Xem 1-20 trên 43 kết quả Monetary operations.
  • We model the impact of bank mergers on loan competition, reserve holdings, and aggregate liquidity. A merger changes the distribution of liquidity shocks and creates an internal money market, leading to financial cost efficiencies and more precise estimates of liquidity needs. The merged banks may increase their reserve holdings through an internalization effect or decrease them because of a diversification effect. The merger also affects loan market competition, which in turn modifies the distribution of bank sizes and aggregate liquidity needs.

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  • Open market operations Affect the quantity of reserves and the monetary base Changes in borrowed reserves Affect the monetary base Changes in reserve requirements Affect the money multiplier Federal funds rate—the interest rate on overnight loans of reserves from one bank to another Primary indicator of the stance of monetary policy

    ppt23p sony_12 25-06-2013 25 11   Download

  • This document presents the operational framework chosen by the Eurosystem* for the single monetary policy in the euro area. The document, which forms part of the Eurosystem’s legal framework for monetary policy instruments and procedures, is intended to serve as the “General Documentation” on the monetary policy instruments and procedures of the Eurosystem, and is aimed, in particular, at providing counterparties with the information they need in relation to the Eurosystem’s monetary policy framework....

    pdf106p greengrass304 14-09-2012 21 8   Download

  • Clearly, interest rate policy implemented by the Fed’s current operating procedures could not survive in this case. If the Fed persisted in implementing interest rate policy with its current procedures, the Fed would continually sell securities to withdraw reserves and currency. Reserves, for example, would be withdrawn to keep their marginal narrow liquidity services yield from falling below the interest opportunity cost represented by the federal funds rate target.

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  • The operational procedures of the Bank of Greece underwent major changes during the 1990s. These shifts in operational strategy made interest rates the main tool of monetary policy for the first time in Greece. This paper examines the effects of changes in the bank’s operational interest rates on market interest rates at eight maturities and for different operational regimes. A major feature of our study is the application of the event study methodology used in finance, which has not been employed in any previous study on this subject.

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  • We find that for operational forms of policy rules, ie rules that do not depend on contemporaneous values of endogenous aggregate variables, many interest-rate rules do not exhibit robust stability. We consider a variety of interest-rate rules, including instrument rules, optimal reaction functions under discretion or commitment, and rules that approximate optimal policy under commitment.

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  • When you complete this chapter you should be able to: Create a simple decision tree, build a decision table, explain when to use each of the three types of decision-making environments, calculate an expected monetary value (EMV), compute the expected value of perfect information (EVPI), evaluate the nodes in a decision tree, create a decision tree with sequential decisions.

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  • The main contents of this chapter include all of the following: Changing the size and composition of the balance sheet, open market operations, foreign exchange intervention, discount loans, cash withdrawal.

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  • Basic Skills: (Time value of money, Financial Statements) Investments: (Stocks, Bonds, Risk and Return) Corporate Finance: (The Investment Decision - Capital Budgeting) For Investors, the rate of return on a security is a benefit of investing. For Financial Managers, that same rate of return is a cost of raising funds that are needed to operate the firm. In other words, the cost of raising funds is the firm’s cost of capital.

    ppt47p huynhcongdanh 12-06-2012 64 31   Download

  • The use of fixed operating costs as opposed to variable operating costs. A firm with relatively high fixed operating costs will experience more variable operating income if sales change. The variability or uncertainty of a firm’s earnings per share (EPS) and the increased probability of insolvency that arises when a firm uses financial leverage.

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  • • Permanent Assets (those held 1 year) – should be financed with permanent and spontaneous sources of financing. • Temporary Assets (those held • Permanent Financing – intermediate-term loans, long-term debt, preferred stock, common stock • Spontaneous Financing – accounts payable that arise spontaneously in day-to-day operations (trade credit, wages payable, accrued interest and taxes) • Short-term financing – unsecured bank loans, commercial paper, loans secured by A/R or inventory...

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  • • Raw materials inventory - basic materials to be used in the firm’s production operations. • Work-in-process inventory - partially finished goods requiring additional work before becoming finished goods. • Finished-goods inventory - completed products that are not yet sold. • Stock of cash - inventory of cash to allow payment of bills.

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  • The B2B Marketing community has been humbled by the recent recession. This economic crisis has forced marketers to operate with limited resources, while facing a need to produce a higher level of quality leads than ever before. Through budget cuts and increased expectations, the organizations that persevered were the ones who effectively applied the most efficient marketing tactics for every stage of the sales funnel, from lead generation to sales conversion, and then closed the loop with sound marketing analytics for continual improvement.

    pdf18p doiroimavanchuadc 06-02-2013 31 10   Download

  • In this study we develop an empirical framework to assess the effects of capital inows, monetary policy and nancial innovation on the housing sector. Our rst contribution is to document the effects of monetary policy and capital inows on the housing sector in a broad sample of advanced economies. We estimate a panel vector autoregression (VAR) for 18 OECD countries and identify capital inows and monetary policy shocks with sign restrictions.

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  • In this section we look at data concerning 10-year government bond yields. Although our main interest is the default risk, this presents only one channel through which fiscal policies can affect long-term yields. There are other channels operating through monetary-fiscal interaction, which should be reflected in the evolution of yields. Therefore we start our descriptive analysis in this section by looking at yields, forward rates and inflation expectations at a weekly frequency. Then we move to an analysis of interest rate swap spreads, at a weekly and daily frequency.

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  • I came to view the process by which a central bank manages the interbank rate in a different light a few years ago in a paper on the zero bound on interest rate policy. 8 Obviously, at the zero bound it is no longer possible for a central bank to operate on the interest opportunity cost spread. The spread is zero. Nevertheless, a central bank still may be said to manage the interbank rate when it is zero. Thus, something other than open market operations and the interest opportunity cost spread must matter for the implementation of interest rate policy. Irving...

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  • Thinking about the zero bound this way suggests that variable interest on reserves could be utilized routinely and productively as an instrument of monetary policy. The Fed could replace its current operating procedures with a new interest-on-reserves regime. For heuristic purposes, I describe the implementation of the new regime in two steps, although the steps would take place simultaneously in practice. First, the Fed would purchase additional securities in the open market, adding enough reserves to satiate the market and drive the federal funds rate to zero.

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  • Among technological options experimented to reach the unbanked and underbanked populations mostly in the rural areas are the satellite (mobile) branches, which allow to serve financially-excluded geographical areas where mainstream banks found it unprofitable to set up brick and mortar infra- structures. Savings banks in Uganda and Zimbabwe operate mobile banking units, which consist of vans equipped with information and communication technology touring remote communities on fixed dates to render banking services.

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  • As laid down by the Basel Committee on Banking Supervision, a key require- ment for the proper management of a bank’s interest rate risk is the defi nition of the relevant principles and processes based on proportionality. More specifi cally, it is important to clearly defi ne responsibilities and accountability in taking risk management decisions as well as what kind of instruments are eligible. The purposes or goals for which eligible instruments may be used need to be specifi ed as well.

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  • This document is the result of efforts by the DAC Working Party on Development Co- operation and Environment to clarify the key linkages between poverty and environmental degradation, with special attention paid to their gender dimension - and the policy implications at the local, sectoral and national levels. The objective is not to provide a comprehensive coverage of all pertinent issues, but to provide an analytical road-map which could be used as reference for more detailed sector and country-specific examinations.

    pdf12p tieuyeuquai456 05-10-2012 21 2   Download

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