Small interest rate

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  • This pattern has two main implications. First, if we take loan size as a proxy for the poverty of customers (smaller loans roughly imply poorer customers), microfinance banks appear to serve many customers who are substantially better-off than the customers of nongovernmental organizations. Second, banks will have an easier time earning profits (assuming that a large fraction of the cost of making loans is due to fixed costs).

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  • In the 1980s and 1990s, policymakers took a big leap, arguing that the new microfinance institutions should be profitable -- or in the prevailing code language, they should be “financially sustainable.” The argument for emphasizing profit-making microfinance institutions proceeds in three steps. First, it holds that small loans are costly for banks to administer but that poor households can pay high interest rates.

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  • Most discussion on interest spreads in Jamaica is based on the difference between the average loan rate and the average rate on time deposits as published by BOJ. For many years, the rate payable on savings deposits was controlled and was adjusted periodically to ensure a real interest return for small savers. Rates on time deposits varied according to market conditions and hence represented a more accurate measure of commercial bank pricing policy. For this reason, the spread published by BOJ over a long period has been the difference between the average loan rate and the...

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  • Interest rate hedges include a variety of different products sold to customers to help protect them against interest rate risk. In principle, interest rate hedging products can meet customers’ needs, as they provide greater certainty over future loan repayments. However, these products can also be very complex and, therefore, susceptible to mis-selling. Our review has found serious failings in the sale of interest rate hedging products to small and medium sized businesses (SMEs). We have evidence which raises concerns about the sales we have reviewed in certain banks.

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  • More sophisticated econometric procedures have been used to estimate the market’s reaction to Federal Reserve policy, focusing on the unanticipated element of the actions. Using a Vector Autoregression (VAR) tomodelmonetary policy, for example, Edelberg and Marshall (1996) found a large, highly significant response of bill rates to policy shocks, but only a small, marginally significant response of bond rates. Other examples of the VAR approach include Evans and Marshall (1998) and Mehra (1996).

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  • The capital in the business is an important factor to decide the existence and the development of a business. The faster economics grows, the more the capital of businesses raises. “What ways can company or businesses raise money?” That is the problem that our group want to discuss with you today: "Some solutions to raise money for activities of the company”

    ppt0p thanhtamtinh 16-11-2012 40 17   Download

  • It is unclear whether MMMFs, as currently structured, are really pass-through entities. Fund investors see no fluctuations in their share values based on changing interest rates or credit spreads. When fund losses materialize, it is usually the sponsors rather than investors who absorb them. And in the only recent example of investors being required to absorb a loss, a run was triggered on other funds that may have significantly impacted the broader economy absent government intervention. ...

    pdf8p hongphuocidol 04-04-2013 24 6   Download

  • Money has a time value: a $ or £ or € today, is worth more than a $ or £ or € next year. A risk free interest rate may represent the time value of money. Inflation too can create a difference in money value over time. It is NOT the time value of money. It is a decline in monetary purchasing power.

    ppt0p muaxuan102 21-02-2013 27 5   Download

  • The first time a money market fund broke the buck was in 1994, when the Denver-based Community Banker’s U.S. GovernmentMoney Market Fund reported aNAVof $0.96. It had themisfortune of owning securities that fell sharply in value during the rapid rise in interest rates that year. Because this was a small fund held by a small number of institutional shareholders, the impact was limited. It wasn’t until the credit crisis of 2008 hit that a fund broke the buck in a dramatic way. This was the Reserve Primary Fund—the first money market fund in the United States.

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  • Our approach is motivated by the statistical finding that the market value of fixed income instruments exhibit a low-dimensional factor structure. Indeed, a large literature has documented that the prices of many types of bonds comove strongly, and that these common movements are summarized by a small number of factors. It follows that for any fixed income position, there is a portfolio in a few bonds that approximately replicates how the value of the position changes with innovations to the factors.

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  • Beginning in the 1980s, microfinance pioneers started shifting the focus. Instead of farmers, they turned to people in villages and towns running “non-farm enterprises”—like making handicrafts, livestock-raising, and running small stores. The shift brought advantages: non-farm businesses tend to be less vulnerable to the vagaries of weather and crop prices, and they can generate income on a fairly steady basis. The top microlenders boast repayment rates of 98 percent and higher, achieved without requiring that loans be secured with collateral.

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  • A more sophisticated technique to measure portfolio risk is value-at-risk (VaR). Whereas a portfolio sensitivity analysis measures portfolio value changes for a specific interest rate change for all securities, VaR measures the maximum potential loss on a portfolio for a specified confidence level and a specified time period. For example, consider a portfolio manager who measures VaR at a 95 percent confidence level and for a 90-day time horizon.

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  • By encouraging these lending practices, usury ceilings may fail to give consumers the protection and benefits that they were intended to provide. That is, usury laws may actually reduce the amount of credit that is available to low income or inexperienced borrowers. Low-priced credit is not useful to those who cannot meet the requirements for obtaining it. Thus, when lenders ration credit by some means other than price, first-time borrowers, small borrowers, low-income and high-risk borrowers are likely to find it more difficult to obtain credit.

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  • In addition, we only provide data at maturities where we think the curve can be fitted so that it is stable and meaningful. Instability arises when small movements in bond prices lead to unrealistically large moves in the estimated yield curves, essentially because there is not enough information from observed prices at a given maturity to allow us to fit that segment of the curve. This is usually a problem at short maturities where we require more information because we expect the short end of the yield curve to exhibit the greatest amount of structure.

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  • Third, the nature of gender inequalities varies from region to region and country to country. For example, in most middle-income countries in Latin America and the Caribbean, gender disparities in primary school enrollments are very small and, in some cases, favor girls over boys. However, issues such as ownership of land by poor women, gender inequalities in labor markets, returns to education, and gender violence remain important. In the transition countries of Eastern Europe, gender issues arise largely from the patterns associ- ated with the transition.

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  • The question is whether this is also true for loans to small- and medium-sized enterprises (SMEs). Proponents of public banks argue that only savings banks can guarantee the pro- vision of loans to SMEs. Therefore, the Italian reforms may have impaired the availability of SME loans. Furthermore, the reforms led to a consolidation wave, reducing the number of banks from 1,088 in 1992 to 788 in 2003, and raising the average bank size from 1,014 million Euros in 1992 to 2,754 in 2003 (Engerer and Schrooten 2004, Körnert and Nolte 2005, OECD 2002).

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  • Third, the interest-on-reserves regime might very well be self-financing; it even has the potential to generate significant additional revenue for the government. At worst, switching to the interest-on-reserves regime would involve a relatively small adverse effect on government finances. Paying a market rate of interest on reserves could create cash flow problems for a central bank; but these problems would be manageable. Finally, the interest-on-reserves regime would eliminate entirely distortions in financial markets due to the tax on reserves.

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  • Under certain conditions, the Company may use options and futures on securities, indices and interest rates, as described in Section 3.2. "Sub-Fund Details" and Appendix 3 "Restrictions on the use of techniques and instruments" for the purpose of investment, hedging and efficient portfolio management. In addition, where appropriate, the Company may hedge market and currency risks using futures, options or forward foreign exchange contracts. Transactions in futures carry a high degree of risk.

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  • Recent imperfect capital market theories (e.g., Bernanke and Gertler (1989), Gertler and Gilchrist (1994), Kiyotaki and Moore (1997)) predict that changing credit market conditions can have very di®erent e®ects on small and large ¯rms' risk. Agency costs induced by asymmetry in the infor- mation held by ¯rms and their creditors make it necessary for ¯rms to use collateral when borrowing in the credit markets. Small ¯rms, it is argued, typically do not have nearly as much collateral as large ¯rms and will not have the same ability to raise external funds.

    pdf238p bocapchetnguoi 06-12-2012 20 5   Download

  • Interest rate risk remains high for banks because of a duration mis- match between deposits relative to banks’ holdings of government securities and certain housing loans. Exchange rate risk is less of a concern as banks have only a small net foreign exchange position and hedges are generally considered to be with strong institutions. In addition, large Turkish corporates have high foreign-exchange (FX) liabilities, often to foreign lenders, more willing to provide financing as markets stabilised after the crisis in 2001.

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