This document compares the economic situations of Iceland and Ireland following the 2008 financial crisis. It discusses how Iceland's lack of prudent regulation and supervision of its privatized banks led to a highly leveraged and unstable financial system. When the crisis hit, all three of Iceland's big banks failed. The document examines the causes and lessons from Iceland's experience, including the role of inflation targeting and speculative finance, and draws parallels to Ireland's experience during the same time period.
In July 2013 Justin recently a Federal Budget update to the Tamworth branch of the Association of Independent Retirees. The presentation sought to clarify some of the major announcements which arose from the budget.
This is the presentation by Lord Turner at the Resolution Foundation event, Dealing with debt, in which Lord Turner, economist and former chairman of the Financial Services Authority, set out his own analysis of the household debt problem and gave his assessment of the Resolution Foundation’s work.
This event was held on 3 June 2014
In July 2013 Justin recently a Federal Budget update to the Tamworth branch of the Association of Independent Retirees. The presentation sought to clarify some of the major announcements which arose from the budget.
This is the presentation by Lord Turner at the Resolution Foundation event, Dealing with debt, in which Lord Turner, economist and former chairman of the Financial Services Authority, set out his own analysis of the household debt problem and gave his assessment of the Resolution Foundation’s work.
This event was held on 3 June 2014
The first part of December is a busy time for economists. People want to know what’s going to happen in the coming year. However, nobody’s clairvoyant. Forecasts are certain to be wrong. We can only tell you what to expect. The outlook for 2011 has been especially challenging, as the ground has been shifting under our feet. The tax proposal, the rout in bonds, and simmering concerns about Europe would seem to have significant impacts on the growth outlook, and they do. However, as with any economic recovery, positive forces battle it out with negative forces, with the positive force eventually dominating. Along the way, the pace is typically uneven across time and across sectors. That implies some volatility in the markets as investors debate the strength of the recovery.
Iceland became the first developed economy to fall victim to the current international financial crisis. An experiment with the smallest independent currency area in the world (pop: 300 thousand), based on the króna as a national currency, has ended in a national disaster. Iceland suffered a twin- crisis, with the value of the currency in a free fall and the national financial system in ruins.
The first part of December is a busy time for economists. People want to know what’s going to happen in the coming year. However, nobody’s clairvoyant. Forecasts are certain to be wrong. We can only tell you what to expect. The outlook for 2011 has been especially challenging, as the ground has been shifting under our feet. The tax proposal, the rout in bonds, and simmering concerns about Europe would seem to have significant impacts on the growth outlook, and they do. However, as with any economic recovery, positive forces battle it out with negative forces, with the positive force eventually dominating. Along the way, the pace is typically uneven across time and across sectors. That implies some volatility in the markets as investors debate the strength of the recovery.
Iceland became the first developed economy to fall victim to the current international financial crisis. An experiment with the smallest independent currency area in the world (pop: 300 thousand), based on the króna as a national currency, has ended in a national disaster. Iceland suffered a twin- crisis, with the value of the currency in a free fall and the national financial system in ruins.
Social Media as a Bridge between Teaching and ResearchStephen Kinsella
Here's a talk I gave on Tuesday to a symposium on Social Media with Prof. Gerry McKiernan, revolving around using social media tools like this blog, the text messaging software, and The Twitter, etc, to communicate and interact with my students.
A Matching Model with Friction and Multiple CriteriaStephen Kinsella
We present a model of matching based on two character measures.
There are two classes of individual. Each individual
observes a sequence of potential partners from the opposite class.
One
measure describes the "attractiveness" of an individual.
Preferences are common according to
this measure: i.e. each individual prefers highly attractive partners and all individuals
of a given class agree as to how attractive individuals of the opposite class are. Preferences are
homotypic with respect to the second measure, referred to as "character" i.e.
all individuals prefer partners of a similar character.
Such a problem may be interpreted as e.g. a job search problem in which the classes
are employer and employee, or a mate choice problem in which the classes are male and
female.
It is assumed that
attractiveness is easy to measure and observable with certainty. However,
in order to observe the character of an individual, an interview (or courtship) is required.
Hence, on observing the attractiveness of a prospective partner an individual must decide whether he/she wishes
to proceed to the interview stage. Interviews only occur by mutual consent. A pair can only be formed
after an interview. During the interview phase the prospective pair
observe each other's
character, and then decide whether they wish to form a pair.
It is assumed that mutual acceptance is required for pair formation to
occur. An individual stops searching on finding a partner.
This paper
presents a general model of such a matching process. A particular case is
considered in which character "forms a ring" and has a uniform distribution.
A set of criteria based on the concept of a subgame
perfect Nash equilibrium is used to define the solution of this particular game. It is shown that
such a solution is unique. The general form of the solution is derived and a procedure for finding
the solution of such a game is given.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
5. WHAT I WANT YOU TO
KNOW
Iceland’s economic situation Or: Pray.
is a direct outcome of its
Compare: Ireland
institutional history.
experienced the same
boom, the same bust
History Matters.
Contrast: But, we’re in the
Remedies for Iceland’s
EU.
problem: Either join EU or
kill its indigenous banking
system.
6. Oct 2008, All 3 big Icelandic banks fail & nationalisations
abound.
WHAT HAPPENED?
Nov 2008, IMF called in
UK ‘Attacks’ Icelandic economy
Speculative Attacks continue
7. WHY?
History
Pre 1990‘s: Icelandic economy previously highly regulated &
politicized
1990‘s+: financial liberalization with weak prudential regulation
and supervision
Privatised banks pursued highly leveraged positions
Imprudent monetary policy-Inflation targeting
Lack of Prudential regulation
Speculative Finance: The Minsky Hypothesis
11. MINSKY MOMENTS
1.Idea: Credit markets will breed their own reversal
2.How?
1.Cheap interest rates lead to increased lending.
2.This leads to increases in leverage (L/D ratio).
3.Perverse incentives breed dodgy lending via financial
innovations (Junk bonds/CDOS) ensues.
4.Something changes, dodgy loans default, banks fail, unless
they get bailed out by Big Bank/Big Govt.
12. WHAT COULD HAVE BEEN
DONE?
Dropped Inflation Targeting sooner (Danielsson)
Introduce Prudential regulation sooner
Listen to the experts (Buiter & Sibert)
13. WHAT IS TO BE DONE?
Join the Euro (Lane/Buiter *& Sibert)
Big risks even then
14. PARALLELS WITH IRELAND
Boom fueled by cheap money, perverse incentives, and light
regulation destabilised financial system
This lead to shocks in the real economy as bank lending dried
up. UE increased, GDP collapsed.