As extensively discussed in the UNCTAD's Trade and Development Report (UNCTAD, 2004, 2005 and 2006), global imbalances have become a major source of systemic risk to the global economy. They can have adverse repercussions in the short and long term on both surplus and deficit economies due to the potentially disruptive effect of a sudden adjustment. As in past financial crises, the growing financial fragility induced by some types of capital inflows, associated with current-account deficits and the threat of an overshooting devaluation, may force deficit economies into contraction, which may spill over to trading partners.
However, if compared to the mid-1990s, the current number of deficit countries is rather small and, apart from the United States, their weight in the world economy is also fairly limited. Nevertheless, there are some regions where risk is highly concentrated, as in Eastern Europe and in some transition economies in Asia. Domestic external imbalances are undoubtedly affected by the determinants of international competitiveness such as wage and price inflation, productivity growth via real exchange rate changes as shaped by the institutions and regulation in the financial, labour and product markets. Nonetheless, it is widely acknowledged that speculative capital flows have a significant cumulative effect on macro aggregates creating systemic risk on both the financial system and real economy.
The enzyme-inhibitor dissociation constants, i.e., [...], were evaluated for the six isomeric pairs of C-substituted indolecarboxylate ions and carboxamides.
In this paper, we investigate the impact of accounting standards on the information content of stock prices, particularly the extent to which stock prices incorporate firm-specific information in an accurate and timely manner. We find that the adoption of high-quality accounting standards, such as International Financial Reporting Standards (IFRS) or U.S. Generally Accepted Accounting Principles (GAAP), per se is not related to the information content of stock prices. Such accounting standards are helpful only in countries that have proper reporting incentives and are characterized by better shareholder protection, more effective legal systems, and stricter enforcement.
