The document is an introduction to a course on money and banking taught by Professor Chahir Zaki at Cairo University in 2012. It outlines the topics to be covered in the course, including financial markets, banking, and money. The introduction explains that the course will examine how financial markets and institutions work and the role of money in the economy. It provides an overview of the course structure and topics to be discussed.
The mutual fund industry in India saw a 1.5% decrease in assets under management in June 2012 due to large outflows from liquid funds. The overall industry witnessed outflows of Rs. 23,969 crore during the month. Indian equity markets closed higher at the end of June as global markets rallied after European leaders took action to address banking issues. Government bond yields declined over the month as liquidity improved in the banking system.
State of the Economy: What happened and when will it come to an end? Christop...ECPA Events
Last year even as the US was already in a recession not only were forecasters saying we weren't in a downturn, they were predicting that the economy would be moving strongly forward by the beginning of 2009.
This document provides information about commodity derivatives markets in India. It discusses the history and establishment of commodity exchanges like the Chicago Board of Trade in 1848 and the Chicago Mercantile Exchange in 1898. In India, the Forward Markets Commission was set up in 1953 to regulate the spot and forward markets. Some key national commodity exchanges discussed are MCX, NCDEX, NMCE and ICEX. The benefits of commodity trading like leverage, volatility and price discovery based on supply and demand are highlighted. Factors affecting commodity prices globally and in India are also summarized.
Banks Credit Growth Time For Moderation.abhiseksasmal
Bank credit growth has been moderate in recent months. Medium scale businesses saw the highest credit growth at an average of 3.7% month-over-month from October to March 2011. Non-banking financial companies and transport operators also experienced high credit deployment over the last 6 months. Going forward, banks may become more cautious about lending to micro and small businesses due to interest rate hike risks. Overall, the document suggests that while credit growth has been steady, moderation in the pace of lending may be prudent given rising interest rates.
ASX SPI 200TM Futures are derivatives that allow traders to take positions on movements in Australia's S&P/ASX 200 Index, which tracks the top 200 companies on the Australian stock market. The futures contracts can be traded on electronic platforms for almost 24 hours a day. Volume in 2010 averaged $4.5 billion daily with over 10 million contracts traded. Key benefits of the futures include price transparency, lower fees than trading underlying stocks, and reduced counterparty risk through centralized clearing.
Azuma, LP is a statistical arbitrage fund that trades Asian stock markets based on historical patterns between the US and Asia. It is managed by Xelor Capital Management and seeks to outperform equity markets with less volatility. Over its history from 2007 to 2010, the fund has averaged annual returns of 15.3% with relatively low volatility compared to benchmarks like the Nikkei 225 and S&P 500.
Malaysia Capital Market Summit Dec2008 Ts LowTuck Seng Low
The document discusses regaining foreign investor confidence in the aftermath of the global financial crisis. It notes that confidence has evaporated in the banking and financial sector where the crisis began. Market capitalization of major banks has decreased significantly from 30 June 2007 to 2 December 2008, with declines ranging from 21% to 86%. As an example, it shows the dramatic fall in market capitalization of Citigroup from a peak of over $300 billion to less than $20 billion, raising questions about the costs to taxpayers of bailing out banks that are "too big to fail." Rebuilding trust in the financial system will require efforts from markets, governments, regulators, and individuals.
The mutual fund industry in India saw a 1.5% decrease in assets under management in June 2012 due to large outflows from liquid funds. The overall industry witnessed outflows of Rs. 23,969 crore during the month. Indian equity markets closed higher at the end of June as global markets rallied after European leaders took action to address banking issues. Government bond yields declined over the month as liquidity improved in the banking system.
State of the Economy: What happened and when will it come to an end? Christop...ECPA Events
Last year even as the US was already in a recession not only were forecasters saying we weren't in a downturn, they were predicting that the economy would be moving strongly forward by the beginning of 2009.
This document provides information about commodity derivatives markets in India. It discusses the history and establishment of commodity exchanges like the Chicago Board of Trade in 1848 and the Chicago Mercantile Exchange in 1898. In India, the Forward Markets Commission was set up in 1953 to regulate the spot and forward markets. Some key national commodity exchanges discussed are MCX, NCDEX, NMCE and ICEX. The benefits of commodity trading like leverage, volatility and price discovery based on supply and demand are highlighted. Factors affecting commodity prices globally and in India are also summarized.
Banks Credit Growth Time For Moderation.abhiseksasmal
Bank credit growth has been moderate in recent months. Medium scale businesses saw the highest credit growth at an average of 3.7% month-over-month from October to March 2011. Non-banking financial companies and transport operators also experienced high credit deployment over the last 6 months. Going forward, banks may become more cautious about lending to micro and small businesses due to interest rate hike risks. Overall, the document suggests that while credit growth has been steady, moderation in the pace of lending may be prudent given rising interest rates.
ASX SPI 200TM Futures are derivatives that allow traders to take positions on movements in Australia's S&P/ASX 200 Index, which tracks the top 200 companies on the Australian stock market. The futures contracts can be traded on electronic platforms for almost 24 hours a day. Volume in 2010 averaged $4.5 billion daily with over 10 million contracts traded. Key benefits of the futures include price transparency, lower fees than trading underlying stocks, and reduced counterparty risk through centralized clearing.
Azuma, LP is a statistical arbitrage fund that trades Asian stock markets based on historical patterns between the US and Asia. It is managed by Xelor Capital Management and seeks to outperform equity markets with less volatility. Over its history from 2007 to 2010, the fund has averaged annual returns of 15.3% with relatively low volatility compared to benchmarks like the Nikkei 225 and S&P 500.
Malaysia Capital Market Summit Dec2008 Ts LowTuck Seng Low
The document discusses regaining foreign investor confidence in the aftermath of the global financial crisis. It notes that confidence has evaporated in the banking and financial sector where the crisis began. Market capitalization of major banks has decreased significantly from 30 June 2007 to 2 December 2008, with declines ranging from 21% to 86%. As an example, it shows the dramatic fall in market capitalization of Citigroup from a peak of over $300 billion to less than $20 billion, raising questions about the costs to taxpayers of bailing out banks that are "too big to fail." Rebuilding trust in the financial system will require efforts from markets, governments, regulators, and individuals.
Policy Forum Series: Teller - The Changing Role of Natural Gas in the United ...Environmental Initiative
The document summarizes a presentation given by Katherine Teller of the U.S. Energy Information Administration (EIA) about the changing role of natural gas in the United States. The presentation covers current natural gas markets and supply, the short-term outlook for natural gas which expects a rise in prices in 2013, and the long-term outlook to 2035 in which natural gas production and use, especially for electric power generation, are expected to continue increasing substantially according to EIA projections.
Air Quality Management Delhi - Then, Now, and Nextsguttikunda
This document summarizes air quality issues in Delhi, India. It notes that Delhi has been declared India's "Asthma capital" due to high levels of air pollution from transportation, energy, construction, domestic burning, and industry. The population of Delhi's National Capital Region has grown rapidly to 16 million in recent decades and is projected to reach 22.5 million by 2025. While the government has introduced some initiatives to address air pollution, tremendous potential remains to further reduce pollution levels as infrastructure and economic activity continue increasing in the city.
- Global equity markets advanced and emerging markets outperformed developed markets for the week ending March 29, 2013. However, concerns about the Eurozone economy weighed on bonds.
- In Asia, regional markets rebounded except for Shanghai. Japan's industrial production fell. South Korea cut growth forecasts and Taiwan kept rates unchanged.
- Cyprus agreed to a bailout deal but gains in Europe were curbed by concerns in Italy and the Cyprus deal setting a precedent. Germany's retail sales rose but unemployment increased.
- US markets performed well on positive economic data despite a drop in consumer confidence. Home prices rose but durable goods orders were led by transport.
Building Fund Of Funds Portfolios During Challenging TimesElliot Noma
This document discusses Asset Alliance Corporation's approach to constructing fund of funds portfolios during volatile market conditions in 2008. It summarizes challenges in 2008 including uncertain asset valuations and unstable markets. It then outlines Asset Alliance's study to cluster managers based on historical return profiles, examine how valid those clusters are, and determine if similar past return patterns predict future performance. The document provides examples of clustered manager styles and time periods of strong and weak performance.
An overview of Volatility (VIX futures based) Exchange Traded Funds (ETFs and ETNs). Examines the diversification benefits of volatility funds as well as costs such as roll costs.
The document discusses opportunities in fixed income investing given low global interest rates expected to remain low for longer. It notes active management will be crucial to achieve meaningful real returns. Opportunities still exist in areas like corporate credit and utilizing a global fixed income universe. Investec's fixed income funds take active approaches across different geographies and asset classes to generate income and diversification for investors. The Investec Absolute Income and Diversified Income funds are highlighted as alternatives providing higher returns than money markets over time through their flexible multi-asset fixed income mandates.
Silicon Valley consumer confidence remains low according to a new survey. [1] Perceptions of current economic conditions rose slightly while expectations for the future dropped slightly. [2] The survey found mixed feelings about the economy, with residents feeling the worst is behind but not expecting good times again for some time. [3] Unemployment fears also lessened compared to prior surveys.
This document provides an overview of the quantity theory of money. It discusses the history of the theory as outlined by Irving Fisher in 1911. Fisher examined the link between the money supply (M), price level (P), and aggregate output or income (Y). This relationship is captured in the equation of exchange: M x V = P x Y, where V is the velocity of money, or how quickly money circulates in the economy. The document then explains that according to the quantity theory, changes in the money supply will only affect the price level as long as velocity and output remain constant in the short run. Finally, it provides graphs showing how velocity has changed over time for different monetary aggregates in Egypt.
This document provides an overview of the quantity theory of money. It discusses the history of the theory as outlined by Irving Fisher in 1911. Fisher examined the link between the money supply (M), price level (P), and aggregate output or income (Y). This relationship is captured in the equation of exchange: M x V = P x Y, where V is the velocity of money, or how quickly money circulates in the economy. The document then explains that according to the quantity theory, changes in the money supply will only affect the price level as long as velocity and output remain constant in the short run. Finally, it provides graphs showing how velocity has changed over time for different monetary aggregates in Egypt.
The document describes the concept for a new women's fashion store called DAMAS located in Manayunk, Pennsylvania. It will offer ladies wear, night wear, causal wear, and suit/office wear. It aims to provide a one-stop shopping experience for women ages 18-30 including clothing, accessories, basic skincare products, and cosmetics. The store will have a simple and chic aesthetic and hold a mix and match competition as a grand opening event to promote the brand.
This document provides an overview of the quantity theory of money. It discusses the history of the theory as outlined by Irving Fisher in 1911. Fisher examined the link between the money supply (M), price level (P), and aggregate output or income (Y). This relationship is captured in the equation of exchange: M x V = P x Y, where V is the velocity of money, or how quickly money circulates in the economy. The document then explains that according to the quantity theory, changes in the money supply will only affect the price level as long as velocity and output remain constant in the short run. Finally, it provides graphs showing how velocity has changed over time for different monetary aggregates in Egypt.
The document is an introduction to a course on money and banking taught by Professor Chahir Zaki at Cairo University in 2012. It outlines the topics to be covered in the course, including financial markets, banking, and money. The introduction explains that the course will examine how financial markets and institutions work and the role of money in the economy. It provides an overview of the course structure and topics to be discussed.
This document provides an overview of the quantity theory of money. It discusses the history of the theory as outlined by Irving Fisher in 1911. Fisher examined the link between the money supply (M), price level (P), and aggregate output or income (Y). This relationship is captured in the equation of exchange: M × V = P × Y, where V is the velocity of money, or how quickly money circulates in the economy. The document then explains that according to the quantity theory, changes in the money supply will only affect the price level as long as velocity and output remain constant in the short run. Finally, it provides graphs showing how velocity has changed over time for different monetary aggregates in Egypt.
Keynes and Friedman had differing views on the demand for money. Keynes believed demand depended on transactions, precautionary, and speculative motives related to income and interest rates. Friedman saw demand as stable, depending on permanent income and expected returns of money versus assets. While Keynes saw fluctuating velocity, Friedman's modern quantity theory viewed money as the primary driver of spending with predictable velocity.
The document discusses central banks and monetary policy. It outlines the tasks of central banks, which include issuing currency, supervising banks, defining and implementing monetary policy, and maintaining foreign exchange reserves. It also discusses the objectives of central bank policy as maintaining price stability. Central bank independence is important to avoid political influence over monetary policy decisions. Instruments of monetary policy used by central banks include reserve requirements, open market operations, lending, and managing exchange rates.
1) The document examines whether historical consumer price inflation rates in India are reflected by wholesale price index (WPI) inflation rates by comparing them on annual and monthly bases from 1995-2006.
2) It finds that until 1998-99, consumer price inflation as measured by different consumer price indices was significantly higher than WPI inflation, but after 1999-00 the measures showed greater convergence, though WPI inflation was generally higher.
3) Statistical tests show that WPI inflation does not "Granger cause" or predict movements in consumer price inflation over the period examined, indicating WPI is not a good short-term predictor of consumer price changes in India.
This document summarizes a study on cereal price dynamics in Ethiopia. It finds that while Ethiopia has experienced economic growth, food prices have remained high compared to other countries. Food prices are influenced by global trends as well as domestic factors like increasing demand, monetary policy, and agricultural market issues. The government has responded with subsidies, export bans, and price caps, but volatility remains an issue. Long-term solutions proposed include boosting agricultural productivity and private investment, and expanding social safety nets.
The document contains data on ordering patterns of cardiologists and immunologists from 2005-2008. It includes tables showing the number of specimens ordered by individual doctors each month. It also includes charts comparing ordering rates of different cardiologists over time, showing that Euan Ashley ordered an average of 2.18 specimens per month compared to 1.96 for Wendy Chung. A table also compares average ordering rates and days between tests for various cardiologists. Similar data and comparisons are presented for immunologists from 2005-2008.
The top-down method involves analyzing asset classes globally and then narrowing the focus to select concepts and specific trades. It includes risk analysis, portfolio allocation, and risk management. Strategies discussed include sector rotation, momentum analysis, seasonality, and sentiment analysis. Various charts are presented analyzing stocks, commodities, currencies, and indexes over different time periods.
The document discusses the economic recovery of Southern Nevada from the recession. It provides data on housing prices, job growth, unemployment rates, consumer confidence and other economic indicators from 2001 to 2011. While some indicators like housing prices and unemployment have improved from their lowest points, the recovery has been slow and the region still faces challenges in achieving stronger and sustained job and income growth.
1) The document introduces the ICICI Prudential Regular Gold Savings Fund, an open-ended fund of funds scheme that invests in the ICICI Prudential Gold Exchange Traded Fund.
2) It provides reasons for investing in gold such as a hedge against inflation, portfolio diversification benefits, and gold's strong performance over the long run.
3) It also outlines reasons for investing in gold currently, such as increasing investment demand, central banks turning into net buyers, and rising consumption in China and India.
Here are seven stories about apartment market and investment trends in the Puget Sound region. This is a summary of our presentation on Wednesday to the Rental Housing Association of Puget Sound at their annual Spring Workshop. Fasten your seatbelt. That presentation was 70 minutes but we'll whisk you through the key points in this 8 minute video.
Policy Forum Series: Teller - The Changing Role of Natural Gas in the United ...Environmental Initiative
The document summarizes a presentation given by Katherine Teller of the U.S. Energy Information Administration (EIA) about the changing role of natural gas in the United States. The presentation covers current natural gas markets and supply, the short-term outlook for natural gas which expects a rise in prices in 2013, and the long-term outlook to 2035 in which natural gas production and use, especially for electric power generation, are expected to continue increasing substantially according to EIA projections.
Air Quality Management Delhi - Then, Now, and Nextsguttikunda
This document summarizes air quality issues in Delhi, India. It notes that Delhi has been declared India's "Asthma capital" due to high levels of air pollution from transportation, energy, construction, domestic burning, and industry. The population of Delhi's National Capital Region has grown rapidly to 16 million in recent decades and is projected to reach 22.5 million by 2025. While the government has introduced some initiatives to address air pollution, tremendous potential remains to further reduce pollution levels as infrastructure and economic activity continue increasing in the city.
- Global equity markets advanced and emerging markets outperformed developed markets for the week ending March 29, 2013. However, concerns about the Eurozone economy weighed on bonds.
- In Asia, regional markets rebounded except for Shanghai. Japan's industrial production fell. South Korea cut growth forecasts and Taiwan kept rates unchanged.
- Cyprus agreed to a bailout deal but gains in Europe were curbed by concerns in Italy and the Cyprus deal setting a precedent. Germany's retail sales rose but unemployment increased.
- US markets performed well on positive economic data despite a drop in consumer confidence. Home prices rose but durable goods orders were led by transport.
Building Fund Of Funds Portfolios During Challenging TimesElliot Noma
This document discusses Asset Alliance Corporation's approach to constructing fund of funds portfolios during volatile market conditions in 2008. It summarizes challenges in 2008 including uncertain asset valuations and unstable markets. It then outlines Asset Alliance's study to cluster managers based on historical return profiles, examine how valid those clusters are, and determine if similar past return patterns predict future performance. The document provides examples of clustered manager styles and time periods of strong and weak performance.
An overview of Volatility (VIX futures based) Exchange Traded Funds (ETFs and ETNs). Examines the diversification benefits of volatility funds as well as costs such as roll costs.
The document discusses opportunities in fixed income investing given low global interest rates expected to remain low for longer. It notes active management will be crucial to achieve meaningful real returns. Opportunities still exist in areas like corporate credit and utilizing a global fixed income universe. Investec's fixed income funds take active approaches across different geographies and asset classes to generate income and diversification for investors. The Investec Absolute Income and Diversified Income funds are highlighted as alternatives providing higher returns than money markets over time through their flexible multi-asset fixed income mandates.
Silicon Valley consumer confidence remains low according to a new survey. [1] Perceptions of current economic conditions rose slightly while expectations for the future dropped slightly. [2] The survey found mixed feelings about the economy, with residents feeling the worst is behind but not expecting good times again for some time. [3] Unemployment fears also lessened compared to prior surveys.
This document provides an overview of the quantity theory of money. It discusses the history of the theory as outlined by Irving Fisher in 1911. Fisher examined the link between the money supply (M), price level (P), and aggregate output or income (Y). This relationship is captured in the equation of exchange: M x V = P x Y, where V is the velocity of money, or how quickly money circulates in the economy. The document then explains that according to the quantity theory, changes in the money supply will only affect the price level as long as velocity and output remain constant in the short run. Finally, it provides graphs showing how velocity has changed over time for different monetary aggregates in Egypt.
This document provides an overview of the quantity theory of money. It discusses the history of the theory as outlined by Irving Fisher in 1911. Fisher examined the link between the money supply (M), price level (P), and aggregate output or income (Y). This relationship is captured in the equation of exchange: M x V = P x Y, where V is the velocity of money, or how quickly money circulates in the economy. The document then explains that according to the quantity theory, changes in the money supply will only affect the price level as long as velocity and output remain constant in the short run. Finally, it provides graphs showing how velocity has changed over time for different monetary aggregates in Egypt.
The document describes the concept for a new women's fashion store called DAMAS located in Manayunk, Pennsylvania. It will offer ladies wear, night wear, causal wear, and suit/office wear. It aims to provide a one-stop shopping experience for women ages 18-30 including clothing, accessories, basic skincare products, and cosmetics. The store will have a simple and chic aesthetic and hold a mix and match competition as a grand opening event to promote the brand.
This document provides an overview of the quantity theory of money. It discusses the history of the theory as outlined by Irving Fisher in 1911. Fisher examined the link between the money supply (M), price level (P), and aggregate output or income (Y). This relationship is captured in the equation of exchange: M x V = P x Y, where V is the velocity of money, or how quickly money circulates in the economy. The document then explains that according to the quantity theory, changes in the money supply will only affect the price level as long as velocity and output remain constant in the short run. Finally, it provides graphs showing how velocity has changed over time for different monetary aggregates in Egypt.
The document is an introduction to a course on money and banking taught by Professor Chahir Zaki at Cairo University in 2012. It outlines the topics to be covered in the course, including financial markets, banking, and money. The introduction explains that the course will examine how financial markets and institutions work and the role of money in the economy. It provides an overview of the course structure and topics to be discussed.
This document provides an overview of the quantity theory of money. It discusses the history of the theory as outlined by Irving Fisher in 1911. Fisher examined the link between the money supply (M), price level (P), and aggregate output or income (Y). This relationship is captured in the equation of exchange: M × V = P × Y, where V is the velocity of money, or how quickly money circulates in the economy. The document then explains that according to the quantity theory, changes in the money supply will only affect the price level as long as velocity and output remain constant in the short run. Finally, it provides graphs showing how velocity has changed over time for different monetary aggregates in Egypt.
Keynes and Friedman had differing views on the demand for money. Keynes believed demand depended on transactions, precautionary, and speculative motives related to income and interest rates. Friedman saw demand as stable, depending on permanent income and expected returns of money versus assets. While Keynes saw fluctuating velocity, Friedman's modern quantity theory viewed money as the primary driver of spending with predictable velocity.
The document discusses central banks and monetary policy. It outlines the tasks of central banks, which include issuing currency, supervising banks, defining and implementing monetary policy, and maintaining foreign exchange reserves. It also discusses the objectives of central bank policy as maintaining price stability. Central bank independence is important to avoid political influence over monetary policy decisions. Instruments of monetary policy used by central banks include reserve requirements, open market operations, lending, and managing exchange rates.
1) The document examines whether historical consumer price inflation rates in India are reflected by wholesale price index (WPI) inflation rates by comparing them on annual and monthly bases from 1995-2006.
2) It finds that until 1998-99, consumer price inflation as measured by different consumer price indices was significantly higher than WPI inflation, but after 1999-00 the measures showed greater convergence, though WPI inflation was generally higher.
3) Statistical tests show that WPI inflation does not "Granger cause" or predict movements in consumer price inflation over the period examined, indicating WPI is not a good short-term predictor of consumer price changes in India.
This document summarizes a study on cereal price dynamics in Ethiopia. It finds that while Ethiopia has experienced economic growth, food prices have remained high compared to other countries. Food prices are influenced by global trends as well as domestic factors like increasing demand, monetary policy, and agricultural market issues. The government has responded with subsidies, export bans, and price caps, but volatility remains an issue. Long-term solutions proposed include boosting agricultural productivity and private investment, and expanding social safety nets.
The document contains data on ordering patterns of cardiologists and immunologists from 2005-2008. It includes tables showing the number of specimens ordered by individual doctors each month. It also includes charts comparing ordering rates of different cardiologists over time, showing that Euan Ashley ordered an average of 2.18 specimens per month compared to 1.96 for Wendy Chung. A table also compares average ordering rates and days between tests for various cardiologists. Similar data and comparisons are presented for immunologists from 2005-2008.
The top-down method involves analyzing asset classes globally and then narrowing the focus to select concepts and specific trades. It includes risk analysis, portfolio allocation, and risk management. Strategies discussed include sector rotation, momentum analysis, seasonality, and sentiment analysis. Various charts are presented analyzing stocks, commodities, currencies, and indexes over different time periods.
The document discusses the economic recovery of Southern Nevada from the recession. It provides data on housing prices, job growth, unemployment rates, consumer confidence and other economic indicators from 2001 to 2011. While some indicators like housing prices and unemployment have improved from their lowest points, the recovery has been slow and the region still faces challenges in achieving stronger and sustained job and income growth.
1) The document introduces the ICICI Prudential Regular Gold Savings Fund, an open-ended fund of funds scheme that invests in the ICICI Prudential Gold Exchange Traded Fund.
2) It provides reasons for investing in gold such as a hedge against inflation, portfolio diversification benefits, and gold's strong performance over the long run.
3) It also outlines reasons for investing in gold currently, such as increasing investment demand, central banks turning into net buyers, and rising consumption in China and India.
Here are seven stories about apartment market and investment trends in the Puget Sound region. This is a summary of our presentation on Wednesday to the Rental Housing Association of Puget Sound at their annual Spring Workshop. Fasten your seatbelt. That presentation was 70 minutes but we'll whisk you through the key points in this 8 minute video.
The document discusses the investment opportunities that may arise in 2009 from new technologies emerging from a "lost decade" of development since 2000. These include alternative energy solutions like smart grids, automation of homes, new computing platforms like smartphones and netbooks, cloud computing, and cost-saving technologies like virtualization. Many industries saw capacity reductions and valuations fell dramatically, creating potential opportunities. The document argues these emerging technologies could drive growth despite a challenging economy.
CrossborderInforma: Regional Border Crossing Trends & Economic ImpactsCrossborder Group
September 2012 CrossborderInforma briefing by Crossborder Group: a snapshot of borderwide border crossing trends along the US-Mexico border, with a focus on regional border crossing trends in the San Diego-Tijuana region -- and the economic impacts of crossborder shoppers on San Diego's retail sector and the economy. Selected survey data from Crossborder Group's proprietary at-border surveys also provide insights about crossborder consumer purchases.
CrossborderInforma briefings are issued 1-2 times each month, covering a variety of economic, industry, and policy-related issues in Mexico and along the US-Mexico border region. For more information, please contact our firm at Answers[at]CrossborderBusiness[dot]com, or call us toll free at 1-888-4XBORDER [888-492-6733]. Have a Mexico or NAFTA question? We can help.
Antonio Pinhel Energy Efficient Refrigerators Sep09CSCP
This document discusses Coelba's energy efficiency projects focused on low-income communities in Brazil. It describes how Coelba implemented projects to replace old refrigerators and lighting with more efficient models, which reduced customers' electricity consumption by up to 50% and bills by 65%. On average, monthly consumption dropped from 100 kWh to 70 kWh. The projects improved collection rates, reduced commercial losses, and generated funds from recycling old appliances that were invested in income generation programs.
Marketing Sustainability to Businesses: Strategies & Tactics for Influencing ...Mike Walker
Objective: Share practical lessons for marketing energy efficiency and
sustainability initiatives to enterprises
Overview:
1. Common mistakes we make when trying to "sell" sustainability
2. Behavioral science on motivating action
The document discusses central banks and monetary policy. It outlines the key tasks of central banks, which include issuing currency, implementing monetary policy, and maintaining price stability. Central bank independence is important for achieving price stability and low inflation. Central banks have various monetary policy instruments at their disposal, including reserve requirements, open market operations, and interest rates. The document then discusses these topics specifically regarding the Central Bank of Egypt, including its monetary policy objectives, interest rate decisions made by its Monetary Policy Committee, and its measures of inflation.
This document discusses the IS-LM model and how it can be used to analyze the effects of monetary and fiscal policy. It explains that monetary policy works by shifting the LM curve, changing interest rates and aggregate demand. Fiscal policy works by shifting the IS curve directly or indirectly through interest rates. In the long run, neither monetary nor fiscal policy can affect output levels, as prices will adjust to the "natural rate of output."
This document discusses the IS-LM model and how it can be used to analyze the effects of monetary and fiscal policy. It explains that monetary policy works by shifting the LM curve, changing interest rates and aggregate demand. Fiscal policy works by shifting the IS curve, changing government spending/taxes and aggregate demand. In the long run, neither policy can affect output levels, as prices will adjust to the "natural rate of output."
This document discusses the IS-LM model and how it can be used to analyze the effects of monetary and fiscal policy. It explains that monetary policy works by shifting the LM curve, changing interest rates and aggregate demand. Fiscal policy works by shifting the IS curve, changing government spending/taxes and aggregate demand. In the long run, neither policy can affect output levels, as prices will adjust to the "natural rate of output."
The document discusses central banks and monetary policy. It outlines the key tasks of central banks, which include issuing currency, implementing monetary policy, and maintaining price stability. Central bank independence is important for achieving price stability and low inflation. Central banks have various monetary policy instruments at their disposal, including reserve requirements, open market operations, and interest rates. The document then discusses these topics specifically regarding the Central Bank of Egypt, including its monetary policy objectives, interest rate decisions made by its Monetary Policy Committee, and its measures of inflation.
The document summarizes the IS-LM model, which examines macroeconomic equilibrium where aggregate output equals aggregate demand. It discusses:
1) The IS curve, which shows the relationship between equilibrium output and interest rates based on investment spending and net exports.
2) The LM curve, which connects points where money demand equals money supply, showing the interest rate needed for equilibrium at each output level.
3) How the intersection of the IS and LM curves determines equilibrium in both the goods market and money market simultaneously, with output and interest rate satisfying both markets.
Keynes and Friedman had differing views on the demand for money. Keynes believed demand depended on transactions, precautionary, and speculative motives related to income and interest rates. Friedman saw demand as stable, depending on permanent income and expected returns of money versus assets. While Keynes saw fluctuating velocity, Friedman's modern quantity theory viewed money as the primary driver of spending with predictable velocity.
The document discusses:
1. Definitions of money and its key functions as a medium of exchange, unit of account, and store of value.
2. The evolution of payment systems from commodity money to electronic payments.
3. How monetary aggregates like M0, M1, and M2 are used to measure money supply.
4. Details about Egypt's reserve money, counterpart assets, and net foreign assets and claims on government and banks.
The document discusses the definition and functions of money, including its roles as a medium of exchange, unit of account, and store of value. It outlines the evolution of payment systems from commodity money to modern electronic payments. It also addresses how central banks measure monetary aggregates and discusses the specific case of measuring money in Egypt.
The document discusses monetary aggregates and the Egyptian case. It defines reserve money (M0) as composed of currency and bank deposits with the central bank. Counterpart assets of reserve money include net foreign assets and net domestic assets. For Egypt, data on reserve money and its counterpart assets from 2006-2011 is presented, showing trends in currency, bank deposits, foreign assets, government securities and more.
The document discusses central banks and monetary policy. It outlines the tasks of central banks, which include issuing currency, implementing monetary policy, and maintaining price stability. It also discusses why central bank independence is important for achieving price stability and avoiding political interference. The key instruments of monetary policy that central banks use are reserve requirements, open market operations, lending, and managing exchange rates. The Egyptian case study highlights that the Central Bank of Egypt's primary objective is price stability according to its Monetary Policy Objective Law.
The document discusses central banks and monetary policy. It outlines the key tasks of central banks, which include issuing currency, implementing monetary policy, and maintaining price stability. Central bank independence is important for achieving price stability as it shields monetary policy from political pressures. Central banks use various monetary policy instruments like reserve requirements, open market operations, and interest rates to influence money supply and inflation. The document also provides details on Egypt's central bank, including its monetary policy objectives, interest rate decisions made by the monetary policy committee, and inflation measures.
This document discusses the IS-LM model and how it can be used to analyze the effects of monetary and fiscal policy. It explains that monetary policy works by shifting the LM curve, changing interest rates and aggregate demand. Fiscal policy works by shifting the IS curve, changing government spending/taxes and aggregate demand. In the long run, neither policy can affect output levels, as prices will adjust to the "natural rate of output."
The document summarizes the IS-LM model, which examines macroeconomic equilibrium where aggregate output equals aggregate demand. It discusses:
1) The IS curve, which shows the relationship between equilibrium output and interest rates based on investment spending and net exports.
2) The LM curve, which connects points where money demand equals money supply based on the relationship between income, interest rates, and transactions.
3) How the intersection of the IS and LM curves determines equilibrium in both the goods market and money market, with output equal to demand at a particular interest rate.
Keynes and Friedman had differing views on the demand for money. Keynes believed demand depended on transactions, precautionary, and speculative motives related to income and interest rates. Friedman saw demand as stable, depending on permanent income and expected returns of money versus assets. While Keynes saw fluctuating velocity, Friedman's modern quantity theory viewed money as the primary driver of spending with predictable velocity.
This document provides an overview of the quantity theory of money. It discusses the history of the theory as outlined by Irving Fisher in 1911. Fisher examined the link between the money supply (M), price level (P), and aggregate output or income (Y). This relationship is captured in the equation of exchange: M x V = P x Y, where V is the velocity of money, or how quickly money circulates in the economy. The document then explains that according to the quantity theory, changes in the money supply will only affect the price level as long as velocity and output remain constant in the short run. Finally, it provides graphs showing how velocity has changed over time for different monetary aggregates in Egypt.
The document discusses monetary aggregates and the Egyptian case. It defines reserve money (M0) as composed of currency and bank deposits with the central bank. Counterpart assets of reserve money include net foreign assets and net domestic assets. The case of Egypt outlines values for reserve money, currency in circulation, bank deposits with the central bank, and counterpart assets from 2006 to early 2011.
The document is an introduction to a course on money and banking taught by Professor Chahir Zaki at Cairo University in 2012. It outlines the topics to be covered in the course, including financial markets, banking, and money. The introduction explains that the course will examine how financial markets and institutions work and the role of money in the economy. It provides an overview of the course structure and topics to be discussed.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
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5 Tips for Creating Standard Financial ReportsEasyReports
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Fabular Frames and the Four Ratio ProblemMajid Iqbal
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Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
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4. Introduction
To examine how financial markets such as bond, stock and foreign
exchange markets work
To examine how financial institutions such as banks and insurance
companies work
To examine the role of money in the economy
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 4 / 23
6. Financial Markets
Financial markets: markets in which funds are transferred from people
who have an excess of available funds to people who have a shortage
of funds.
Financial markets improve the allocation of capital by channeling
funds to entities which use capital most productive. This increases
capital productivity and economic efficiency. Hence well-functioning
financial markets help accelerate economic growth.
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 6 / 23
7. Financial Markets
A bond: is a debt security that promises to make payments
periodically for a specified period of time
An interest rate: is the cost of borrowing or the price paid for the
rental of funds
Common stock: represents a share of ownership in a corporation. A
share of stock is a claim on the earnings and assets of the corporation
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 7 / 23
8. Stock market: the Egyptian case
EGX 30 index, previously named CASE 30 includes the top 30 companies
in terms of liquidity and activity.
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
1/12/2010
8/12/2010
14/12/2010
20/12/2010
26/12/2010
30/12/2010
5/1/2011
12/1/2011
18/01/2011
24/01/2011
24/03/2011
30/03/2011
5/4/2011
11/4/2011
17/04/2011
21/04/2011
2/5/2011
8/5/2011
12/5/2011
18/05/2011
24/05/2011
Source: Constructed by the author using the stock market data.
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 8 / 23
9. Foreign exchange market
The foreign exchange market: is where funds are converted from one
currency into another.
The foreign exchange rate is the price of one currency in terms of
another currency
The foreign exchange market determines the foreign exchange rate
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 9 / 23
13. Banking
Financial Intermediaries: institutions that borrow funds from people
who have saved and make loans to other people
Banks: institutions that accept deposits and make loans
Other Financial Institutions: insurance companies, finance companies,
pension funds, mutual funds and investment banks
Financial Innovation: in particular, the advent of the information age
and e-finance
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 13 / 23
14. Banking sector: the Egyptian case
Number of Banks
and Banking Density
End of June 2004+ 2005 2006 2007 2008 2009
Total Number of Banks Operating in Egypt 61 52** 43*** 41*** 40*** 39***
Total Number of Branches 2783 2841 2944 3056 3297 3443
Banking Density+ 24.9 24.8 24.5 24.2 22.9 22.3
Number of Public Sector Banks 7 7 7 6 6 5
Number of Branches of Public Sector Banks 2153 2185 2222 2074 2089 2088
Number of Private Sector Banks 35 34 29 28 27 27
Number of Branches of Private Sector Banks 571 607 674 930 1145 1270
Number of Private and Joint venture Banks 19 11 7 7 7 7
Number of Branches of Private and Joint venture Banks 59 49 48 52 63 85
*Population in thousand / Banking unit.
+ Egyptian banks abroad are not included , also two banks established under private laws and are not
registered with CBE :the Arab International Bank,and Nasser Social Bank .
** The decrease was because seven branches of foreign banks ended their
business.
*** The decrease was because seven branches of foreign banks ended their
business.
Source: CBE (2011)
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 14 / 23
16. Money and Monetary policy
Evidence suggests that money plays an important role in generating
business cycles. Recessions (unemployment) and booms (inflation)
affect all of us
Monetary Theory ties changes in the money supply to changes in
aggregate economic activity and the price level.
The government uses monetary policy to influence economic
aggregates.
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 16 / 23
17. Monetary Policy and Inflation
The aggregate price level is the average price of goods and services in
an economy
A continual rise in the price level (inflation) affects all economic
players
Data shows a connection between the money supply and the price
level
Interest rates are the price of money
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 17 / 23
18. Money and Monetary policy
900000
800000
700000
600000
500000
M2
400000
300000
200000
100000
0
0 100 200 300 400 500
CPI
Source: Constructed by the author using the CBE data.
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 18 / 23
19. 58
Banking sector: the Egyptian case
Central Bank of Egypt – Annual Report 2009/2010
Annual CPI and Price Index of Food & Non-Alcoholic Beverages
(Urban)
%
24
20
16
12
8
4
09
10
v.
ly
n.
g.
p.
c.
r.
ay
b.
.
.
ar
ct
Ap
Ju
No
20
Ja
20
Au
Se
De
Fe
M
O
M
n.
n.
Ju
Ju
All Items Food & Non-Alcoholic Beverages
Source: CAPMAS
Source: CBE (2011)
The inflation of food and non-alcoholic beverages accelerated to 18.5 percent
in the reporting year (from 12.2 percent in the previous FY). In spite of the fall in
international food prices by 4.8 percent in the reporting year, it did not curb the rise
in inflation rate at the domestic level, indicating the weak response of local2012
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, markets / 23
19
20. Bankingreporting yearof(fromEgyptian in thebeverages accelerated to of thepercent
The inflation food and non-alcoholic
in the sector: the 12.2 percent case previous FY). In spite
18.5
fall in
international food prices by 4.8 percent in the reporting year, it did not curb the rise
in inflation rate at the domestic level, indicating the weak response of local markets
to the changes in international food prices, especially when they take a downturn.
% International and Domestic Prices of Food (Change Rate)
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0 International Prices
-20.0 Domestic Prices
-25.0
-30.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008/2009 2009/2010
Source: IMF
Source: CBE (2011)
The rise in the share of food and non-alcoholic beverages was ascribed to
stronger contributions of most subgroups, especially vegetables (3.9 percentage
points against 1.7 point) and meat and poultry (2.8 points against 1.5 point).
However, declines were observed Money and Bankingof fish (-0.2 point against 0.7 point) / 23
Chahir Zaki (FEPS, Cairo University)
in the groups Second semester, 2012 20
21. Monetary Policy and Fiscal Policy
Monetary policy:
is the management of the money supply and interest rates
Conducted in Egypt by the Central Bank of Egypt (CBE)
Fiscal policy
is government spending and taxation
Budget deficit is the excess of expenditures over revenues for a
particular year
Budget surplus is the excess of revenues over expenditures for a
particular year
Any deficit must be financed by borrowing
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 21 / 23
22. billion and 6.9 percent a year earlier. Such developments reflect the increasing ratio
Fiscal policy low as 3.5 percent byto mention that the afiscal policy aimsdecreasing
of overall deficit/GDP. It is worthy
such ratio to as FY 2014/2015, as prerequisite for
to reduce
the ratio of domestic public debt/ GDP.
Ratios of Expenditures, Revenues & Overall Deficit / GDP
%
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
Revenues Expenditures Deficit
Hereunder is a follow-up of the execution of the consolidated fiscal operations
Source: the general government in FY 2009/2010, according to the preliminary actual data
of CBE (2011)
of the Ministry of Finance:
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 22 / 23
23. References
Mishkin, Introduction
Mishkin, chapter 1.
Central Bank of Egypt.
Chahir Zaki (FEPS, Cairo University) Money and Banking Second semester, 2012 23 / 23