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financial repression policies and evidence from real interest rates

MONETARY AND FINANCIAL THINKING IN EUROPE EVIDENCE FROM FOUR DECADES OF SUERF

MONETARY AND FINANCIAL THINKING IN EUROPE EVIDENCE FROM FOUR DECADES OF SUERF

Kinh tế - Quản lý

... be of interest and 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 and financial policy, and trends in banking and financial 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 and financial issues ” (Excerpt from the SUERF Mission Statement)...
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pari chalaki - 2012 - corporate governance attributes and financial reporting quality - empirical evidence from iran

pari chalaki - 2012 - corporate governance attributes and financial reporting quality - empirical evidence from iran

Tổng hợp

... ownership and financial reporting quality In addition, no evidence is found to support significant relationship between control variables (audit firms size, firm size and firm age) and financial ... 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: Evidence from China, Journal of Corporate Finance, 12 424– 448 Cong, Y Freedman, M 2011 Corporate governance and environmental performance and disclosures, Advances...
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Andreas Gramzow Rural development as provision of local public goods: Theory and evidence from Poland pdf

Andreas Gramzow Rural development as provision of local public goods: Theory and evidence from Poland pdf

Tiếp thị - Bán hàng

... goods: Theory and evidence from 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...
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Global Savings, Investment, and World Real Interest Rates docx

Global Savings, Investment, and World Real Interest Rates docx

Ngân hàng - Tín dụng

... between real interest rates suggests that there is a common global component to G–7 real interest rates that could be referred to as a world real interest rate.1 As Chart B1 also illustrates, ... the common factor in real interest rates that we refer to as “the world real interest rate,” this study focuses on G–7 real interest rates. 5 These economies are all open and well diversified ... global savings and investment decisions are made and how they affect world real interest rates and the level of savings and investment undertaken Although global investment demand and the supply...
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Economic incentives and gender discrimination in schooling theory and evidence from thai hill tribes

Economic incentives and gender discrimination in schooling theory and evidence from thai hill tribes

Tổng hợp

... 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...
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Finance Financial Sector Policies and Long Run Growth

Finance Financial Sector Policies and Long Run Growth

Tổng hợp

... 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 and real interest rates 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, and policies 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...
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the risk and term structure of interest rates

the risk and term structure of interest rates

Lý thuyết tài chính tiền tệ

... Risk and Term Structure of Interest Rates • The risk structure of interest rates looks at bonds with the same term to maturity and different interest rates • The term structure of interest rates ... 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 Interest Rates • Bonds with identical risk, liquidity, and tax characteristics may have different interest...
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The financial crisis and the pricing of interest rates in the Irish mortgage market: 2003-2011 ppt

The financial crisis and the pricing of interest rates in the Irish mortgage market: 2003-2011 ppt

Ngân hàng - Tín dụng

... standards (Kelly, 2011 and McCarthy and McQuinn, 2011) On the credit supply side, menu costs incurred from interest 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 rates and ... outstanding by instrument, and makes the following assumptions as to the interest rates for each category: • Retail deposits - we use household share weighted deposit rates (outstanding business rates...
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Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market doc

Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market doc

Ngân hàng - Tín dụng

... Surprises and Interest Rates: Evidence from 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)] Interest rates 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...
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Human Capital and the Development of Financial Institutions: Evidence from Thailand docx

Human Capital and the Development of Financial Institutions: Evidence from Thailand docx

Ngân hàng - Tín dụng

... typically elect a management committee and vote on policies in annual meetings The variation in bank policies and procedures and the fact that these policies and 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...
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Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from Lending Standards pptx

Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from Lending Standards pptx

Ngân hàng - Tín dụng

... policy) and long-term interest rates 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 interest rates on lending standards and loan risk-taking ... D and L Laeven, “Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market,” IMF Working Paper 08/106, 2008 Dell'Ariccia, G and R Marquez, “Lending Booms and Lending Standards,”...
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Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record ppt

Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record ppt

Tài chính doanh nghiệp

... Cleveland Fed’s website at: www.clevelandfed.org/research Working Paper 12-14 June 2012 Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from 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, and Financial Crises: Evidence from the American ... short-term interest rates 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 interest rates and...
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Credit Growth in Central and Eastern Europe: Emerging from Financial Repression to New (Over)Shooting Stars? potx

Credit Growth in Central and Eastern Europe: Emerging from Financial Repression to New (Over)Shooting Stars? potx

Ngân hàng - Tín dụng

... 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 interest rates and variable interest rates whether short-term or long-term interest rates play a more important role Because the nominal lending interest rates used in the paper ... short-term and long-term interest rate series, the consumer and producer price indices (CPI and PPI), real and nominal GDP, industrial production are obtained from the International Financial...
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How and Why Do Small Firms Manage Interest Rate Risk? Evidence from Commercial Loans pot

How and Why Do Small Firms Manage Interest Rate Risk? Evidence from Commercial Loans pot

Ngân hàng - Tín dụng

... 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...
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Real Interest Rate Persistence: Evidence and Implications ppt

Real Interest Rate Persistence: Evidence and Implications ppt

Ngân hàng - Tín dụng

... E W Neely and Rapach Results on the long-run properties of nominal interest rates, inflation rates, and real interest rates ADF tests fail to reject a unit root for nominal interest rates but ... Neely and Rapach Results on the long-run properties of nominal interest rates, inflation rates, and real interest rates 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 real interest rates is potentially interesting, the models not obviate the persistence in real interest rates, as there are...
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Payoff Complementarities and Financial Fragility: Evidence from Mutual Fund Outflows potx

Payoff Complementarities and Financial Fragility: Evidence from Mutual Fund Outflows potx

Quỹ đầu tư

... 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...
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Asymmetric adjustment of commercial bank interest rates: evidence from Malaysia and Singapore pdf

Asymmetric adjustment of commercial bank interest rates: evidence from Malaysia and Singapore pdf

Ngân hàng - Tín dụng

... 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 interest rates in Singapore and ... differences when interest rates 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...
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Interest Rate Risk and Bank Common Stock Returns: Evidence from the Greek Banking Sector pot

Interest Rate Risk and Bank Common Stock Returns: Evidence from the Greek Banking Sector pot

Ngân hàng - Tín dụng

... stock returns and unexpected inflation is given by interest rates If movements in interest rates 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...
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Bank Funding Structures and Risk: Evidence from the Global Financial Crisis pptx

Bank Funding Structures and Risk: Evidence from the Global Financial Crisis pptx

Ngân hàng - Tín dụng

... 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: Evidence from 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...
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Which interest rate scenario is the worst one for a bank? Evidence from a tracking bank approach for German savings and cooperative banks potx

Which interest rate scenario is the worst one for a bank? Evidence from a tracking bank approach for German savings and cooperative banks potx

Ngân hàng - Tín dụng

... 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? Evidence from ... short-term interest rates: empirical evidence and implications for the Theofanis Archontakis term structure Wolfgang Lemke 03 2007 Price setting in the euro area: some stylised facts from individual ... 2: Banking and Financial Studies 01 2007 Granularity adjustment for Basel II Michael B Gordy Eva Lütkebohmert 02 2007 Efficient, profitable and safe banking: an oxymoron? Evidence from a panel...
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