The Puzzle of Persistently Negative Interest Rate-Growth Differentials: Financial Repression or Income Catch-Up? pptx

... WP/11/260 The Puzzle of Persistently Negative Interest Rate-Growth Differentials: Financial Repression or Income Catch-Up? Julio Escolano, Anna Shabunina, and Jaejoon Woo 19 also the coefficient ... the null hypothesis that the full set of orthogonality conditions are valid (for example, p-value=0.29 for the regression in Column 1). The sec...

Ngày tải lên: 15/03/2014, 14:20

... percent in the 1980s to about 20 percent in the second half of the 1990s prior to the introduction of the inflation targeting regime and the floating of the currency in 1999. They declined further ... This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not...

Ngày tải lên: 22/03/2014, 17:20

... the tables is similar to the one obtained when the long terms interest rate is instrumented with the residual of its regression on the short-term interest rate. The downward bias of the short-term ... with the results presented here. Second, we checked that the endogeneity of the long-term market interest rate does not affect the results. The coefficient...

Ngày tải lên: 15/03/2014, 14:20

... for the estimation of these models from the Reports of Condition and Income (Call Reports) collected on a quarterly basis by the FDIC from the first quarter of 1986 to the second quarter of ... 378–80 for the structural models for debt valuation. Conceptually, the value of the shareholders’ interest can be thought of as a call option on the assets of th...

Ngày tải lên: 15/03/2014, 14:20

... the main determinants of net interest margins are bank-specific factors, whereas others claim that the industry-specific factors are more important. On the other hand, others believe that the ... favour of the Lebanese Pound has brought the level of dollarization of (resident private sector) loans from 87.01% at the beginning of 2001 to 77.28% at the end of 20...

Ngày tải lên: 22/03/2014, 17:20

... the tables is similar to the one obtained when the long terms interest rate is instrumented with the residual of its regression on the short-term interest rate. The downward bias of the short-term ... with the results presented here. Second, we checked that the endogeneity of the long-term market interest rate does not affect the results. The coefficient...

Ngày tải lên: 22/03/2014, 23:20

... in 2 For evidence of the imp ortance of targets for future market shares for foreign-owned banks active in the region such as ING and Raiffeisen see de Haas and Naaborg (2005). Recently, the high ... currency. The opposite occurs when R ∗ v < R v . Therefore, the firm portfolio choice is very similar to that of the households but for the new covariance term. Finally, the...

Ngày tải lên: 22/03/2014, 23:20

... theories of the source of price inflexibility generate different predictions for the form of the hazard function. The classical time-dependent model of Calvo 1983 generates a flat form of the ... dates (the week for which a particular rate was offered for the first time and the last time). A spell ends with either a change in the interest rate or the exit o...

Ngày tải lên: 22/03/2014, 23:20

... of the U.S. economy under the assumption of asymmetric information as in Svensson and Woodford (2004). Their findings regarding the information value of money are even more negative. 17 ECB Working ... that these perceptions represent the best available estimates of the unobservable variables from the perspective of the central bank. Similarly, we use the superscrip...

Ngày tải lên: 29/03/2014, 13:20

... have techniques for indicating whether nouns are subjects or objects, for example, and whether the subject of a verb is the speaker or some other person or object. The experiment provides powerful corroboration ... mortgagees and other security holders owning or holding 1 percent or more of total amount of bonds, mortgages or other securities: none. 12. For completion...

Ngày tải lên: 12/05/2014, 15:03