... thefinancialstability risks posed by MMFs Concluding Remarks We support theCouncil s efforts to address the structural vulnerabilities of MMFs by releasing the Proposal We agree with theCouncil s ... confidence that the size ofthe buffer is adequate to absorb likely losses Accordingly, the size of an appropriate NAV buffer should depend, in part, on the level of risk in a fund and the level of diversification ... calculation ofthe size ofthe NAV buffer established to absorb day-to-day fluctuations in the value ofthe fund’s assets and an inequitable distribution of assets between stable NAV share owners and the...
... in the following sections -12- III HISTORY OF REFORM EFFORTS AND ROLE OFTHEFINANCIALSTABILITYOVERSIGHTCOUNCIL A REFORM EFFORTS TO DATE Following thefinancial crisis, the Department ofthe ... the Chairperson ofthe Council, Treasury Secretary Geithner, sent a letter to Council members urging theCouncil to take action in the absence ofthe SEC doing so B ROLE OFTHECOUNCIL AND DODD-FRANK ... including whether the fund should discontinue the use of these methods and re-price the securities ofthe fund at a value other than $1.00 per share, an event known as “breaking the buck” (i.e., the fund...
... An Overview oftheFinancial System • Primary function oftheFinancial System is financial Intermediation • The channeling of funds from households, firms and governments ... shortage of funds (borrowers) • Direct finance vs Indirect finance 2-2 An Overview oftheFinancial System II 2-3 Structure ofFinancial Markets I Debt Markets • Short-term (maturity < year) – the ... other than the country in which it is sold • Eurocurrencies – foreign currencies deposited in banks outside the home country 2- World Stock Markets 2- Function ofFinancial Intermediaries I Financial...
... entirely those ofthe author(s) and not necessarily represent the view ofthe African Development Bank, its Board of Directors, or the countries they represent The Policy Briefs on theFinancial Crisis ... 1.2 The latest key features ofthe crisis since the last meeting include : • A slowdown in the downward trend of commodity prices For example, a barrel of crude oil was trading at USD 45 at the ... economies to fulfil their promises of trade liberalization In this regard, the G20 can promote (i) the restoration of access to financing for African countries; and (ii) the reduction ofthe continent’s...
... Development, the Office ofthe Comptroller ofthe Currency, the Office of Federal Housing Enterprise Oversight (and its successor, the Federal Housing Finance Agency), the Office of Thrift Supervision, the ... the President, the Congress, and the American people the results of its examination and its conclusions as to the causes ofthe crisis More than two years after the worst ofthefinancial crisis, ... at the end of chapters in Parts III, IV, and V of this report The subject of this report is of no small consequence to this nation The profound events of and were neither bumps in the...
... completed at the end of 2012, FTA decided to add a new element to the scope ofthe audit: the effectiveness ofthe relationship between the SSO agency and the rail transit agency This audit of TOC, ... Memorandum of Understanding among the District of Columbia, Office of Mass Transit; the Commonwealth of Virginia, Virginia Department of Rail and Public Transportation; and the State of Maryland, ... in the Memorandum of Understanding, TOC is composed of six representatives—two each from Maryland, Virginia, and the District of Columbia Each ofthe three parties to the Memorandum of Understanding...
... poverty.1,2 Thefinancial services sector is the largest in the BOX THE ROLE OF LOCAL FINANCIAL INSTITUTIONS world in terms of earnings, comprised of a wide While an in-depth discussion is outside the ... the top tiers ofthe economic pyramid.3 One ofthe most critical obstacles to financial inclusion is informality The poor often live and work in the informal sector, lacking legal ownership of ... change in the industry At theFinancial Sector Summit in 2002, the industry effectively voted for the latter option.84 Activities Following theFinancial Sector Summit, the Banking Council and the...
... from the councils ofthe National Academy of Sciences, the National Academy of Engineering, and the Institute of Medicine The members ofthe committee responsible for the report were chosen for their ... 133 Understanding the Birth ofthe Universe, 140 Understanding the Destiny ofthe Universe, 144 Exploring the Unification ofthe Forces from Underground, 148 Exploring the Basic Laws of Physics ... secure the services of eminent members of appropriate professions in the examination of policy matters pertaining to the health ofthe public The Institute acts under the responsibility given to the...
... volume” ofthe solute, solubility is predicted This is satisfied if the distance from the center ofthe solvent sphere to the center ofthe solute sphere (Rij) is smaller than the radius ofthe solute ... fines • The water content ofthe bio-oil • The extent of contamination ofthe bio-oil during storage by corrosion or leaching ofthe containers • Exposure to air during storage • The length of storage ... during pyrolysis • The extent of vapor dilution in the reactor • The time and temperature history ofthe vapors in the reactor • The time and temperature history ofthe vapors in the heated transfer...
... Options, other derivatives, and the like are all part ofthe market’s offering And as the sophistication of assets traded has increased, so have the methods by which they are traded From the early ... with the complexities ofthe stock market may be struck by the brevity of this book Our goal is not to cover the entire landscape encompassing the stock market and its related areas What the book ... Philipson, for conceiving the idea ofthe series and for sponsoring it within Greenwood Press Series Foreword xiii The overriding purpose of each of these books and the series as a whole is,...
... each of these events impacted how the market functions, even today THE PANIC OF 1907 The final decade ofthe 1800s is often referred to as the ‘‘Golden Age’’ in U.S economic history A time of seemingly ... episodes that affected the market and its development: the Panic of 1907, the Great Crash of 1929, the Crash of 1987, and the Crash of 2000 Aside from some similarities, the circumstances leading ... recovering from the events of 1857, stocks faced another setback with the onset ofthe Civil War By war’s end, however, the market was poised for another upward run The nature of Wall Street had...
... share of any excess in the value ofthe assets over the liabilities that have been paid off A share of common stock also gives the shareholder a right to vote in the election ofthe board of directors ... one-fifteenth ofthe firm compared with the original claim to one-tenth ofthe firm Because of this effect, the original shareholders (owners) ofthe firm must approve secondary offerings They would ... devaluation ofthe Thai baht, the crisis spread to the currencies of other countries, including South Korea, Indonesia, Malaysia, and the Philippines There are several theories, but the most popular...
... In the case of a two for one stock split, the owner of one share of stock prior to the split is given another share This action does not affect the underlying value ofthe corporation, so the ... prices that make up the index The level ofthe index means little in and of itself Rather, what is important to an investor is how the index changes over time The change ofthe index, not its ... OTHER INDEXES The Russell and the Wilshire indexes, like the S&P 500, track the stock prices of a wide variety of companies These indexes include many smaller corporations not found in the others...
... the expenses ofthe mutual fund These expenses include payments to the managers ofthe fund who select the securities bought by the fund, and expenses associated with maintaining the fund’s of ces, ... the 78 The Stock Market buyer to take delivery ofthe underlying commodity at a future date On the other side ofthe transaction, the contract calls on the seller to make delivery ofthe commodity ... role in the economic and financial well-being of a country In the United States, there are three major exchanges, the NYSE, the NASDAQ, and the AMEX On these exchanges there are thousands of companies...
... recommendations to the President, to the Secretary ofthe Treasury, and to the Chairman ofthe Board of Governors ofthe Federal Reserve System.6 Regulation ofthe Stock Market 93 The findings ofthe Task ... move to impose a blanket of federal government oversightofthe securities markets ‘‘marked the end ofthe era of free enterprise capitalism and the beginning ofthe period of controlled capitalism.’’3 ... contract, the put option In the case of a put option the buyer ofthe option contract has the option to sell the underlying asset back to the writer ofthe option at a preagreed upon price (the exercise...
... The gist of their response was that, while they had their finger on the pulse and their eye on the data, they had made two related diagnostic mistakes: the error of extrapolation and the (rather ... characteristic ofthe global political economy was the reversal ofthe flow of trade and capital surpluses between the United States and the rest ofthe world The hegemon, for the first time ... culture, on the wizardry of Wall Street and on the brilliance ofthe post-Big Bang City of London, the news ofthe Crash, its sights and sounds as they were beamed all over the world, filled the European...
... Note: The arrows reflect the direction ofthe flow of funds Setting the Stage for Financial Meltdown 13 The loan’s risk determines the terms ofthe syndicated loan Primary market pricing ofthe ... leveraged loans are often pooled together and securitized in the form of CLOs Once the terms ofthe loan syndication are set, they cannot be changed without the agreement ofthe members ofthe loan syndicate ... Thus, the borrower is guaranteed the full face value ofthe loan Best efforts deals The size ofthe loan is determined by the commitments of banks that agree to participate in the syndication The...
... features ofthe empirical tests of this thesis in comparison to those in the literature ofthe information content theory Firstly, the aim ofthe thesis is to find out the nature ofthe information ... represent the interest ofthe company, not ofthe group they represent The advantage of Germany-Japan model is that, the banks and other large shareholders can, with the majority shares they hold of ... with the major shareholders, they may also pursue their common interests at the cost of minor shareholders Therefore, the objectives of this thesis are as follows It is hypothesized that the financial...