investor s reservation real rate financial repression versus the fear factor

bootle - money for nothing; real wealth, financial fantasies, and the economy of the future (2003)

bootle - money for nothing; real wealth, financial fantasies, and the economy of the future (2003)
Ngày tải lên : 04/11/2014, 05:17
... or rising interest rates As soon as Greenspan saw the signs he slashed interest rates, and continued doing so, with some effect Nevertheless, the signs of chronic weakness lingered on This had ... investing in stocks came very close to this as shares in businesses that had no profits, and in some cases no revenues, changed hands for huge sums And some pretty strange businesses were set ... to sell out betimes, and so let the Devil take the hindmost.3 FINANCIAL FANTASIES 17 As the South Sea stock soared and great enthusiasm was generated about its prospects, so a whole host of other...
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Tài liệu The Decline in the U.S. Personal Saving Rate: Is It Real and Is It a Puzzle? pptx

Tài liệu The Decline in the U.S. Personal Saving Rate: Is It Real and Is It a Puzzle? pptx
Ngày tải lên : 16/02/2014, 11:20
... major swings in the saving rate The FoF Measure of the Personal Saving Rate Estimates of the assets and liabilities of the personal sector are available in the FoF accounts of the Federal Reserve ... BOG These accounts also provide estimates of holding gains and losses for assets such as real estate and corporate equities, including assets held indirectly through mutual funds, pension funds, ... private saving rate remain a puzzle IS THE DECLINE REAL? MEASUREMENT ISSUES There are two basic sources of calculated values for the personal saving rate: the NIPA estimates from the BEA and the estimates...
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The Puzzle of Persistently Negative Interest Rate-Growth Differentials: Financial Repression or Income Catch-Up? pptx

The Puzzle of Persistently Negative Interest Rate-Growth Differentials: Financial Repression or Income Catch-Up? pptx
Ngày tải lên : 15/03/2014, 14:20
... integration This paper is organized as follows The first section discusses the central role of the IRGD in debt dynamics and presents the basic IRGD facts in relation with income levels The second section ... select and include a set of controls In this framework, we assess the impact of financial repression (or financial development) on the real effective interest rates The baseline panel regression ... The evidence strongly suggests that these low (often negative) real interest rates stem from domestic financial market distortions, captive savings markets, and financial repression Therefore,...
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Tài liệu People’s Republic of China: Financial System Stability Assessment pptx

Tài liệu People’s Republic of China: Financial System Stability Assessment pptx
Ngày tải lên : 16/02/2014, 03:20
... for the methodology 30 Table China: Stress Tests for Banks Solvency Stress Tests Sensitivity Stress Tests Who performed the stress tests Institutions covered/market share Severity of shocks Data ... APPENDIX I: STRESS TESTING 80 The stress testing exercise was a collaborative effort between the FSAP stress testing team and a PBC/CBRC stress testing team This was to ensure that the stress test work ... interest rate increase by 54 bps; severe scenario real estate prices decline by 30 percent, and interest rates increase by 108 bps 34 The stress testing exercise has also assessed the potential losses...
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Tài liệu Audit Report - Federal Energy Regulatory Commission''''s Fiscal Year 2012 Financial Statement Audit pptx

Tài liệu Audit Report - Federal Energy Regulatory Commission''''s Fiscal Year 2012 Financial Statement Audit pptx
Ngày tải lên : 17/02/2014, 21:20
... Requirements for Federal Financial Statements, as amended The following sections discuss our opinion on the Commission s financial statements; our consideration of the Commission s internal control ... the usefulness of its products We wish to make our reports as responsive as possible to our customers' requirements, and, therefore, ask that you consider sharing your thoughts with us On the ... procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Commission s internal control over financial...
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Tài liệu U.S. Securities and Exchange Commission “We are the investor’s advocate” pdf

Tài liệu U.S. Securities and Exchange Commission “We are the investor’s advocate” pdf
Ngày tải lên : 18/02/2014, 14:20
... lastminute issues Students should note that Congress generally prohibits the use of appropriated funds to employ non-citizens within the United States That restriction is discussed on the USAJobs ... interns each semester The Commission encourages applications because the OIG serves an important mission and because it provides interns with hands-on educations Students interested in the OIG should ... at the SEC All offers will be contingent on the students disclosing any affiliations outside the classroom that they will have during their internship (including jobs, research assistantships,...
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U.S. Senate Pharmaceutical Industry Financial Holdings, 2004 ppt

U.S. Senate Pharmaceutical Industry Financial Holdings, 2004 ppt
Ngày tải lên : 06/03/2014, 19:20
... Johnson & Johnson Schering-Plough Abbott Labs Abbott Labs spouse Baxter Int’l Baxter Int'l spouse Bristol-Myers Squibb Bristol-Myers Squibb spouse Columbine Venture fund spouse Delphi Ventures spouse ... Inc spouse Impath Inc spouse Impath Inc spouse Impath Inc spouse Impath Inc spouse Impath Inc spouse Impath Inc spouse Intuitive Surgical spouse Lab Corp of America spouse Lab Corp of America spouse ... spouse Delphi Ventures spouse Guidant spouse Johnson & Johnson spouse Johnson & Johnson spouse Johnson & Johnson spouse Medtronic Stock Value: Income (Dividends, etc): Salary, Minimum Maximum Minimum...
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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
Ngày tải lên : 15/03/2014, 04:20
... economies does not address the issue of the constant terms Another reason for selecting the baseline speci…cation is that the variables included are all expressed in levels, which secures that the ... with their consequences for econometric testing Section presents the economic speci…cation used for the estimations and describes the dataset and the estimation techniques Section then presents ... applied for the derivation of the …tted values12 Our safest bet is to use the largest and the smallest constant terms (as well as the median constant term) obtained on the basis of the small OECD...
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BIS Working Papers No 312 China’s high saving rate: myth and reality potx

BIS Working Papers No 312 China’s high saving rate: myth and reality potx
Ngày tải lên : 15/03/2014, 10:20
... initiatives, before Section concludes Measurements and stylised facts of Chinese saving This section summarises the main data issues in measuring the Chinese saving rate and highlights some of its most ... most salient stylised facts 2.1 Data and measurement issues To lay a sound basis for discussion, we first clarify some of the confusions associated with the measurements of the Chinese saving rate ... shares in both industrial sales and assets doubled in the 200 0s This questions the theory that the Chinese corporate earnings are mainly inflated by distortions and subsidies Graph Profits, sales...
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WORKING PAPER NO. 40 FINANCIAL STRUCTURE AND THE INTEREST RATE CHANNEL OF ECB MONETARY POLICY pptx

WORKING PAPER NO. 40 FINANCIAL STRUCTURE AND THE INTEREST RATE CHANNEL OF ECB MONETARY POLICY pptx
Ngày tải lên : 15/03/2014, 14:20
... (1995), Section of the paper analyses the pass-through of money market rates to bank retail rates The analysis adds to these studies in three respects First, the pass-through is measured for several ... interest rate contracts are very scarce The composition of the assets side and liabilities side are discussed in turn On the financial assets side, time deposits, bonds and short-term securities, ... reduces the interest rate cycle asymmetry of the pass-through Second, the size of the market for short-term debt securities increases the responsiveness of the bank deposit rate to the MMR (see...
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Fiscal Dominance and the Long-Term Interest Rate: FINANCIAL MARKETS GROUP SPECIAL PAPER SERIES doc

Fiscal Dominance and the Long-Term Interest Rate: FINANCIAL MARKETS GROUP SPECIAL PAPER SERIES doc
Ngày tải lên : 29/03/2014, 13:20
... using the same historical volatilities to assess risks, they were all led to try to reduce their interest rate exposures at the same time The net result was a sharp rise in yields which imposed significant ... t-statistics given in parentheses The simplicity of this regression result came as a surprise Further statistical work is clearly required (other variables such as debt levels should be tested, ... public changes its bank balances in response to Treasury sales 71 If it simply reduces its bank deposits then the effects are similar as operations vis-à-vis banks This merits further research A...
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CITIZEN’S GUIDE TO THE 2011 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT pdf

CITIZEN’S GUIDE TO THE 2011 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT pdf
Ngày tải lên : 29/03/2014, 18:20
... 2011, as is the case in most years, include the Departments of Health and Human Services (HHS) and Defense (DoD) and the Social Security Administration (SSA) The bulk of HHS and SSA costs are ... revenues and expenditures, and an assessment of the Government 's long-term fiscal sustainability This Report discusses the Government s financial position at the end of the fiscal year, explains how ... consistency in these estimates GSE estimated liabilities decreased due to payments to the GSEs and lower loss projections As discussed later and as indicated in the “change” column of Table 3, the...
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english finance management accounting the agile manager''s guide to understanding financial statements

english finance management accounting the agile manager''s guide to understanding financial statements
Ngày tải lên : 08/04/2014, 12:07
... They should also discuss its likely “exposure” (how much of its shirt the company may lose, including attorneys’ fees) if the other side wins In these cases, the notes should also discuss what ... revenue) As mentioned, this is what was really sold after customers’ returns, sales discounts, and other allowances were taken away from gross sales Companies usually just show the net sales amount ... one-day “snapshot” of the company s assets, debts, and owners’ equity A balance sheet shows assets (what the company owns) and sets them equal to its liabilities (what the company owes) plus the owners’...
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english finance management accounting the agile manager''s guide to understanding financial statements

english finance management accounting the agile manager''s guide to understanding financial statements
Ngày tải lên : 08/04/2014, 12:09
... They should also discuss its likely “exposure” (how much of its shirt the company may lose, including attorneys’ fees) if the other side wins In these cases, the notes should also discuss what ... revenue) As mentioned, this is what was really sold after customers’ returns, sales discounts, and other allowances were taken away from gross sales Companies usually just show the net sales amount ... one-day “snapshot” of the company s assets, debts, and owners’ equity A balance sheet shows assets (what the company owns) and sets them equal to its liabilities (what the company owes) plus the owners’...
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hedge fund of funds investing - an investor's guide [2004 isbn1576601242]

hedge fund of funds investing - an investor's guide [2004 isbn1576601242]
Ngày tải lên : 08/05/2014, 09:55
... fund of funds investment process The fund of funds, then, allows investors access to an attractive class of investments without necessitating that investors themselves develop the specialized ... Figure 2-1 shows the major strategies by annualized rates of return and standard deviation to demonstrate the range of possible outcomes across strategies These summary statistics are based on performance ... received substantial asset flows as a result The number of funds of funds and the assets controlled by these investment vehicles have grown apace The annual growth rate for fund of funds assets since...
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Management and Financial Audit of the Hawaii Tourism Authority’s Major Contracts A Report _part1 ppt

Management and Financial Audit of the Hawaii Tourism Authority’s Major Contracts A Report _part1 ppt
Ngày tải lên : 18/06/2014, 20:20
... Legislature Under its assigned missions, the office conducts the following types of examinations: Financial audits attest to the fairness of the financial statements of agencies They examine the ... Special studies respond to requests from both houses of the Legislature The studies usually address specific problems for which the Legislature is seeking solutions Hawaii s laws provide the Auditor ... benefits Such bills cannot be enacted unless they are referred to the Office of the Auditor for an assessment of the social and financial impact of the proposed measure Analyses of proposed special...
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Management and Financial Audit of the Hawaii Tourism Authority’s Major Contracts A Report _part2 ppt

Management and Financial Audit of the Hawaii Tourism Authority’s Major Contracts A Report _part2 ppt
Ngày tải lên : 18/06/2014, 20:20
... Objectives of the Audit Assess whether the Hawai`i Tourism Authority adequately manages its major contracts Assess the compliance of major contractors with contract provisions and the propriety of contract ... Revenues and Appropriations, FY1999-2000 to FY2001-02 FY1999-2000 Revenues: Tourism Special Fund Interest/miscellaneous receipts Total revenues Appropriations: Regular session Special session Total ... magazine, other companies may opt to add their advertisements to the insert The insert, which may have grown to four pages, will then strengthen the message of Hawai`i as a travel destination...
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Management and Financial Audit of the Hawaii Tourism Authority’s Major Contracts A Report _part3 pptx

Management and Financial Audit of the Hawaii Tourism Authority’s Major Contracts A Report _part3 pptx
Ngày tải lên : 18/06/2014, 20:20
... employees received individual annual bonuses in excess of $25,000 The authority did not assess the appropriateness of the salary levels or the incentive program bonus amounts The authority s non-involvement ... violated its own policies for reimbursable expenditures In other cases HVCB did not exercise adequate controls over expenditures that resulted in the misuse of state funds We also found several instances ... generous compensation, exorbitant state-funded bonuses, and unnecessary severance packages Prior to the authority s establishment in 1998, the Department of Business, Economic Development and Tourism...
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Management and Financial Audit of the Hawaii Tourism Authority’s Major Contracts A Report _part4 doc

Management and Financial Audit of the Hawaii Tourism Authority’s Major Contracts A Report _part4 doc
Ngày tải lên : 18/06/2014, 20:20
... Bennet and Associates two separate amounts under two separate agreements leads us to question whether use of HVCB as the pass-through entity for payment was designed to evade the State Procurement ... received from the governor s office for services the special advisor procured The arrangement between the university and HVCB was also suspect for other reasons First, we found that HVCB used state contract ... advisor for technology development It was HVCB s understanding that its sole function was to serve as a pass-through for payments to vendors’ services procured by the special advisor Without questioning...
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Management and Financial Audit of the Hawaii Tourism Authority’s Major Contracts A Report _part5 pdf

Management and Financial Audit of the Hawaii Tourism Authority’s Major Contracts A Report _part5 pdf
Ngày tải lên : 18/06/2014, 20:20
... year then ended These financial statements are the responsibility of HVCB s management Our responsibility is to express an opinion on these financial statements based on our audit The financial statements ... methods and assigns responsibility of overseeing the procurement steps to various sections It also specifies that overall responsibility for a contract rests with the section that initiated the contract ... whether the financial statements are free of material misstatement An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements An audit...
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