1) A small eurozone country exiting in a "hard money" way, by maintaining a fixed exchange rate with the euro for a period, could have limited impacts initially but risks encouraging others to follow suit.
2) The exit of a high-debt country like Spain or Italy would likely trigger deposit flights throughout other high-debt countries, testing the ECB's willingness to fully back banking systems and risking the end of the euro project.
3) While most politicians discuss exits as manageable, the design flaws and political tensions of the eurozone make fixes difficult, and unforeseen events could start a process leading to a full break-up with severe economic and legal consequences.
The Euro in Crisis: Decision Time at the European Central Bank Harsh Chitroda
The eurozone crisis was caused by a balance-of-payments crisis (a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending). The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency)
This power point slides may help you to find out he Causes of euro zone crisis, its Impact on the public opinion concerning the single currency and the need for economic reforms, the opportunity to learn from the economic crisis, price of oil as a threat to the European recuperation project& what would be the
a solution of the crisis. Thank you
The Euro in Crisis: Decision Time at the European Central Bank Harsh Chitroda
The eurozone crisis was caused by a balance-of-payments crisis (a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending). The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency)
This power point slides may help you to find out he Causes of euro zone crisis, its Impact on the public opinion concerning the single currency and the need for economic reforms, the opportunity to learn from the economic crisis, price of oil as a threat to the European recuperation project& what would be the
a solution of the crisis. Thank you
The outlook for 2013 and beyond – Philip Coggan at the LBS Investing Strategy...London Business School
Philip Coggan is the Buttonwood columnist of The Economist. Previously he founded the "Short View" column and wrote the "Long View" and "Last Word" columns at the Financial Times. In the presentation he explores current issues with the eurozone.
The “Investment Strategy 2013: Peering into the Crystal Ball” event was organised by The Pensions Management Institute and London Business School’s Alumni Club. It took place on 8 October 2012.
This is the ppt from a talk I gave recently to an audience of elderly folk. I hope it's clear what my message is: to have a stable monetary system, we need appropriate boundaries and regulation, neither which are delivered by a market approach. It's also true that governments do not need to borrow money for investment in productive infrastructure. Feedback always welcomed.
Yesterday, I gave a presentation on the battle between the Euro and the Dollar. I tried to amend the misperception that the US debts are a sign of something wrong in its economy. Although this may cause problems in the next step.
Having a world currency requires several responsibilities and requirements. Yuan is far from this, and so is Euro. Like always, I was fascinated by the talents and insights of John Maynard Keynes who had predicted all of these a long time before anyone else.
Ardo Hansson. European recovery in longer-term perspective – a view from a (s...Eesti Pank
Governor Ardo Hansson participated in a panel discussion at the seminar organised by the Peterson Institute for International Economics in Washington. 09.10.2013
WF Briefing note: The problem with Greece (Apr 2015)Matthew James
World First's chief economist, Jeremy Cook, takes a look at the implications of Greece leaving the euro. Just how likely is a Grexit and what would it mean for Greece and the rest of the eurozone?
The UK Government tried to fool us into believing there were WMD to justify war in Iraq. Is it doing it again with the economic crisis to justify public sector cuts?
Barry Ritholtz Presentation on Behavioral Economics (CFA Toronto 2013)Chand Sooran
A good introduction to key issues in behavioral economics from Barry Ritholtz in a presentation made to the CFA Toronto Group. Pithy, entertaining and informative.
The outlook for 2013 and beyond – Philip Coggan at the LBS Investing Strategy...London Business School
Philip Coggan is the Buttonwood columnist of The Economist. Previously he founded the "Short View" column and wrote the "Long View" and "Last Word" columns at the Financial Times. In the presentation he explores current issues with the eurozone.
The “Investment Strategy 2013: Peering into the Crystal Ball” event was organised by The Pensions Management Institute and London Business School’s Alumni Club. It took place on 8 October 2012.
This is the ppt from a talk I gave recently to an audience of elderly folk. I hope it's clear what my message is: to have a stable monetary system, we need appropriate boundaries and regulation, neither which are delivered by a market approach. It's also true that governments do not need to borrow money for investment in productive infrastructure. Feedback always welcomed.
Yesterday, I gave a presentation on the battle between the Euro and the Dollar. I tried to amend the misperception that the US debts are a sign of something wrong in its economy. Although this may cause problems in the next step.
Having a world currency requires several responsibilities and requirements. Yuan is far from this, and so is Euro. Like always, I was fascinated by the talents and insights of John Maynard Keynes who had predicted all of these a long time before anyone else.
Ardo Hansson. European recovery in longer-term perspective – a view from a (s...Eesti Pank
Governor Ardo Hansson participated in a panel discussion at the seminar organised by the Peterson Institute for International Economics in Washington. 09.10.2013
WF Briefing note: The problem with Greece (Apr 2015)Matthew James
World First's chief economist, Jeremy Cook, takes a look at the implications of Greece leaving the euro. Just how likely is a Grexit and what would it mean for Greece and the rest of the eurozone?
The UK Government tried to fool us into believing there were WMD to justify war in Iraq. Is it doing it again with the economic crisis to justify public sector cuts?
Barry Ritholtz Presentation on Behavioral Economics (CFA Toronto 2013)Chand Sooran
A good introduction to key issues in behavioral economics from Barry Ritholtz in a presentation made to the CFA Toronto Group. Pithy, entertaining and informative.
FT Alphaville - Izabella Kaminska on the Collateralization of CommoditiesChand Sooran
Excellent presentation from @ftalphaville, highlighting the #collateralization of #commodities by @izakaminska with charts on inventories and a conclusion as to the turn in #metals markets, potentially.
The EUR 100 billion + EUR 780 billion eurozone rescue package has just bought time but not enough to address the fundamental imbalances between euro-zone economies
A very balanced presentation covering each and every aspect of eurozone economic crisis. A thorough analysis from the start of European Union formation and the further development of the problem of crisis. Also, effect on Indian Economy is pondered upon to make it good piece of word.
I hope it will fulfil everyone's need.
Presentation by Giancarlo Corsetti, Professor of Macroeconomics, University of Cambridge at International Conference: "Against the Odds: Lessons from the Recovery in the Baltics" organized by the International Monetary Fund and the Bank of Latvia.
Riga, June 5, 2012
This is a recording of a revision webinar exploring some of the causes of financial crises in developed and emerging market countries. There are many different types of crises ranging from currency/external debt crises to disturbances in banking systems.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
1. Contagion Scenarios
for Euro Exits
Karl Whelan
University College Dublin
February 8, 2012
Chicago Booth Workshop
2. A “Hard Money” Small Country Exit
• Triggers?
– Dissatisfaction with ESM losses and further risk.
– Unhappiness with monetary policy outcomes.
– Rejection of a Treaty deemed necessary for EZ.
• How does exiting country deal handle process?
– Maintain policy of one-to-one fixed exchange with
euro for some period or a big once-off appreciation?
– Capital controls to restrict inflows? (Tensions with EU
membership /Article 65/Derogations).
– Messy but “manageable”.
3. Impact of a “Hard Money” Exit?
• Arguments that it could be limited:
– Euro remains the major currency bloc that countries
would want to be attached to.
– Greater coherence from removal of “awkward”
characters.
• Stronger arguments for serious impact:
– Shatters “fixed and irrevocable” myth (Who’s next?)
– Provides a “roadmap” for how to exit.
– A successful exit may lead to some countries choosing
to copy (or being shoved out).
4. Filling in the Map
• Lord Melchett:
Farewell, Blackadder [hands
him a parchment]. The
foremost cartographers of
the land have prepared this
for you; it's a map of the
area that you'll be
traversing. [Blackadder
opens it up and sees it is
blank] - They'll be very
grateful if you could just fill
it in as you go along. Bye-
bye.
5. A Small High-Debt Country Exit
• Triggers? Pull and push:
– Long slump with exports failing to offset weak
domestic demand due to austerity.
– Frustration. Nationalistic non-economic reasons.
– Failure to pass a Treaty set down as a condition.
– Failure to comply with programme conditionality.
– Bailout fatigue in core countries.
• Response in other high-debt countries
– Deposit flight (Are we next?)
– Is a “ring-fencing” actually possible?
– Capital controls (can these really be temporary?)
6. Spexit or Quitaly?
• Current thinking: Spain and Italy impose austerity
and structural reforms (and sort out banks), return to
growth, stabilise debt and OMT goes away.
• What if they don’t?
– Open-ended OMTs and ongoing conditionality? Political
resentment against euro builds.
– Large-scale PSI deals? Strong vested interests against.
• Any exit of this type would clearly trigger deposit
flight throughout the high-debt countries.
• Is this the end of the euro?
7. Can Deposit Flight Cause Breakup?
• So far, crisis limited to “deposit jogs” (some fairly brisk).
• But an actual exit could trigger mass withdrawals.
• Will ECB supply massive liquidity so all deposits are safe?
• Not so bad if banks are solvent but many are not, so this
process Europeanises all losses in peripheral banks.
• In theory, Eurozone could choose to honour an exit-
proofed deposit guarantee in euros. In practice, unlikely.
• Self-fulfilling equilibria: If ECB aren’t willing to fully back
the banking system then this will be tested.
• And faced with exit versus deposit haircuts, which do
governments pick?
8. The ECB’s Role: Whatever it Takes?
• OMT a success so far but is it a long-term tool to save
the euro?
• ESM conditionality set by politicians but political
atmosphere will sour if growth disappoints and public
debt fails to stabilise.
• Given its legal and cultural inhibitions, is ECB capable of
saving the euro if Plan A (austerity, reform) fails to
work?
• “Whatever it takes” is Draghi’s personal commitment.
• OMT is a sign ECB can show the flexibility to save the
euro but there’s a long way to go yet.
9. An Interesting Data-Point
• Interesting data-point yesterday: Irish promissory
note deal sees huge €30 billion debt to recap
dead bank Anglo kicked off for over 30 years.
• Could be considered monetary financing but
“noted” and not rejected by ECB.
• But monetising Anglo’s debt didn’t represent a
systemic risk to price stability.
• Would ECB do a similar deal for Spanish or Italian
banks?
10. Can A Break-Up Really Happen?
• Most Euro politicians more than willing to talk about exits
which keeps the idea afloat.
– Recommending “in or out” referenda (Merkel).
– Saying Greek exit would be “manageable” (Juncker, all the time)
– Saying ideally there should be an exit route (Lots of MoFs)
– Cyprus “not systemic” (Schaeuble)
• Design flaws and political tensions of euro project will be
hard to fix, particularly since new Treaties required.
• Break-up may be a negative sum game but so are wars. And
yet wars happen, often from innocuous-looking beginnings.
• “Fixed and irrevocable”? Most thing aren’t. The End of
History never happens.
11.
12.
13. After a Full Break-Up
• Currency mis-match everywhere. Initially a zero sum
event but …
– Winners and losers (banks and corporates) but huge problems
with transparency and resolution.
– Lots of legal uncertainty and cases that could take years to sort
out.
– What happens to weighted average basket of post-euro
currencies? Probably depreciate.
– Leaves core-Euro, UK, Swiss banks heavily exposed.
• Easier or harder than assessing sub-prime
exposures?
• More complex set of uncertainties than post-Lehman
period.