... be of interestand value to financial practitioners and academics who have an interest in the evolution of monetary thought and practice, and the development of financial institutions and markets ... research, scholarship and understanding of key issues in public debate about monetary andfinancial policy, and trends in banking andfinancial markets in Europe This was, and remains, the central ... between financial economists, financial practitioners, central bankers and academics for the analysis and mutual understanding of monetary andfinancial issues ” (Excerpt from the SUERF Mission Statement)...
... ownership andfinancial reporting quality In addition, no evidence is found to support significant relationship between control variables (audit firms size, firm size and firm age) andfinancial ... error term Models of financial reporting quality measurement Financial; reporting quality is measured by residual standard deviation of two models of McNichols (2002) and Collins and Kothari (1989) ... corporate governance, and fraud: Evidencefrom China, Journal of Corporate Finance, 12 424– 448 Cong, Y Freedman, M 2011 Corporate governance and environmental performance and disclosures, Advances...
... goods: Theory andevidencefrom Poland Studies on the Agricultural and Food Sector in Central and Eastern Europe Edited by Leibniz Institute of Agricultural Development in Central and Eastern Europe ... differentiation of landscapes between both cultural and natural landscape Cultural landscapes are further subdivided into industrial landscapes, cityscapes and agricultural landscapes Particularly ... of the term landscape Landscape Cultural landscape Industrial landscape Cityscape Natural landscape Agricultural landscape Source: KNIERIM, 1994, p 174 Many authors assign cultural landscapes particular...
... between realinterestrates suggests that there is a common global component to G–7 realinterestrates that could be referred to as a world realinterest rate.1 As Chart B1 also illustrates, ... the common factor in realinterestrates that we refer to as “the world realinterest rate,” this study focuses on G–7 realinterest rates. 5 These economies are all open and well diversified ... global savings and investment decisions are made and how they affect world realinterestratesand the level of savings and investment undertaken Although global investment demand and the supply...
... between husband and wife, reflecting asymmetric preferences and power, has been widely discussed by McElroy and Horney (1981), Thomas (1990, 1994), Pollak (1994), Schultz (1999) and Quisumbing and Maluccio ... low and middle income countries was around US$1,200 22 These hill tribes originate from China, and have established themselves in Northern Thailand, particularly in the provinces of Chiang Mai and ... opportunities By and large, economic analyses show that low levels of education not only depress women’s social status and quality of life, but also limit productivity and hinder economic efficiency and growth...
... countries with lower and more stable inflation rates experience higher levels of banking and stock market development (Boyd, Levine and Smith, 2001) and high inflation andrealinterestrates are associated ... diversification, and management of risk, (iv) mobilization and pooling of savings, and (v) exchange of goods and services Since many market frictions exist and since laws, regulations, andpolicies differ ... of the financial system (currency plus demand and interest- bearing liabilities of banks and nonbank financial intermediaries) divided by GDP An important weakness with this measure of financial...
... Risk and Term Structure of InterestRates • The risk structure of interestrates looks at bonds with the same term to maturity and different interestrates • The term structure of interestrates ... short-term rates – Flat long-term rates are above short- and long-term rates are the same – Inverted long-term rates are below short-term rates Empirical Facts To Be Explained by the Term Structure Interest ... U.S interest payments on municipal bonds are exempt from federal income tax Term Structure of InterestRates • Bonds with identical risk, liquidity, and tax characteristics may have different interest...
... standards (Kelly, 2011 and McCarthy and McQuinn, 2011) On the credit supply side, menu costs incurred frominterest rate adjustments (Hofmann and Mizen, 2004) and credit rationing (Stiglitz and ... 2008 and that changes in money market and deposit rates are an important determinant for standard variable rates In the post 2008 period, the breakdown in pass-through between lending ratesand ... outstanding by instrument, and makes the following assumptions as to the interestrates for each category: • Retail deposits - we use household share weighted deposit rates (outstanding business rates...
... Surprises andInterest Rates: Evidencefrom the Fed Funds Futures Market Abstract This paper estimates the impact of monetary policy actions on bill, note, and bond yields, using data from the ... market interest rates, and a fall in bond prices; yet evidence for this view is elusive Cook and Hahn (1989) documented a strong response in the 1970s, but regressions using data from the 1980s and ... Rudebusch (1998)] Interestrates one-day response to monetary policy This section first revisits the basic relationship between target rate changes and market interest rates, and confirms its apparent...
... typically elect a management committee and vote on policies in annual meetings The variation in bank policiesand procedures and the fact that these policiesand procedures are determined by villagers ... 161 local financial institutions, 262 borrowing groups of the BAAC and soil samples from 1880 agricultural plots This paper uses data from the household surveys and the surveys of financial institutions ... includes household and village institution characteristics from rural and semi-urban Thailand, I examine how the policies of 161 village banks vary as a function of the education and training of...
... policy) and long-term interestrates on lending standards – and especially on loan risk-taking – depends on securitization activity and banking regulation supervision standards Second, Lown and Morgan ... (short-term interest) rates on lending standards and bank risk-taking (Table 2) Then, we compare the impact of short-term and long-term interestrates on lending standards and loan risk-taking ... D and L Laeven, “Credit Booms and Lending Standards: Evidencefrom the Subprime Mortgage Market,” IMF Working Paper 08/106, 2008 Dell'Ariccia, G and R Marquez, “Lending Booms and Lending Standards,”...
... Cleveland Fed’s website at: www.clevelandfed.org/research Working Paper 12-14 June 2012 Deep Recessions, Fast Recoveries, andFinancial Crises: Evidencefrom the American Record Michael D Bordo and ... Clara, UC Santa Cruz, and the Reserve Bank of New Zealand Patricia Waiwood provided excellent research assistance Deep Recessions, Fast Recoveries, andFinancial Crises: Evidencefrom the American ... short-term interestrates have been close to zero The Federal Reserve has gone through two rounds of quantitative easing and a maturity extension program designed to lower longterm interestrates and...
... 22d and 22g; credit to the government: lines 22a, 22b and 22c; interest rates: lines 60b,c,l,p and 61; CPI and PPI: lines 64 and 63; nominal GDP: lines 99b and 99b.c; real GDP: lines 99bvp and ... of loans with …xed interestratesand variable interestrates whether short-term or long-term interestrates play a more important role Because the nominal lending interestrates used in the paper ... short-term and long-term interest rate series, the consumer and producer price indices (CPI and PPI), realand nominal GDP, industrial production are obtained from the International Financial...
... include Covitz and Sharpe (2005), Purnandanam (2004), Lin and Smith (2003), Rogers (2002), Graham and Rogers (2002), Géczy, Minton and Schrand (1997), Mian (1996) and Fenn, Post and Sharpe (1996) ... Measurement and Hedging: With and Without Derivatives, Financial Management, 29(4), 5-30 Purnanandam, Amiyatosh, 2004, Financial Distress and Corporate Risk Management: Theory and Evidence, Working ... a financially unconstrained firm bearing the interest rate risk of the loan (Arvan and Brueckner, 1986, Edelstein and Urosevic, 2003, Froot and Stein, 1998) In Section 4.2 I present direct evidence...
... E W Neely and Rapach Results on the long-run properties of nominal interest rates, inflation rates, andrealinterestrates ADF tests fail to reject a unit root for nominal interestrates but ... Neely and Rapach Results on the long-run properties of nominal interest rates, inflation rates, andrealinterestrates 95 percent confidence interval for the EPRRs is (0.97, 0.99) There is evidence ... changes in central bank policies Although evidence of threshold behavior in realinterestrates is potentially interesting, the models not obviate the persistence in realinterest rates, as there are...
... runs (Goldstein and Pauzner (2005), Rochet and Vives (2004)), contagion of financial crises (Dasgupta (2004), Goldstein and Pauzner (2004)), and stock-market liquidity (Morris and Shin (2004), ... offer demandable claims to begin with Two such reasons are the provision of liquidity insurance (see Diamond and Dybvig (1983)) and the role of demandable claims in monitoring (see Fama and Jensen ... literature (Gorton (1988), Calomiris and Mason (1997), Schumacher (2000), Martinez-Peria and Schmukler (2001), and Calomiris and Mason (2003)) that argues that withdrawals from banks are driven by the...
... data availability Lending and deposit rates are short-term rates taken from lines 60p and 601 in IFS Wholesale rates are short-term money market or call money rates taken from line 60b in IFS Initial ... problems and benefits of financial liberalization in the Asia-Pacific, an understanding of retail rate rigidities after liberalization is clearly of interest I Retail interestrates in Singapore and ... differences when interestrates are above or below their equilibrium levels As in Neumark and Sharpe (1992) and Hannan and Berger (1991), this paper examines how retail (lending and deposit) rates respond...
... stock returns and unexpected inflation is given by interestrates If movements in interestrates result primarily from changes in inflationary expectations as Fama (1975, 1976) and Fama and Gibbons ... Scott, W and Peterson, R (1986) Interest Rate Risk and Equity Values of Hedged and Unhedged Financial Intermediaries”, Journal of Financial Research, 9, 325-329 Stone, B (1974) “Systematic Interest- Rate ... and Mansur, 1998; Benink and Wolff, 2000; Jianping and Zheng Wang, 2000) However, Choi et al (1996), Allen and Jagtiani, (1997) and Benink and Wolff, (2000) conclude that interest rate sensitivity...
... Garcia-Herrero and Vazquez, 2007 “International Diversification Gains and Home Bias in Banking,” IMF Working Paper WP/07/281 Gomez-Gonzalez and Kiefer, 2007 “ Bank failure: Evidencefrom the Colombian Financial ... benefit from the imperfect co-movement macroeconomic and monetary conditions across geographic regions (Griffith-Jones, Segoviano, and Spratt, 2002; Garcia-Herrero and Vazquez, 2007) and may ... financial crisis (Cornett et al., 2010), and were less likely to fail (Bologna, 2011) A related strand of literature has focused on the role of capital in the capacity of banks to withstand financial...
... Modelling Interest Income and Expenses 4 Data Estimation Results 11 Looking for the Worst Interest Rate Scenario 13 Conclusion 15 Which Interest Rate Scenario is the Worst one for a Bank? Evidencefrom ... short-term interest rates: empirical evidenceand implications for the Theofanis Archontakis term structure Wolfgang Lemke 03 2007 Price setting in the euro area: some stylised facts from individual ... 2: Banking andFinancial Studies 01 2007 Granularity adjustment for Basel II Michael B Gordy Eva Lütkebohmert 02 2007 Efficient, profitable and safe banking: an oxymoron? Evidencefrom a panel...