Macro
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This document summarizes Thailand's economic performance and policies over two periods: 1) The "Tom-Yum-Kung Economy" of the past, characterized by GDP growth, exchange rates, taxes, and loans. 2) More recently, an "Activated Factor to Growth Economics" period defined by events like tax refunds, consumption, investment, exchange rates, and GDP growth, as well as outside political problems negatively impacting the economy. Key metrics like GDP, exchange rates, interest rates, and consumption levels are referenced as indicators of economic conditions during these times.
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340ch1
This document discusses 5 core principles of money and banking:
1) Time has value as money received today is worth more than the same amount in the future.
2) Risk requires compensation as risky investments demand higher returns.
3) Information is the basis for decisions in financial markets.
4) Markets set prices and allocate resources efficiently through supply and demand.
5) Financial stability improves economic welfare by reducing uncertainty.
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1. The document examines how firms choose the interest rate exposure of newly issued debt. It analyzes whether firms are hedging interest rate risk or timing the market.
2. Empirical analysis of debt issuances by chemical firms from 1994-1999 finds that firms' cash flow sensitivity to interest rates does not predict their choice of fixed or floating rate debt.
3. Firms are more likely to issue floating rate debt when yield spreads are higher, indicating they are timing the market rather than hedging firm-specific risks. The findings suggest firms manage macroeconomic and industry risks rather than hedging internal risks.
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This document discusses 5 core principles of money and banking:
1) Time has value as money received today is worth more than the same amount in the future.
2) Risk requires compensation as risky investments demand higher returns.
3) Information is the basis for decisions in financial markets.
4) Markets set prices and allocate resources efficiently through supply and demand.
5) Financial stability improves economic welfare by reducing uncertainty.
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1. The document examines how firms choose the interest rate exposure of newly issued debt. It analyzes whether firms are hedging interest rate risk or timing the market.
2. Empirical analysis of debt issuances by chemical firms from 1994-1999 finds that firms' cash flow sensitivity to interest rates does not predict their choice of fixed or floating rate debt.
3. Firms are more likely to issue floating rate debt when yield spreads are higher, indicating they are timing the market rather than hedging firm-specific risks. The findings suggest firms manage macroeconomic and industry risks rather than hedging internal risks.
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The document discusses how interest rates have behaved since the financial crisis and makes several predictions:
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2) Previous tapers have weakened the economy, pushing interest rates lower, and ending quantitative easing and zero interest rate policies may end the long but fragile economic expansion.
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Financial Markets and Institutions
Spring 2019
Group Project – Research Paper
Your team is an independent panel hired by the Chairman of the Finance Committee of the House and Senate to investigate the Subprime Mortgage Crisis and its aftermath. In 10 weeks, you will report your findings to the Committee.
The written report to the Committee is to include:
Part I (50%)
1. Summarize the subprime mortgage crisis and its aftermath in a chronological format, highlighting only significant events that occurred. Be sure to include the starting point, as you see it.
2. Outline the role that each party played in the subprime mortgage crisis. Identify the names of the companies that played a major role and briefly provide an update of their present status:
a. Mortgage companies/ brokers
b. Subprime borrowers
c. “Money center” banks
d. Investment bankers
e. Mortgage credit insurers (Freddie Mac, Fannie Mae, Ginnie Mae)
f. Credit rating agencies (the big 3)
g. Investors (Pension funds, hedge funds, global investors)
3.
Identify the winners and losers from this financial event. Clearly state your reasons.
4.
Describe the magnitude of the effects to the national and international economy, through data and statistics, and present your opinions about whether AIG should have been allowed to fail.
Part II (50%)
1. Summarize the actions already taken until now by the Federal Reserve and Federal Government to ease the credit crisis.
2. Based on your research and your knowledge of the current economic environment, forecast economic growth and the direction of interest rates in the following one year and outline a series of recommendations for the Finance Committee to consider to control the effects of the financial crisis and avoid an occurrence in the future. Specify which ones you believe would be the most effective. Consider practicality, timeless, cost, timeframe and effect of implementation.
Recommendations could cover governmental policy or action, monetary policy, regulatory, and private industry.
3. The Ethics Committee also wants the panel to identify which parties should be investigated for potential ethics violations and the potential role they played that would be considered unethical behavior during the credit crisis. Begin with a definition of ethical standards in business.
4. This crisis is the most serious economic crisis in the world history. European countries also suffer another wave of financial crisis. Summarize what the European debt crisis is and how would the European debt crisis play out? What really caused the Eurozone crisis? Are Americans responsible for European woes?
The written report is due on April 24 at 2:00 PM. Groups are required to electronically submit a copy of your report using Canvas Course Mail. The report must be presented in professional manner and must be submitted before deadline. Late project will be assessed a penalty of 10% points per day. Each group will be responsible for subm.
Theme 2.2 economic analysis
This document discusses the economic environment that companies operate within. It covers major dimensions of international economic analysis including macroeconomic indicators like GNI, GDP, inflation, unemployment, debt, and income distribution. It also discusses different types of economic systems from market to command economies. Managers must understand the economic environment to anticipate changes and adapt their companies accordingly.
Francis Hunt - The Dollar Vigilante feb 12.02.2019
This document discusses preparations for an impending global "reset" or major economic crisis. It outlines several factors that could contribute to such a reset, including growing government debt, rising corporate debt, and unstable political rhetoric. It warns that current reset preparation advice to hold only precious metals and cash may be insufficient, as those assets could experience volatility in the initial crisis period. Instead, it advocates having a flexible strategy that combines defensive positions like gold with well-timed attacks through short selling and cryptocurrency trading, in order to take advantage of market movements and maximize returns during the crisis. The document expresses concern that the post-reset system may involve increased government control over the economy and reduced civil liberties.
Petrocapita March 2010 Update
This document provides an update from an investment firm. It discusses ongoing global monetary inflation efforts and zero interest rate policies. It emphasizes the importance of value investing using Austrian economic principles. It warns that current government spending and monetary policies are unsustainable and will lead to inflation. It also highlights several troubling trends, including high government debt levels, commercial and residential real estate problems, and the large shadow inventory of homes that may be foreclosed.
Petrocapita March 2010
The document discusses trends in the global economy and financial markets from an Austrian economic perspective. It argues that unsustainable government spending and monetary policies will lead to inflation and future crises. Charts show rising government spending compared to median income, projections of future oil supply and demand, and the growing purchasing power of emerging economies. The author believes investors should focus on capital preservation in this uncertain environment.
1. GLOBAL IMBALANCES1.1 Cheap But Flighty How Global Imbalanc.docx
1. GLOBAL IMBALANCES
1.1 Cheap But Flighty: How Global Imbalances Create Financial Fragility
by Toni Ahnert and Enrico Perotti
Bank of Canada Working Paper 2015-33
https://www.bankofcanada.ca/wp-content/uploads/2015/08/wp2015-33.pdf
August 2015
How a wealth shift to emerging countries may lead to instability in developed countries. Investors exposed to expropriation risk are willing to pay a safety premium to invest in countries with good property rights. Domestic intermediaries compete for such cheap funding by carving out safe claims, which requires demandable debt. While foreign inflows allow countries to expand their domestic credit, risk-intolerant foreign investors withdraw even under minimal uncertainty. We show that more foreign funding causes larger and more frequent runs. Beyond some scale, even risk-tolerant domestic investors are induced to withdraw to avoid dilution. As excess liquidation causes social losses, a domestic planner may seek prudential measures on the scale of foreign inflows.
Topics to study:
· Investment / risk - relationship
· Global Imbalances
· Factors to attract foreign investment
· Safety-seeking foreign funding
1. An increasing scale of foreign funding may induce runs even by risk-tolerant investors since they seek to avoid dilution.
2. Result supports a mandate for introducing a macroprudential regulator to oversee the nature of foreign inflows because the socially preferred funding structure would involve less credit volume and more stability than the private choice.
3. Global imbalances shaped the credit boom and, ultimately, the financial crisis
4. The accumulation of wealth in countries with a weak protection of property rights creates a demand for absolute safety provided by intermediaries in developed countries.
5. The safety-seeking nature of foreign flows creates risk.
1.2 Global Imbalances and the Financial Crisis: Products of Common Causes
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley, and Harvard University.
Federal Reserve Bank of San Francisco
https://scholar.harvard.edu/files/rogoff/files/global_imbalances_and_financial_crisis_0.pdf
November 2009
This paper makes a case that the global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both have their origins in economic policies followed in a number of countries in the 2000s and in distortions that influenced the transmission of these policies through U.S. and ultimately through global financial markets. In the U.S., the interaction among the Fed’s monetary stance, global real interest rates, credit market distortions, and financial innovation created the toxic mix of conditions making the U.S. the epicenter of the global financial crisis. Outside the U.S., exchange rate and other economic policies followed by emerging markets such as China contributed to the United States’ ability to borrow cheaply abroad and thereby finance its unsustainable housing bubble.
Topics to st ...
An obscure measure of economic reality
It is short presentation to explain velocity of money in Nigeria context and also suggest the immediate approaches to increase velocity and by implication enhance economic growth
Explaining the Financial Crisis
For a class assignment on the 2007-08 economic crisis. We focused on the idea of a "Shifting Economic Position" as the major reason for the crisis (as per assignment) - Leave a comment if you download, please!
Mid Year Market Review
- After positive returns in the first three quarters of 2011, global markets saw negative returns in the second quarter due to normal volatility, though prospects for economic recession remain remote.
- While economic growth has slowed globally, it is still positive and temporary factors like disruptions from Japan's disasters and commodity price rises have contributed; leading indicators remain positive.
- European sovereign debt issues continue regarding some countries' debt levels and management, but efforts to address problems have been taken and debt is still seen as manageable.
- Outlook remains positive for continued growth in the second half of 2011 and beyond, though expect continued short-term market volatility; long-term discipline and diversification are recommended.
Economic Outlook 2009 R
The document discusses the causes and effects of the 2008 recession and outlines challenges facing the US economy. It analyzes factors like the housing bubble, credit crisis, national debt, and social program funding gaps. It argues that eliminating toxic assets, restoring consumer confidence, and reining in government spending are necessary for recovery, but trade wars or ineffective reforms could prolong problems.
Business, People, and COVID: A Roadmap
This document provides an overview of the economic impacts of recessions and depressions based on historical examples over the last 100 years. It notes that recessions are defined as two consecutive quarters of negative GDP growth and depressions see over 10% declines in actual GDP. Previous recessions have severely impacted sectors like finance, construction, housing, agriculture, and aviation. The document advocates for contingency planning and proposes actions companies can take to manage impacts on revenues, supply chains, productivity, costs and employees. It emphasizes the need for cooperation between government, businesses and society to maintain confidence and overcome economic downturns.
Inside job
The documentary Inside Job examines the 2008 financial crisis. It analyzes the changes in the financial industry that led to the crisis, including political moves toward deregulation. This allowed large risks to be taken and regulations to be circumvented. The crisis began with rampant lending and investing on Wall Street. Banks financed subprime mortgages and mortgage-backed securities became very profitable. However, the housing prices were inflated in a bubble that eventually burst in 2006-2007 when homeowners began defaulting on loans. Despite signs of growing risks, regulators refused to intervene and the financial system crisis ensued in 2008.
Global Meltdown
The document summarizes the global financial crisis of 2008. It describes how the crisis originated from the collapse of the US housing bubble and subprime mortgage crisis. Risky subprime mortgages were bundled into securities and spread throughout the global financial system. This led to the bankruptcy of major financial institutions like Lehman Brothers and the near failure of insurance giant AIG. Governments around the world implemented bailout packages totaling over $2 trillion to stabilize their financial systems and stimulate economic recovery. The crisis had significant impacts on trade, unemployment, and economic growth worldwide.
9.amalendu bhunia's rjfa 98 127
The International Institute for Science, Technology and Education (IISTE) , International Journals Call for papaers: http://www.iiste.org/Journals
Speech on Global Economy
Address by Mr. Anand Sinha, Deputy Governor, Reserve Bank of India at the Finance Summit organised by
IIM, Kashipur at Kashipur on February 11, 2012
Subprime lt4
1) The subprime mortgage crisis began when many subprime borrowers took out mortgages that they could not afford due to low introductory rates and easy lending practices.
2) These risky subprime mortgages were packaged into mortgage-backed securities and CDOs that were given high credit ratings, obscuring the underlying risk.
3) When housing prices declined and borrowers began to default, it revealed the flaws in the mortgage securities and credit ratings, causing losses that spread through the global financial system.
Similar to Macro (20)
Macroecos - Definition, scope, trade cycles, national income concepts
Macroecos - Definition, scope, trade cycles, national income concepts
FIN 4303 – RVEFinancial Markets and InstitutionsSpring 2019G.docx
FIN 4303 – RVEFinancial Markets and InstitutionsSpring 2019G.docx
Francis Hunt - The Dollar Vigilante feb 12.02.2019
Francis Hunt - The Dollar Vigilante feb 12.02.2019
1. GLOBAL IMBALANCES1.1 Cheap But Flighty How Global Imbalanc.docx
1. GLOBAL IMBALANCES1.1 Cheap But Flighty How Global Imbalanc.docx
Macro
- 1. Knowledge from Seminar in Economics For General Management Hataikan N.
- 2. Past : Tom-Yum-Kung Economy GDP xchange Tax Loan By Hataikan N.
- 3. After : More Activated Factor to Growth Economics Past Event : GDP 1. To Re-finance Private Sector for Internatiional Debt 2. Low Rate to 0.25% 3. Tax Refund : longterm invest/annuality/house 4. Consumption and flow of Investment to Stock market 5. Exchange Rate 50 to 30 6. Growth Stage (SET 600-1200)
- 4. 29/$ GDP Xchange 31/$ Past : Outside Political Problem
- 5. 29/$ Past Event : 1. Outside protest to GDP parliment 2. Exchange rate too stronge with 29 31/$ 3. Lose confindence Investor 4. New Election 5. Lower Rate use loan/credit card 6. GDP Recovery to Growth Present : Growth Economics