [21] The Hausman specification test for the appropriateness of the random effects estimator rejected the null hypothesis of no systematic differences between coefficients from fixed and random ... interactions and second-order terms in the case of the SF-36, and on index scores plus second-order terms in the case of the NIHSS and Barthel algorithms For all algorithms, we retained interaction and...
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essays on income inequality exchange rate and policy coordination

essays on income inequality exchange rate and policy coordination

Thạc sĩ - Cao học

... puts the expanded model in the control theory framework and gives a sensitivity analyse 2.2 THE MODEL 2.2.1 The Model Setup The model consists of the GDP identity and functions for each of its ... interaction of the two economies, the effect of monetary policy on the domestic economy and the difference between fiscal and monetary policy The price variables are the price level, wages, the interest ... The equations explain the consumption in China and Hong Kong respectively In theory, consumption is also a function of the interest rate and the price level: the higher the interest rate or the...
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The relation between exchange rate and the balance of payments – Theory and reality in Vietnam

The relation between exchange rate and the balance of payments – Theory and reality in Vietnam

Kinh tế - Quản lý

... First, the thesis examines overall theories on the relationbetween exchange rate and the balance of payments - Second, the thesis investigates the reality of the balance of payments, policies of ... general theories and analyse the reality of the causal relation between exchange rate and the balance of payments in Vietnam, the thesis proposes the orientation and solutions to improve the positive ... the deficit of the balance of payments and vice versa, the decrease in domestic creadit supply will lead to the surplus of the balance of payments On the other hand, in the system of flexible exchange...
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the choice of exchange-rate regime and speculative attacks

the choice of exchange-rate regime and speculative attacks

Ngân hàng - Tín dụng

... observes x and the fraction of speculators who decide to attack the band, α, and then decides whether or not to defend the band If he does, the exchange rate stays at the boundary of the band and the ... and Reinhart 2002) On the other hand, following the EMS currency crisis at the beginning of the 1990s, the prior system of cooperative pegs was replaced by wide bands until the formation of the ... abstracts from the effect of a band on the behavior of the exchange rate within the band, which is a main focus of the traditional target zone literature.6 We are aware of only three other papers...
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the choice of exchange-rate regime and speculative attacks

the choice of exchange-rate regime and speculative attacks

Chuyên ngành kinh tế

... observes x and the fraction of speculators who decide to attack the band, α, and then decides whether or not to defend the band If he does, the exchange rate stays at the boundary of the band and the ... and Reinhart 2002) On the other hand, following the EMS currency crisis at the beginning of the 1990s, the prior system of cooperative pegs was replaced by wide bands until the formation of the ... abstracts from the effect of a band on the behavior of the exchange rate within the band, which is a main focus of the traditional target zone literature.6 We are aware of only three other papers...
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The impact of exchange rate policy on trade balance and inflation in Vietnam = Tác động của chính sách tỷ giá hối đoái đối với cán cân thương mại và lạm phát ở Việt Nam

The impact of exchange rate policy on trade balance and inflation in Vietnam = Tác động của chính sách tỷ giá hối đoái đối với cán cân thương mại và lạm phát ở Việt Nam

Anh văn thương mại

... study, the thesis uses monthly data from 2000 to 2012 1.5 Structure of the Thesis The thesis includes chapters as follow: • • Chapter - Introduction Chapter - Theoretical foundation of impact of ... the U.S.’s demand for coffee of Vietnam will decrease When there is no demand, the good would be removed from export list to the U.S On the other hand, if exchange rate rises, list of goods exported ... after the crisis in 1998 confirmed that the rise of domestic output is the result of the devaluation of Ruble in 1998 FDI Effect – The sharp devaluation of the Ruble in 1998 sharply reduced the...
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