The document discusses the impact of the US Federal Reserve tapering its quantitative easing program on the Indian economy. It provides background on the Fed's bond-buying program and discusses the market reactions when taper talk began in 2013. While Indian markets and the rupee declined initially due to capital outflows from emerging markets, the impacts were moderate and India was better prepared to handle tapering in 2013 than before. The document concludes that India will remain cautious as the Fed further scales back its stimulus program.
Government bonds are fixed interest securities
This means that a bond pays a fixed annual interest – this is known as the coupon
The coupon (paid in £s, $s, Euros etc.) is fixed but the yield on a bond will vary
The yield is effectively the interest rate on a bond
The yield will vary inversely with the market price of a bond
When bond prices are rising, the yield will fall
When bond prices are falling, the yield will rise
Gold standard is a monetary system in which the standard unit of currency is a fixed quantity of gold or is kept at the value of a fixed quantity of gold.
Government bonds are fixed interest securities
This means that a bond pays a fixed annual interest – this is known as the coupon
The coupon (paid in £s, $s, Euros etc.) is fixed but the yield on a bond will vary
The yield is effectively the interest rate on a bond
The yield will vary inversely with the market price of a bond
When bond prices are rising, the yield will fall
When bond prices are falling, the yield will rise
Gold standard is a monetary system in which the standard unit of currency is a fixed quantity of gold or is kept at the value of a fixed quantity of gold.
The Yield Curve is made up by graphing the plots of the yields of bonds of similar quality or risk class against their maturities, ranging from shortest to longest term.
Determination of exchange rate chapter 6Nayan Vaghela
Determination of exchange rate, mint par theory, balance of payment theory, Purchasing power parity theory, Absolute version and relative version, Criticisms
Money, Medium of Exchange, Unit of Account, Deferred Payment, Types of Money, Commodity Money, Full-bodied Money, Paper Money, Fiat Money, Fiat Money: token coins, Check-able Deposits, Physical Properties of Money,
The Donald has finally decided to stop talking about running for president and actually do it. A lot of people are wondering how seriously to take Trump's candidacy. When the "3 M's" of political campaigning (Money, Media, & Momentum) are taken into account, Donald Trump has everything he needs to be a very serious contender for the presidency.
The Yield Curve is made up by graphing the plots of the yields of bonds of similar quality or risk class against their maturities, ranging from shortest to longest term.
Determination of exchange rate chapter 6Nayan Vaghela
Determination of exchange rate, mint par theory, balance of payment theory, Purchasing power parity theory, Absolute version and relative version, Criticisms
Money, Medium of Exchange, Unit of Account, Deferred Payment, Types of Money, Commodity Money, Full-bodied Money, Paper Money, Fiat Money, Fiat Money: token coins, Check-able Deposits, Physical Properties of Money,
The Donald has finally decided to stop talking about running for president and actually do it. A lot of people are wondering how seriously to take Trump's candidacy. When the "3 M's" of political campaigning (Money, Media, & Momentum) are taken into account, Donald Trump has everything he needs to be a very serious contender for the presidency.
The stages of the evolution of the political spin cycle POLIS LSE
The describes in very simple graphic terms how the political communications cycle has changed from the analogue era; through professionalised political communications; through social media; through the disruptive strategy of Donald Trump; and finally offers an idealistic template for networked political communications.
budget analysis 2105 -2016
Union Budget, which is a yearly affair, is a comprehensive display of the Government's finances. It is the most significant economic and financial event in India. The Finance Minister puts down a report that contains Government of India's revenue and expenditure for one fiscal year.
Simply put, a budget deficit occurs when an entity (often a government) spends more money than it takes in. The opposite of a budget deficit, on the other hand, is a budget surplus.
I prepared this slide on my research paper 'fiscal deficit and inflation ' on the current economic situation of India. In this data has been collected from economic survey 2011-12 and several other books. This slide has full data how the the central govt. and central bank uses their, fiscal policy and monetary policy respectively Hope, it will provide a good help for students who want to know about these concepts of economics.
gaurav tripathi(undergrad econ)>
Impact of Changing World Politics in Managing RiskPECB
The webinar discussed how the Trump administration will manage risks during their governance and how it will have impact in the US as well as throughout the world. The likely changes that will occur during his administration and how these changes will affect the management of risk internationally are also mentioned.
Main points covered:
• Unique Risk Characteristics of Trump Administration
• International Aspect of Managing Risk
• Essential Steps to Managing Risk
• Current Approaches to Risk Management
• Involving Your Personnel Instead of Outsiders
• Foreseeing and Identifying Risk Prior to Impact
• Ranking Risk for Countermeasure Effectiveness
• Attaining Managed Risk!
Presenter:
Dr. Vernon Grose is the Chairman of Omega Systems Group and the author of the best-seller– “MANAGING RISK: Systematic Loss Prevention for Executives”, along with three other books, and over 60 professional papers. He has been an executive in 3 major US corporations and was appointed by President Ronald Reagan as a Member of the National Transportation Safety Board. His expertise has been solicited for over 500 TV interviews internationally involving aviation crashes and disasters. Appointed to the NASA Advisory Board for Apollo spacecraft missions, he has had the opportunity to meet 10 of the 12 men who walked on the Moon. Dr. Grose has taught graduate-level university courses in the US, Canada, Germany, Spain, and Mexico related to managing risk.
Link of the recorded session published on YouTube: https://youtu.be/6naMwZqpQL0
Biegel Waller Investment Advisory Market Perspective David Berger
While the U.S. asset purchase program came to an end last month, we expect easy money policies around the globe to continue well into the future. We anticipate global leaders will remain focused on fighting deflationary forces with sufficient liquidity, which should help global asset prices.
A summary of Quantitative easing policy, its first implementation in Japan, then America after the crisis of 2008 and Europe after the Greece sovereign debt crisis.
The presentation includes the basic idea of what Monetary policy is and how many central banks around the world uses it to recover out of recession of 2008.
Our concern is about QE tapering and your investments. When Fed Chairman Powell announced the plan to taper he also noted that there will be no immediate increase in interest rates at least not in the first half of 2022.
https://youtu.be/w6lqHD0HX90
Global synchronization provide upward bias to Equity based investments once again. In depth look at how Janney breaks down the year ahead and where to invest to take advantage of the reemergence of Global Growth.
Lekcija "Pasaules tautsaimniecības attīstības tendences un tuvākās nākotnes p...Latvijas Banka
Pasaules ekonomikas un lielāko pasaules valstu ekonomiku attīstības prognozes, balstoties uz jaunāko Starptautiskā Valūtas fonda veikto analīzi. Aktuālie jautājumi un būtiskākie riski ekonomikas attīstībai. Ieteikumi politikas veidotājiem.
Prezentācija izmantota lekcijā Daugavpils Universitātē 2014. gada 13. novembrī.
Rania Al-Mashat - Minister of Tourism
ERF 24th Annual Conference
The New Normal in the Global Economy: Challenges & Prospects for MENA
July 8-10, 2018
Cairo, Egypt
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@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 to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
4. INTRODUCTION
• The word tapering in financial terms is increasingly being
used to refer to the reduction of the Federal Reserve's
quantitative easing, or bond buying programme.
• Taper talk" started in June 2013 by Ben Bernake when
speculation increased that the Fed would start on a tapered
end to QE in 2014.
5. FEDERAL RESERVE
• The Federal Reserve System is the central banking system of
the United States
• The Federal Reserve’s duties can be categorized into four
general areas:
• Conducting national monetary policy
• Supervising and regulating banking
• Maintaining financial system stability and containing
systemic risk.
• Providing financial services
6. GOVERNMENT BONDS
• Governments and governmental agencies also use bonds to raise
money. U.S.
• Treasury Bonds are the most secure investments in the world
because the U.S. Government backs them with its "full faith and
credit.“
• Bond prices and yields are like a seesaw: when bond yields go up,
prices go down, and when bond yields go down, prices go up.
• In other words, a move in the 10-year Treasury yield from 2.2% to
2.6% indicates negative market conditions, while a move from
2.6% to 2.2% indicates positive market performance
7. The Basics of Quantitative Easing
• The U.S. Federal Reserve (“the Fed”) plays an increasingly
active role in the performance of the economy and financial
markets through the use of its many tools.
• The most well-known of these tools is its ability to set shortterm interest rates
• The central bank enacts a low-rate policy when it wants to
stimulate growth, and it maintains higher rates when it wants
to contain inflation.
8. • In recent years, however, this approach ran into a problem: the
Fed effectively cut rates to zero, meaning that it no longer had
the ability to stimulate growth through its interest rate policy.
• But even with these ultra-low rates, there's still too much
unemployment.
• This problem prompted the Fed to turn to the next weapon in
its arsenal: quantitative easing
9. What is Quantitative Easing?
• Quantitative easing is by creating money and then buying
bonds or other financial assets from banks.
• Higher loan growth, in turn, should make it easier to finance
projects.
• The Fed’s purchases help drive up the prices of bonds by
reducing their supply, which causes their yields to fall.
•
Lower yields, in turn, provide the fuel for economic
expansion by lowering borrowers’ costs.
10. “QE1” and "QE2”
• In 2008 financial crisis, slow growth and high unemployment
forced the Fed to stimulate the economy through its policy of
quantitative easing in the interval from November 25, 2008
through March 2010.
• The program had little impact initially, so the Fed announced
an expansion of the program from $600 billion to $1.25 trillion
on March 18, 2009.
• Immediately after the program wrapped up, trouble emerged in
the form of slower growth, the rise of the European debt crisis,
and renewed instability in the financial markets.
11. QE-2
• The Fed moved in with a second round of quantitative easing,
which became known as “QE2” and involved the purchase of
$600 billion worth of short-term bonds.
• This program - which Chairman Ben Bernanke first hinted at
on August 27, 2010 - ran from November 2010 through June
2011.
• QE2 sparked a rally in the financial markets but did little to
spur sustainable economic growth.
12. QE3 Launched in September 2012
• On September 13, 2012, the U.S. Federal Reserve launched its
third round of quantitative easing
• It would keep short-term rates low through 2015.
• These moves reflect the Fed's view that the economy still
hasn't reached the point of self-sustaining growth.
• The Fed has adopted what has been called "QE Infinity," a
plan to purchase $85 billion of fixed-income securities per
month, $40 billion of mortgage-backed securities and $45
billion of U.S. Treasuries.
13. The Case Against Quantitative Easing
• The Fed’s various QE programs have led to sharp criticism
from across the political spectrum. Among the arguments
against quantitative easing are:
• It helps banks more than the economy, since they can opt to
strengthen their balance sheets by “keeping” the money rather
than using it to increase their loan activity.
• By creating money, the Fed makes the U.S. dollar less
competitive against foreign currencies.
• Increasing the money supply can create inflation..
• Quantitative easing can create “bubbles” in asset prices
14. “TAPER TALK”
• Global markets started experiencing a sell off after the Fed
indicated that it expected to ease its asset purchases.
• On the day of Ben Bernanke's last press conference as
chairman of the Federal Reserve the Federal Open Market
Committee finally decided it would scale down its $85bn-amonth asset purchase programme
15.
16. 1st Market Reaction to Tapering
• While Bernanke’s tapering statement didn’t represent an
immediate shift, it nonetheless frightened the markets.
• Once the Fed begins to pull back on it stimulus, the markets may
begin to perform more in line with economic fundamentals –
which in this case, means weaker performance.
• Bonds indeed sold off sharply in the wake of Bernanke's first
mention of tapering, while stocks began to exhibit higher
volatility than they had previously.
17. 1st Market Reaction to Tapering
• The Dow was pushed down 105 points - but the idea of Fed
stimulus has caused much more turmoil in certain overseas
markets.
• The problem: A corresponding hike in U.S. debt yields has
fuelled higher borrowing costs around the globe.
• This has led to the flight of cheap capital out of emerging
currencies and markets.
• The markets subsequently stabilized through the second half of
2013 as investors gradually grew more comfortable with the
idea of a reduction in QE
18. That triggered the following
reactions:
• The currencies of India and Turkey fell to new all-time lows
against the U.S. dollar while bond prices fell.
• Indonesia's currency, the rupiah, also fell to its lowest level
since 2009.
• Stocks in Eastern emerging economies like Indonesia,
Thailand, and the Philippines plummeted.
• The Philippine Stock Exchange alone plunged nearly 6% this
week.
19. EFFECT ON EMERGING MARKETS
• Concerns over economic growth, along with lowered demand
forecasts, have hammered export-reliant countries, like
Thailand.
• Thailand's SET and Indonesia's Jakarta Composite Index have
fallen 18% and 20% respectively since their May peak.
• The Philippine stock index is down 17%, whereas India's
Sensex was down 10%.
• All four of these nations' currencies are down more than 10%
in that time.
20. EFFECT ON DOLLAR AND RUPEE
• The dollar gained against the majority of its 16 most-traded
peers when the fed decided to taper
•
From 53.80 a dollar on 30 April, the rupee slumped 21.84% to
68.85 on 28 August.
• If tapering releases the headwinds and interest rates rise within
the context of a stable U.S. economy, then capital may be
attracted toward the U.S. currency.
21. Fed tapering
• Fed will begin to wind down the size of its purchases before
2013 is over, with the goal of ending the program by 2015.
• At the time present, QE is fluid and subject to change based on
economic conditions.
• This is illustrated by Fed Chairman Ben Bernanke's May 22,
2013 hint that the Fed could "taper" QE before year-end.
22. FED FINALLY TAPERS ITS STIMULUS
• On December 18, 2013, the Fed announced the first tapering:
beginning in January, it will reduce its purchases to $75 billion
per month - $35 billion of mortgage-backed securities and $40
billion of Treasuries.
•
The Fed is on track to reduce the program steadily throughout
2014 as long as economic growth remains on track and
unemployment continues to fall to 6.5%.
• The Fed estimates that economic growth will be between 2.8
per cent and 3.2 per cent next year as against 2 per cent in
2013.
23. WHY IS FED- TAPERING
• Better than expected jobs growth was one reason cited for the
pullback.
• They decided to decrease stimulus efforts in "measured steps"
to avoid surprising markets.
• They're not ending Quantitative Easing, they're just reducing it
barely
24. How Will a Tapering Look?
• Tapering isn’t an immediate, dramatic event.
• Instead, it is likely to take place gradually throughout 2014 so as
to create minimal market disruption.
• Also, it is going to remain dependent on economic conditions.
• The Fed may pull back slightly if the economy continues to
strengthen, but it could also increase the program again if the
economy slowed or the financial markets were shocked by an
unforeseen crisis.
25. REACTIONS FROM MARKETS
• During the summer of 2013, comments made by outgoing
chairman Ben Bernanke indicating a reduction in stimulus
efforts caused market volatility and a steep increase in
mortgage rates.
• In December, investors were more relaxed about the move.
• All three US indexes posted gains of more than 25% in 2013.
• European and Asian markets posted gains after the fed taper
decision
26.
27. TAPERING EFFECT ON INDIA
• Sensex slips 0.73%, rupee only 1 paisa weaker vs $ the
decline was moderate, as key global markets had rallied.
• The market did not respond too negatively. This is because
(FII) inflows are unlikely to be affected immediately.
• FIIs net-bought shares worth Rs 2,264 crore.
28. TAPERING EFFECT ON INDIA
• RBI said “we were better prepared to face the tapering. The
good news is that the tapering has not collapsed all emerging
market currencies,”
• The country raised about $34 billion between September and
November when the central bank opened a special
concessional dollar-swap window to attract FCNR (B)
deposits, adding to India’s forex reserves.
• FIIs have also pumped in a little over Rs 45,000 crore since
September.
• Foreign exchange reserves, which had dropped to a threeyear low in early September, are now at an eight-month high
of
$295.7
billion.
29. STRONG DOLLAR TO IMPACT THE
MARKET
• The weakness in the US economy was the primary reason for
easy money flowing into the Indian market.
• with the US unemployment rate falling to 7 per cent the US
economy is picking up.
• US tapering can slow down the flow of money into our market
and can put pressure on the Indian currency, which will be a
dampener to our market and economy.
• It's not just the rupee.
• Across the global all major currencies are trading weak against
the US dollar.
• The dollar is gaining strength on the back of positive signals
from
the
US
economy.
30. CONCLUSION
• Markets took the announcement in their stride also because of
assurances from the government and the RBI.
• India is now better prepared to deal with the situation arising
out of a tapering of the US’ bond-purchase programme than in
May 2013.
• Markets will remain cautious in anticipation of a steeper
tapering announcement