This document discusses different types of fiscal risk that governments face. It identifies three main types - economic, technical, and political risks. Economic risks relate to forecast errors in macroeconomic variables, while technical risks arise from errors in revenue and spending forecasts. The document further classifies risks as specific, general, or systemic. Specific risks include contingent liabilities from government guarantees. General risks stem from errors in macroeconomic and demographic forecasts. Systemic risks threaten the stability of the entire fiscal system. The document reviews country practices for estimating and managing fiscal risks, and identifies lessons for improving transparency, risk assessment, and mitigation.
Greece: Ex Post Evaluation of Exceptional Access under the 2010 Stand-By Arra...FactaMedia
The IMF conducted an ex post evaluation of Greece's 2010 Stand-By Arrangement (SBA), which provided exceptional access of €30 billion to support Greece amid its debt crisis. While the SBA achieved strong fiscal consolidation and pension reform, it failed to restore market confidence or curb high unemployment. Debt remained too high and had to be restructured. The evaluation found that rapid fiscal adjustment was necessary but the program overestimated Greece's ability to implement structural reforms. The SBA highlighted lessons for the IMF in accommodating currency unions and ensuring sufficient program ownership.
This paper investigates the barriers to innovation perceived by Polish manufacturing firms. It refers to the heterogeneity of innovation active firms. We introduce a taxonomy of innovative firms based on the frequency with which they introduce commercialised innovations using data from both CIS4 (for 2002-2004) and CIS5 (2004-2006). Two groups of innovation-active firms are distinguished: those which introduced innovation in both periods covered by both CIS (which we call persistent innovators) and those which introduced innovation either in CIS4 or CIS5 (which we call occasional innovators). We use a four step analysis covering binary correlations, Principal Component Analysis, probit model and correlations of disturbances. Two types of explanatory variables describing firms’ characteristics and innovation inputs used are considered. The paper shows that there are considerable differences in sensitivities to the perception of innovation barriers and in complementarities among barriers between persistent and occasional innovators. In the case of occasional innovators, a kind of innovation barrier chain is observed. This has an impact on differences in the frequency of innovation activities between the two groups of innovators and results in a diversification of innovators.
Authored by: Ewa Balcerowicz, Marek Pęczkowski, Anna Wziatek-Kubiak
Published in 2011
1. The document discusses the impact of the debt crisis in European countries that use the euro. It led to higher growth initially but also rising current account imbalances.
2. Two potential solutions are discussed: further integrating policies and governments in the EU, and reducing peripheral debt through tools like Eurobonds or other mechanisms.
3. The methodology section outlines that the research will use both primary and secondary data sources to examine the issues and develop understanding of the impacts in different eurozone countries. A deductive or inductive approach may be taken.
The document outlines commitments and requirements for Greece to receive additional financial assistance from the European Stability Mechanism (ESM). It requires Greece to legislate reforms to its pension system, tax code, and judicial system by specific deadlines. It also requires Greece to strengthen its proposals for reforms to labor markets, energy markets, and its privatization program. The document establishes conditions that must be met before negotiations on a new assistance program can begin, and addresses concerns around the sustainability of Greece's debt.
When Fiscal consolidation meets private deleveragingADEMU_Project
This document summarizes a model that analyzes the interaction between public and private deleveraging in a small open economy. The model shows that larger and front-loaded fiscal consolidations entail larger output and welfare losses by postponing the end of the private deleveraging process. The model finds that deleveraging-friendly fiscal consolidations that are more gradual in nature minimize these losses.
As the global financial crisis entered its most dramatic phase, in the second half of 2008, the International Monetary Fund (IMF), many governments and several distinguished scholars advocated expansionary fiscal olicy as the second most effective tool (after monetary stimulus) to fight deep recession and deflation. Now, more than a year later, the previous excitement surrounding the supposed power of fiscal stimulus largely disappeared and instead has been replaced by ising concerns over the sustainability of public finances in many countries. Unfortunately, the previous enthusiasts of the active counter‐cyclical fiscal policy have not always realized the causality between the two.
Authored by: Marek Dąbrowski
Published in 2009
This document summarizes a research paper that investigates the antecedents and consequences of Greece's debt crisis as well as reforms to address it. 1) Weak fiscal management, misreported statistics, corruption, and inflexible policies made Greece vulnerable to the crisis. 2) The crisis had twin constraints - large budget and current account deficits - and its consequences included high unemployment and loss of investor confidence. 3) Greece undertook austerity measures to meet deficit targets under the Stability and Growth Pact but faced challenges due to its large external debt.
Greece: Ex Post Evaluation of Exceptional Access under the 2010 Stand-By Arra...FactaMedia
The IMF conducted an ex post evaluation of Greece's 2010 Stand-By Arrangement (SBA), which provided exceptional access of €30 billion to support Greece amid its debt crisis. While the SBA achieved strong fiscal consolidation and pension reform, it failed to restore market confidence or curb high unemployment. Debt remained too high and had to be restructured. The evaluation found that rapid fiscal adjustment was necessary but the program overestimated Greece's ability to implement structural reforms. The SBA highlighted lessons for the IMF in accommodating currency unions and ensuring sufficient program ownership.
This paper investigates the barriers to innovation perceived by Polish manufacturing firms. It refers to the heterogeneity of innovation active firms. We introduce a taxonomy of innovative firms based on the frequency with which they introduce commercialised innovations using data from both CIS4 (for 2002-2004) and CIS5 (2004-2006). Two groups of innovation-active firms are distinguished: those which introduced innovation in both periods covered by both CIS (which we call persistent innovators) and those which introduced innovation either in CIS4 or CIS5 (which we call occasional innovators). We use a four step analysis covering binary correlations, Principal Component Analysis, probit model and correlations of disturbances. Two types of explanatory variables describing firms’ characteristics and innovation inputs used are considered. The paper shows that there are considerable differences in sensitivities to the perception of innovation barriers and in complementarities among barriers between persistent and occasional innovators. In the case of occasional innovators, a kind of innovation barrier chain is observed. This has an impact on differences in the frequency of innovation activities between the two groups of innovators and results in a diversification of innovators.
Authored by: Ewa Balcerowicz, Marek Pęczkowski, Anna Wziatek-Kubiak
Published in 2011
1. The document discusses the impact of the debt crisis in European countries that use the euro. It led to higher growth initially but also rising current account imbalances.
2. Two potential solutions are discussed: further integrating policies and governments in the EU, and reducing peripheral debt through tools like Eurobonds or other mechanisms.
3. The methodology section outlines that the research will use both primary and secondary data sources to examine the issues and develop understanding of the impacts in different eurozone countries. A deductive or inductive approach may be taken.
The document outlines commitments and requirements for Greece to receive additional financial assistance from the European Stability Mechanism (ESM). It requires Greece to legislate reforms to its pension system, tax code, and judicial system by specific deadlines. It also requires Greece to strengthen its proposals for reforms to labor markets, energy markets, and its privatization program. The document establishes conditions that must be met before negotiations on a new assistance program can begin, and addresses concerns around the sustainability of Greece's debt.
When Fiscal consolidation meets private deleveragingADEMU_Project
This document summarizes a model that analyzes the interaction between public and private deleveraging in a small open economy. The model shows that larger and front-loaded fiscal consolidations entail larger output and welfare losses by postponing the end of the private deleveraging process. The model finds that deleveraging-friendly fiscal consolidations that are more gradual in nature minimize these losses.
As the global financial crisis entered its most dramatic phase, in the second half of 2008, the International Monetary Fund (IMF), many governments and several distinguished scholars advocated expansionary fiscal olicy as the second most effective tool (after monetary stimulus) to fight deep recession and deflation. Now, more than a year later, the previous excitement surrounding the supposed power of fiscal stimulus largely disappeared and instead has been replaced by ising concerns over the sustainability of public finances in many countries. Unfortunately, the previous enthusiasts of the active counter‐cyclical fiscal policy have not always realized the causality between the two.
Authored by: Marek Dąbrowski
Published in 2009
This document summarizes a research paper that investigates the antecedents and consequences of Greece's debt crisis as well as reforms to address it. 1) Weak fiscal management, misreported statistics, corruption, and inflexible policies made Greece vulnerable to the crisis. 2) The crisis had twin constraints - large budget and current account deficits - and its consequences included high unemployment and loss of investor confidence. 3) Greece undertook austerity measures to meet deficit targets under the Stability and Growth Pact but faced challenges due to its large external debt.
This document outlines a study on the impact of the Euro-zone crisis on India's current account deficit. The study has three objectives: 1) examine the impact of the crisis on the current account deficit, 2) analyze the European zone as a major trading partner of India, and 3) analyze the correlation between the Indian rupee and Euro exchange rates to evaluate the crisis's effect. The document provides background on the Euro-zone, crisis, current account deficit, and reviews literature on factors influencing current account balances. It describes the study's methodology, expected outcomes to indicate how the crisis impacted Indian exports and currencies, and lists references.
The public debt crisis is not limited to Greece or to the Euro area. In fact, several developed economies face rapidly growing debt-to-GDP ratios, which raise doubts about their long-term solvency. Thus, suggesting that the Eurozone is undergoing a currency crisis or is in danger of disintegration is not the right diagnosis (or at least premature). However, if prudent fiscal policies, fiscal discipline and far-reaching structural reforms are not undertaken soon, both the EU and EMU may face serious internal tensions and obstacles to future economic growth.
Authored by: Marek Dąbrowski
Published in 2010
Against a backdrop of sluggish growth in Europe and the rest of the world, the French economy is facing weakness on both the demand and supply sides. The risk today is this situation will become self-perpetuating, causing long-lasting damage to the French economy. An increase in investment would bolster demand. However, compared to its main partners France has managed to maintain the level of both public and private investments throughout the crisis. The issue is therefore mostly about improving investment to increase the country’s potential output growth.
Read more:
http://strategie.gouv.fr/english-language-articles-and-papers/20172027-improving-investment-foster-growth-critical-actions
We apply Feldstein's (1997, 1999) analysis of the interactions between the tax system and inflation to two transition economies: Poland and Ukraine. We find that the taxrelated costs of inflation in these countries are significantly smaller than in mature market economies. Our analysis points out that the tax system in these two countries is superior to the tax system in developed market economies, as taxes on investment income are lower. It implies that transition countries should avoid replicating other tax systems and, instead, take advantage of the unique opportunity to design and entrench the features of their tax system which are superior to those in mature economies.
Authored by: Monika Blaszkiewicz, Jerzy Konieczny, Anna Myslinska, Przemyslaw Wozniak
Published in 2003
Breaking the common fate of banks and governments by Daniel Gros and Cinzia A...Círculo de Empresarios
The document discusses the eurozone debt crisis and proposals for addressing it. It argues that while policymakers have focused on fiscal discipline, the crisis has deeper roots in inconsistencies in the eurozone's financial market regulation. The fiscal compact will not solve the crisis on its own because it fails to address the tight linkage between governments and banks, which is at the core of their common fate. Breaking this linkage is key to overcoming the crisis.
Leszek Balcerowicz. Euro: problems and solutionsEesti Pank
This document summarizes a presentation on problems and solutions related to the Euro. It discusses economic growth in the EU from 2008-2013, reasons for deep recessions in some Eurozone countries including financial and fiscal crises, policy responses and their impact on GDP growth, issues related to the Eurozone crisis, and necessary solutions. The presentation contains graphs and tables displaying economic indicators for various countries.
Public debt and risk premium: An analysis from an emerging economyFarhad Hafez
This powerpoint presentation summarizes a document analyzing the relationship between public debt, risk premium, and fiscal policies in emerging economies. It finds that higher public debt to GDP ratios are associated with higher risk premiums on government bonds. Primary budget surpluses and managing debt maturity levels were found to help reduce risk premiums. The results supported the idea that domestic economic factors mainly drive risk premiums in emerging markets, unlike some previous studies that found international variables were key drivers. The presentation concludes that maintaining primary budget surpluses is an effective mechanism for emerging economies to stabilize their economies and reduce bond risk premiums.
Investment led Growth: Expectations vs RealityIlias Lekkos
The aim of our study is twofold: first we intend to investigate the factors that drive the most dynamic and productive part of gross fixed capital formation, namely the “private non-residential” investments in the short and medium –term. Secondly looking to the long-term we attempt to estimate the equilibrium level of investment activity that is in line with the new long-term potential GDP growth of the Greek Economy.
Emerging market economies were major beneficiaries of the economic boom before 2007. More recently, they have become victims of the global financial crisis. Their future development depends, to a large extent, on global economic prospects. Today the global economy and the European economy are much more integrated and interdependent than they were ten or twenty years ago. Every country must recognize its limited economic sovereignty and must be prepared to deal with the consequences of global macroeconomic fluctuations.
The statistical data for 2009 provides a mixed picture with respect to the impact of the crisison various groups of countries and individual economies. On average, Central and Eastern Europe experienced a smaller output decline than the Euro area and the entire EU while the CIS, especially its European part, contracted more dramatically. However, there was a deep differentiation within each country group. Looking globally, richer countries, which are more open to trade and in which the banking sector plays a larger role and which rely more on external financing, suffered more than less sophisticated economies, which are less dependent on trade and credit (especially from external sources). With some exceptions, the previous good growth performance helped rather than handicapped countries in the CEE and CIS regions in the crisis year of 2009.
The post-crisis recovery has been rather modest and incomplete. It remains vulnerable to new shocks (like the Greek Fiscal crisis), the danger of sovereign default and other uncertainties. Full post-crisis recovery and increasing potential growth will require far going economic and institutional reforms on both national, regional (e.g., EU) and global levels.
Authored by: Marek Dąbrowski
Published in 2010
An Ipsos survey of citizens of nine European Union countries finds most people hold the Greek government responsible for the ongoing debt crisis. Some 88% say the Greek government is a great deal, or a fair amount, to blame for the crisis –rising to 94% among German respondents. The German government was mentioned by 46%, attracting less blame than the Greek populace, the IMF and the European Commission overall.
The EMU debt crisis occurred due to lenient criteria for countries joining the eurozone and a lack of fiscal policy coordination once in the union. When the global financial crisis hit, weaknesses in some eurozone countries' fiscal positions were exposed. As governments bailed out failing banks, investors began demanding higher risk premiums from weaker countries like Greece, exacerbating their debt problems. While stricter admission standards and sanctions for breaking fiscal rules may have prevented this, it is now nearly impossible for a country to exit the eurozone without causing further economic and political crises. Reforms are needed to stabilize the currency union.
The document discusses the background and state of play regarding the financial transaction tax (FTT) in the European Union. It describes how the FTT could benefit participating eurozone countries by providing more fiscal flexibility. Eleven eurozone countries have proposed implementing a harmonized FTT through an enhanced cooperation procedure. The tax is estimated to generate 30-35 billion euros annually from the financial sector to contribute to public finances and address issues like youth unemployment. However, some oppose the FTT due to concerns it could reduce market liquidity and cause transactions costs to be passed on to retail investors and businesses. Supporters counter that the tax targets harmful short-term speculation rather than necessary risk hedging and liquidity.
Effect of payment balance and current account on deficit of jordanian budget ...Alexander Decker
This document discusses the relationship between Jordan's budget deficit, current account deficit, and payment balance deficit from 1992-2012. It analyzes the impact of fiscal adjustments from 1996-1999 and subsequent events and policies. The main findings are that there is one cointegration relationship between the variables, indicating a long-term relationship. If no action is taken on the budget deficit, dynamic relationships will persist between these deficits.
The global financial crisis was caused by a large increase in savings from 2000-2007 that sought higher yields than US Treasury bonds, generating asset bubbles around the world. When the bubbles burst, governments and banks faced questions about their solvency as asset prices fell but debt levels remained. This interconnected the global financial system and risk of default by one country threatened others through trade links and credit default swaps. The eurozone crisis emerged from these conditions and was exacerbated by fiscal issues in Greece and other countries that masked their debt levels. Rising government debt and loss of confidence in sovereign debt further drove the crisis.
Greece accumulated high levels of debt in the decade before the crisis when capital markets were liquid. As the crisis unfolded and liquidity decreased, Greece could no longer rollover its maturing debt obligations, putting it at the center of the Eurozone sovereign debt crisis. Between 2001-2008, Greece reported large budget deficits and debt levels compared to other Eurozone countries. The crisis has impacted global financial markets through contagion risk and loss of investor confidence in the Eurozone. It also highlights imbalances within the integrated European economy and political challenges in coordinating fiscal policies across members.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Ivo Pezzuto - "GREXIT": AVOIDED FOR NOW! (The Global Analyst Magazine August...Dr. Ivo Pezzuto
The threat of an unceremonious exit from the Euro Zone might have receded for the beleaguered Greece, at least for now. However, there is no guarantee the present bailout deal is enough to ensure the European economy’s return to normalcy. Given, the billion euro question is: Has it done enough to avoid exiting the Euro Zone? Whatever, one thing is for sure, the collapse of Greek economy could also mean collateral zone for one of the oldest and strongest trade block – Eurozone.
This document provides technology tips and tools in several categories. It identifies 10 new technology tips, including PicPick for screen capturing, LastPass for password management, Shrink the Web for thumbnail previews of web pages, and tools for viewing files on Kindle readers. It also lists social media and productivity tools like TweetDeck, RockMelt, Join.Me, WordPress, and Evernote.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document outlines a study on the impact of the Euro-zone crisis on India's current account deficit. The study has three objectives: 1) examine the impact of the crisis on the current account deficit, 2) analyze the European zone as a major trading partner of India, and 3) analyze the correlation between the Indian rupee and Euro exchange rates to evaluate the crisis's effect. The document provides background on the Euro-zone, crisis, current account deficit, and reviews literature on factors influencing current account balances. It describes the study's methodology, expected outcomes to indicate how the crisis impacted Indian exports and currencies, and lists references.
The public debt crisis is not limited to Greece or to the Euro area. In fact, several developed economies face rapidly growing debt-to-GDP ratios, which raise doubts about their long-term solvency. Thus, suggesting that the Eurozone is undergoing a currency crisis or is in danger of disintegration is not the right diagnosis (or at least premature). However, if prudent fiscal policies, fiscal discipline and far-reaching structural reforms are not undertaken soon, both the EU and EMU may face serious internal tensions and obstacles to future economic growth.
Authored by: Marek Dąbrowski
Published in 2010
Against a backdrop of sluggish growth in Europe and the rest of the world, the French economy is facing weakness on both the demand and supply sides. The risk today is this situation will become self-perpetuating, causing long-lasting damage to the French economy. An increase in investment would bolster demand. However, compared to its main partners France has managed to maintain the level of both public and private investments throughout the crisis. The issue is therefore mostly about improving investment to increase the country’s potential output growth.
Read more:
http://strategie.gouv.fr/english-language-articles-and-papers/20172027-improving-investment-foster-growth-critical-actions
We apply Feldstein's (1997, 1999) analysis of the interactions between the tax system and inflation to two transition economies: Poland and Ukraine. We find that the taxrelated costs of inflation in these countries are significantly smaller than in mature market economies. Our analysis points out that the tax system in these two countries is superior to the tax system in developed market economies, as taxes on investment income are lower. It implies that transition countries should avoid replicating other tax systems and, instead, take advantage of the unique opportunity to design and entrench the features of their tax system which are superior to those in mature economies.
Authored by: Monika Blaszkiewicz, Jerzy Konieczny, Anna Myslinska, Przemyslaw Wozniak
Published in 2003
Breaking the common fate of banks and governments by Daniel Gros and Cinzia A...Círculo de Empresarios
The document discusses the eurozone debt crisis and proposals for addressing it. It argues that while policymakers have focused on fiscal discipline, the crisis has deeper roots in inconsistencies in the eurozone's financial market regulation. The fiscal compact will not solve the crisis on its own because it fails to address the tight linkage between governments and banks, which is at the core of their common fate. Breaking this linkage is key to overcoming the crisis.
Leszek Balcerowicz. Euro: problems and solutionsEesti Pank
This document summarizes a presentation on problems and solutions related to the Euro. It discusses economic growth in the EU from 2008-2013, reasons for deep recessions in some Eurozone countries including financial and fiscal crises, policy responses and their impact on GDP growth, issues related to the Eurozone crisis, and necessary solutions. The presentation contains graphs and tables displaying economic indicators for various countries.
Public debt and risk premium: An analysis from an emerging economyFarhad Hafez
This powerpoint presentation summarizes a document analyzing the relationship between public debt, risk premium, and fiscal policies in emerging economies. It finds that higher public debt to GDP ratios are associated with higher risk premiums on government bonds. Primary budget surpluses and managing debt maturity levels were found to help reduce risk premiums. The results supported the idea that domestic economic factors mainly drive risk premiums in emerging markets, unlike some previous studies that found international variables were key drivers. The presentation concludes that maintaining primary budget surpluses is an effective mechanism for emerging economies to stabilize their economies and reduce bond risk premiums.
Investment led Growth: Expectations vs RealityIlias Lekkos
The aim of our study is twofold: first we intend to investigate the factors that drive the most dynamic and productive part of gross fixed capital formation, namely the “private non-residential” investments in the short and medium –term. Secondly looking to the long-term we attempt to estimate the equilibrium level of investment activity that is in line with the new long-term potential GDP growth of the Greek Economy.
Emerging market economies were major beneficiaries of the economic boom before 2007. More recently, they have become victims of the global financial crisis. Their future development depends, to a large extent, on global economic prospects. Today the global economy and the European economy are much more integrated and interdependent than they were ten or twenty years ago. Every country must recognize its limited economic sovereignty and must be prepared to deal with the consequences of global macroeconomic fluctuations.
The statistical data for 2009 provides a mixed picture with respect to the impact of the crisison various groups of countries and individual economies. On average, Central and Eastern Europe experienced a smaller output decline than the Euro area and the entire EU while the CIS, especially its European part, contracted more dramatically. However, there was a deep differentiation within each country group. Looking globally, richer countries, which are more open to trade and in which the banking sector plays a larger role and which rely more on external financing, suffered more than less sophisticated economies, which are less dependent on trade and credit (especially from external sources). With some exceptions, the previous good growth performance helped rather than handicapped countries in the CEE and CIS regions in the crisis year of 2009.
The post-crisis recovery has been rather modest and incomplete. It remains vulnerable to new shocks (like the Greek Fiscal crisis), the danger of sovereign default and other uncertainties. Full post-crisis recovery and increasing potential growth will require far going economic and institutional reforms on both national, regional (e.g., EU) and global levels.
Authored by: Marek Dąbrowski
Published in 2010
An Ipsos survey of citizens of nine European Union countries finds most people hold the Greek government responsible for the ongoing debt crisis. Some 88% say the Greek government is a great deal, or a fair amount, to blame for the crisis –rising to 94% among German respondents. The German government was mentioned by 46%, attracting less blame than the Greek populace, the IMF and the European Commission overall.
The EMU debt crisis occurred due to lenient criteria for countries joining the eurozone and a lack of fiscal policy coordination once in the union. When the global financial crisis hit, weaknesses in some eurozone countries' fiscal positions were exposed. As governments bailed out failing banks, investors began demanding higher risk premiums from weaker countries like Greece, exacerbating their debt problems. While stricter admission standards and sanctions for breaking fiscal rules may have prevented this, it is now nearly impossible for a country to exit the eurozone without causing further economic and political crises. Reforms are needed to stabilize the currency union.
The document discusses the background and state of play regarding the financial transaction tax (FTT) in the European Union. It describes how the FTT could benefit participating eurozone countries by providing more fiscal flexibility. Eleven eurozone countries have proposed implementing a harmonized FTT through an enhanced cooperation procedure. The tax is estimated to generate 30-35 billion euros annually from the financial sector to contribute to public finances and address issues like youth unemployment. However, some oppose the FTT due to concerns it could reduce market liquidity and cause transactions costs to be passed on to retail investors and businesses. Supporters counter that the tax targets harmful short-term speculation rather than necessary risk hedging and liquidity.
Effect of payment balance and current account on deficit of jordanian budget ...Alexander Decker
This document discusses the relationship between Jordan's budget deficit, current account deficit, and payment balance deficit from 1992-2012. It analyzes the impact of fiscal adjustments from 1996-1999 and subsequent events and policies. The main findings are that there is one cointegration relationship between the variables, indicating a long-term relationship. If no action is taken on the budget deficit, dynamic relationships will persist between these deficits.
The global financial crisis was caused by a large increase in savings from 2000-2007 that sought higher yields than US Treasury bonds, generating asset bubbles around the world. When the bubbles burst, governments and banks faced questions about their solvency as asset prices fell but debt levels remained. This interconnected the global financial system and risk of default by one country threatened others through trade links and credit default swaps. The eurozone crisis emerged from these conditions and was exacerbated by fiscal issues in Greece and other countries that masked their debt levels. Rising government debt and loss of confidence in sovereign debt further drove the crisis.
Greece accumulated high levels of debt in the decade before the crisis when capital markets were liquid. As the crisis unfolded and liquidity decreased, Greece could no longer rollover its maturing debt obligations, putting it at the center of the Eurozone sovereign debt crisis. Between 2001-2008, Greece reported large budget deficits and debt levels compared to other Eurozone countries. The crisis has impacted global financial markets through contagion risk and loss of investor confidence in the Eurozone. It also highlights imbalances within the integrated European economy and political challenges in coordinating fiscal policies across members.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Ivo Pezzuto - "GREXIT": AVOIDED FOR NOW! (The Global Analyst Magazine August...Dr. Ivo Pezzuto
The threat of an unceremonious exit from the Euro Zone might have receded for the beleaguered Greece, at least for now. However, there is no guarantee the present bailout deal is enough to ensure the European economy’s return to normalcy. Given, the billion euro question is: Has it done enough to avoid exiting the Euro Zone? Whatever, one thing is for sure, the collapse of Greek economy could also mean collateral zone for one of the oldest and strongest trade block – Eurozone.
This document provides technology tips and tools in several categories. It identifies 10 new technology tips, including PicPick for screen capturing, LastPass for password management, Shrink the Web for thumbnail previews of web pages, and tools for viewing files on Kindle readers. It also lists social media and productivity tools like TweetDeck, RockMelt, Join.Me, WordPress, and Evernote.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The Department of the Navy Financial management (ERP)WILLIE GREER
Navy ERP's mission is to develop and sustain a business capability that enables the Navy business enterprise to budget, account for, and audit its resources so that it can monitor and make decisions about how the resources are obtained, allocated and utilized for the benefit of the warfighter and the US taxpayer.
This PPT was originally presented at ASAE's Technology Conference and Exposition on December 14, 2010. Conference hashtag: #tech10. Session hub: #tech10 td1.
The document discusses using the DelCor IT Maturity Model to assess and improve an organization's use of technology across several domains, including network/infrastructure, online/digital presence, data management, and overall IT management. It provides an overview of the model and how it can be used to conduct a self-assessment snapshot to identify areas for growth. The goal is to help organizations maximize their use of technology to fulfill their missions.
Proven Track Record - Eric Harr Social MediaEric Harr
This is a presentation showing -- in no uncertain terms -- Eric Harr Social Media’s proven track record across the social media landscape -- and why we are the preeminent social media marketing agency in America.
Ishipdocs is a web-based software as a service that allows users to distribute, fulfill, and print content globally in a fast, cost-effective, and environmentally friendly manner. It has over 350 fulfillment centers worldwide that can deliver documents internationally within 1-2 days or domestically same or next day. Compared to traditional methods like email or air travel, ishipdocs reduces costs, provides digital workflows for efficiency, and eliminates carbon emissions from planes. The service handles various types of documents and bulk projects for industries like engineering, architecture, and advertising.
The project aimed to successfully implement an SAP ERP system for JetBlue Airways to improve business operations and decision-making. The implementation began in April 2011 and was completed in February 2014. It included 6 phases: project preparation, requirements specification, systems development and testing, realization, final preparation, and go-live support. The project centralized operations on a single ERP system to eliminate issues from outdated software and better integrate technology as the company grew.
Potencial de hidrocarburos paraguay tomo i indiceLydia Kasper
El documento presenta una introducción detallada de la geología y el potencial de hidrocarburos de Paraguay. Resume la estratigrafía y evolución tectónica de las cuencas paleozoicas, mesozoicas y cenozoicas. También analiza los métodos geofísicos, gradientes térmicos, formaciones generadoras potenciales, reservorios y sellos. Finalmente, evalúa prospectos hidrocarburíferos específicos y hace recomendaciones para la exploración futura.
Social Media Marketing SANAA LATHAN / THE BEST MAN HOLIDAY by the numbers.......jeffclanagan
Actress Sanaa Lathan demonstrates how Social Media can make or break a movie. The Best Man Holiday has grossed 70 million dollars at the box office. Sanaa's social media platform generated millions of impressions and created and created awareness for the movie
Scenario:
Midwest Regional Health is one of Wisconsin's largest and most sophisticated hospitals, is Implementing a new EHR system that will better their services to their internal and external customers. They are asking ITMC (I-Tech Medical Consortium) to help them navigate through this long term project, thereby improving their commitment to their surrounding community.
Macroeconomic Developments in Low-Income Developing CountriesDr Lendy Spires
The IMF staff paper examines macroeconomic developments in low-income developing countries (LIDCs) between 2000-2014. It finds that while most LIDCs experienced strong economic growth, it was primarily driven by factor accumulation rather than productivity. About half of LIDCs are assessed as medium to highly vulnerable to external shocks, with weakened fiscal positions being a key vulnerability. Looking ahead, LIDCs face economic headwinds from slow growth in advanced economies. To strengthen resilience, policy actions to rebuild fiscal buffers and strengthen debt management are priorities.
This document summarizes the EU Non-bank Financial Intermediation Risk Monitor 2019 report. It finds that while non-bank financial institutions have become increasingly important in financing the real economy, their growing role also brings some risks. Total assets under management in EU investment funds and other financial institutions decreased in 2018 mainly due to falling asset valuations, though banking sector assets increased. Wholesale funding from non-banks to banks also increased in 2018 across various sources such as securitized assets and debt securities. The report monitors systemic risks from non-bank financial entities and certain activities like derivatives and securities financing transactions that can spread liquidity shocks.
This document is a student project analyzing the impacts of the Eurozone debt crisis on developing countries. It discusses the evolution of the crisis, global forces behind it, and potential short-term and long-term impacts on developing economies through falling market capitalization, commodity exports, remittances, and long-term manufacturing declines. The conclusion calls for stronger financial cooperation between developing countries to help them weather global financial crises stemming from issues in wealthy nations.
Growth Forecast Errors and Fiscal Multipliers Marco Garoffolo
- Forecasters underestimated fiscal multipliers in advanced economies early in the crisis. A 1 percentage point increase in planned fiscal consolidation was associated with about 1 percentage point lower growth than forecasted.
- This relationship was stronger early in the crisis but weaker in more recent years, possibly due to learning by forecasters and smaller actual multipliers over time.
- The results suggest multipliers were underestimated for both spending cuts and tax increases, with slightly larger underestimation for spending cuts. Unemployment and private consumption/investment forecasts also underestimated the negative impact of fiscal consolidation.
- Forecasters underestimated fiscal multipliers in advanced economies early in the crisis. A 1 percentage point increase in planned fiscal consolidation was associated with about 1 percentage point lower growth than forecasted.
- This relationship was stronger early in the crisis but weaker in more recent years, possibly due to learning by forecasters and smaller actual multipliers over time.
- The results suggest multipliers were underestimated for both spending cuts and tax increases, with slightly larger underestimation for spending cuts. Unemployment and private consumption/investment forecasts also underestimated the negative impact of fiscal consolidation.
This document summarizes and analyzes a policy paper that proposes a two-step market-based approach to debt reduction in the eurozone without default.
Step 1 involves the EFSF exchanging existing Greek, Irish, and Portuguese government debt for EFSF bonds at market prices over 90 days. Step 2 assesses debt sustainability and either writes down debt to market levels if sufficient, or agrees to lower interest rates with GDP warrants. The goal is to restore private market access without seniority over remaining private claims. The ECB would stop bond market interventions, and the IMF could provide bridge financing until fiscal adjustments are complete.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
In RiskMonitor, Allianz Global Investors (AllianzGI) together with Investment & Pensions Europe (IPE) magazine surveys European institutional investors’ perceptions of capital market, regulatory and governance risk.
This document discusses the background and state of play regarding the introduction of a Financial Transaction Tax (FTT) in the European Union. It notes that while the Banking Union aims to prevent future crises, an FTT could provide EU countries more fiscal flexibility in the short-term by generating estimated annual revenues of 30-35 billion euros. Eleven eurozone countries have proposed introducing harmonized FTT regimes through an enhanced cooperation procedure. The tax is intended to discourage harmful financial transactions and have the financial sector help address the crisis burden. However, some oppose an FTT due to concerns around reduced liquidity and its potential effects.
Public debt management refers to strategies employed by a country's national authority to manage external debt, including loans from other countries. It aims to raise required funding while achieving risk and cost objectives. Sound debt management is important as it can reduce susceptibility to financial crises by facilitating broader financial market development. The World Bank provided a loan to help the Philippines restore creditworthiness by reducing pressure from its excessive debt burden through a debt restructuring program.
Corporate debt in emerging markets quadrupled between 2004-2014, rising to over $18 trillion. The composition of debt has shifted from loans to bonds. While greater leverage can boost growth, rapidly rising debt raises financial stability concerns. This chapter examines the factors driving emerging market leverage growth over the past decade using large databases. It finds that global factors like accommodative monetary policy in advanced economies have played a larger role than country or firm specific factors. Leverage has increased most in cyclical sectors like construction and has been associated with rising foreign currency exposure. Despite weaker balance sheets, emerging market firms have issued bonds at better terms by taking advantage of favorable global conditions. Policy recommendations include monitoring vulnerable firms and sectors closely, improving corporate debt
This paper uses a multi region DSGE model with collateral constrained households and residential investment to examine the effectiveness of fiscal policy stimulus measures in a credit crisis. The paper explores alternative scenarios which differ by the type of budgetary measure, its length, the degree of monetary accommodation and the level of international coordination. In particular we provide estimates for New EU Member States where we take into account two aspects. First, debt denomination in foreign currency and second, higher nominal interest rates, which makes it less likely that the Central Bank is restricted by the zero bound and will consequently not accommodate a fiscal stimulus. We also compare our results to other recent results obtained in the literature on fiscal policy which generally do not consider credit constrained households.
Authored by: Jan in't Veld, Werner Roeger, István P. Székely
Published in 2011
What is the theory of public debt managementSolution1. Sove.pdfJUSTSTYLISH3B2MOHALI
What is the theory of public debt management???
Solution
1. Sovereign debt management is the process of establishing and executing a strategy for
managing the government\'s debt in order to raise the required amount of funding, achieve its
risk and cost objectives, and to meet any other sovereign debt management goals the government
may have set, such as developing and maintaining an efficient market for government securities.
2. In a broader macroeconomic context for public policy, governments should seek to ensure that
both the level and rate of growth in their public debt is fundamentally sustainable, and can be
serviced under a wide range of circumstances while meeting cost and risk objectives. Sovereign
debt managers share fiscal and monetary policy advisors\' concerns that public sector
indebtedness remains on a sustainable path and that a credible strategy is in place to reduce
excessive levels of debt. Debt managers should ensure that the fiscal authorities are aware of the
impact of government financing requirements and debt levels on borrowing costs.1 Examples of
indicators that address the issue of debt sustainability include the public sector debt service ratio,
and ratios of public debt to GDP and to tax revenue.
3. Poorly structured debt in terms of maturity, currency, or interest rate composition and large
and unfunded contingent liabilities have been important factors in inducing or propagating
economic crises in many countries throughout history. For example, irrespective of the exchange
rate regime, or whether domestic or foreign currency debt is involved, crises have often arisen
because of an excessive focus by governments on possible cost savings associated with large
volumes of short-term or floating rate debt. This has left government budgets seriously exposed
to changing financial market conditions, including changes in the country\'s creditworthiness,
when this debt has to be rolled over. Foreign currency debt also poses particular risks, and
excessive reliance on foreign currency debt can lead to exchange rate and/or monetary pressures
if investors become reluctant to refinance the government\'s foreign-currency debt. By reducing
the risk that the government\'s own portfolio management will become a source of instability for
the private sector, prudent government debt management, along with sound policies for
managing contingent liabilities, can make countries less susceptible to contagion and financial
risk.
4. A government\'s debt portfolio is usually the largest financial portfolio in the country. It often
contains complex and risky financial structures, and can generate substantial risk to the
government\'s balance sheet and to the country\'s financial stability. As noted by the Financial
Stability Forum\'s Working Group on Capital Flows, \"recent experience has highlighted the
need for governments to limit the build-up of liquidity exposures and other risks that make their
economies especially vulnerable to exte.
1) The document discusses concerns around increasing public debt levels in advanced economies and how this may hamper future growth. It outlines the economic impacts of the 2008 financial crisis and rising debt levels globally.
2) It analyzes different policy options for addressing high debt such as debt restructuring, inflation, fiscal consolidation, and promoting economic growth. Each option is assessed in terms of strengths, weaknesses and feasibility.
3) The recommendation is that no single approach will work and a combination of transparency, accountability, fiscal repression, and selective fiscal consolidation can help curb debt growth while promoting economic recovery.
This document discusses a comprehensive, consistent, and coordinated approach to macroeconomic policymaking. It argues that such an approach allows policymakers to better align instruments and objectives, helps deal with shocks, and improves economic resilience. Comprehensive policy actions within a country exploit synergies between monetary, fiscal, and structural policies. Consistent policy frameworks anchor long-term expectations while allowing short-term accommodation. Coordinated policies across countries amplify the effects of individual actions through positive spillovers. The approach can support growth and provide a response in the event of a negative shock.
1) The document calls for a coordinated fiscal stimulus package across Eurozone countries to combat recession, arguing the current individual country responses have been too weak and uncoordinated. It recommends a minimum 2% of GDP stimulus that is sustained until economies recover.
2) Monetary policy actions by the ECB have not been enough on their own to sustain the Eurozone economy, and now need to be supported by strong fiscal policy actions. However, the Stability and Growth Pact prohibits automatic fiscal stabilizers from working as needed.
3) For stimulus packages to be effective, they should focus on public spending that directly increases aggregate demand and employment, such as infrastructure investment, rather than broad-based tax cuts. Co
.Introduction The European sovereign debt crisis was to a gr.docxmercysuttle
.
HST 337 Review essay questions
1. Comment fully on the origins and consequences of the Atlantic slave trade. Include a detailed comment on what you consider to have been the likely short and long term impact of the trade on African societies.
2. Migration is a major theme in the understanding of the African experience. Select and discuss at least four examples of migration in the African continent before 1870. Include comment on the objectives, accomplishments and failures of the migrants
3. Assume you visited and spent two months in either the Asanteland or Yorubaland or Hausaland or Igboland in 1825. Write a report of your observations there. Focus your attention on political, economic, social and cultural life. Conclude your essay by commenting on what you consider to be the African perception of what the advancement in civilization should entail
. 4. A knowledge of the shaping of the South African society to 1850 is critical to the understanding of that region's history in later years. Assume you were invited to give a lecture on "The Shaping of South African Society to 1850." Discuss at least four themes you will emphasize in your lecture. State why selected these themes and support your argument with historical data.
5. Select an African king/leader before 1870 and craft a biographical essay on him. Focus your attention on his rise to power, administrative style, economic policy, achievements, failures, weaknesses, and legacy. Include comment on what you consider to a unique characteristic of African leaders before 1870.
6. Select and discuss at least four examples of the role of long distance trade in the shaping of African society before 1870. Include on what you consider to be the most enduring impact of long distance trade in the continent.
...
1) The document discusses financial crime and regulatory responses after the 2008 financial crisis in the UK. It examines proposed measures by bodies like the Basel Committee and the Alternative Investment Fund Managers Directive.
2) It also discusses criticisms of these regulatory responses for not fully addressing the problems and for exacerbating the crisis through increased costs for banks. Loopholes still allow some financial crime to thrive.
3) The document also analyzes international coordination challenges between countries and how austerity measures disproportionately affected some countries that bailed out foreign banks. Overall, the regulatory responses were criticized as not doing enough to curb criminal and harmful non-criminal behaviors in the financial industry.
This policy brief covers a discussion on finance for sustainable development held during a full day conference at the Stockholm School of Economics on May 11, 2015. The event was organized jointly by the Stockholm Institute of Transition Economics (SITE) and the Swedish Ministry for Foreign Affairs, and was the fifth installment of Development Day – a yearly development policy conference. With the Millennium Development Goals (MDGs) expiring in 2015, the members of the United Nations are now in the process of defining a post-2015 development agenda. The Sustainable Development Goals (SDGs) build on the eight anti-poverty targets in the MDG but also include a renewed emphasis on environmental and social sustainability. Whatever targets or goals will be agreed upon in the end, we know for certain that reaching the objectives will require substantial financial resources, far beyond the current levels of official development assistance (ODA). To discuss this issue, the conference brought together a distinguished and experienced group of policy-oriented scholars and practitioners from government agencies, international organizations, civil society and the business community.
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.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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Ocde riscos fiscais
1. From:
OECD Journal on Budgeting
Access the journal at:
http://dx.doi.org/10.1787/16812336
Coping with fiscal risk
Analysis and practice
George Kopits
Please cite this article as:
Kopits, George (2014), “Coping with fiscal risk: Analysis and practice”,
OECD Journal on Budgeting, Vol. 14/1.
http://dx.doi.org/10.1787/budget-14-5jxrgssdqnlt
2. This work is published under the responsibility of the Secretary-General of the OECD. The
opinions expressed and arguments employed herein do not necessarily reflect the official views
of OECD member countries.
This document and any map included herein are without prejudice to the status of or
sovereignty over any territory, to the delimitation of international frontiers and boundaries and to
the name of any territory, city or area.