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Ebook Risk-based Pricing of Interest Rates in Household Loan Markets

... began to use estimates of default risk to assess different interest rates for individual loans. This paper examines both the extent and ... increase in the spread between the interest rates paid by highest and lowest risk borrowers. In order to isolate the potential effects of ...

Story - wulan - 08/25/2009 - 01:37 - 0 comments - 0 attachments

Ebook Does Financial Liberalization Trigger long-run Economic Growth?

... movements. At the end of 2006, Turkish economy has the highest current account deficit and the highest private sector foreign currency ... creates a better control over money supply and a lower interest rate (usually below market rate) which can induce a higher investment. ...

Story - puput - 06/04/2010 - 06:35 - 0 comments - 0 attachments

Ebook Do interest rates matter? Credit demand in the Dhaka slums

... on the ability to contain costs and to price loans at interest rates that are high enough to generate profits. Once profitability is ... also tend to be the most expensive to serve, will pay the highest prices for capital. Implicit in this argument is a key – and ...

Story - antoq - 07/10/2009 - 03:54 - 0 comments - 0 attachments

Ebook Introduction to intertemporal substitution in economic models

... complex macro and microeconomic explanations deserves the highest award. In this paper the authors present the conception of influence of interest rates and real wages on agent’s optimal decisions about preferred ...

Story - wulan - 06/25/2010 - 05:53 - 0 comments - 0 attachments

Ebook Economic Reforms, Capital Flows And Macro Economic Impact On India

... the macro economic variables such as exchange rate, interest rate, money stock (M3) and inflation negatively. Even in countries ... flowing freely across national border seeking out the highest return. During 1991 to 1996 there was a spectacular rise in net capital ...

Story - puput - 04/13/2010 - 01:51 - 0 comments - 0 attachments

Ebook Liquidity Risk, Special Repo Rates, and the Credit Crunch of 2007: An Emprical Analysis

... the Treasury repo market, and the liquidity premiums is of interest to market makers and portfolio managers who wish to know what ... of a group of bonds with similar term structure to buy the highest spread and sell the lowest spread to capture the liquidity premium ...

Story - wulan - 09/05/2009 - 02:36 - 0 comments - 0 attachments

Ebook Financial Stability And Monetary Policy – A Framework

... the credibility of central banks now seems to be at their highest level. Following the advice of modern macroeconomic theory which ... aggregate demand via changes in nominal respectively real interest rates. The New Neoclassical Synthesis (see Michael Woodford 2003) ...

Story - puput - 02/08/2010 - 02:29 - 0 comments - 0 attachments

Ebook Wage policies of a Russian firm and the financial crisis of 1998: Evidence from personnel data – 1997 to 2002

... of the private banking sector, a surge in inflation and interest rates, and liquidity problems, which adversely affected demand in the ... at the top of the earnings distribution tend to take the highest real wage cuts in relative terms, which is in part driven by external ...

Story - puput - 04/09/2010 - 03:08 - 0 comments - 0 attachments

Ebook Restructuring Risk in Credit Default Swaps: An Empirical Analysis

... contract’s covenants (e.g. a failure to pay required interest or principal on time), and financial restructuring occurs when the ... else constant, we find restructuring premia to be highest in the Telephone, Service & Leisure and Railroad sectors, and ... Gas industry and for Gas utilities. And, when default swap rates without a restructuring clause increase, the increase in the ...

Story - wulan - 03/01/2010 - 07:48 - 0 comments - 0 attachments

Ebook Global Imbalances and the Financial Crisis: Products of Common Causes

... largest economy, the United States had the world’s highest rate of private homeownership and the world’s deepest, most dynamic ... and other surplus countries depressed global real interest rates, leading investors to scramble for yield and under price risk. ...

Story - wulan - 02/01/2010 - 06:44 - 0 comments - 0 attachments

PDF Ebook Long-Term Momentum Hypothesis: New Contrarian Strategy

Submitted by antoq on Mon, 08/09/2010 - 02:11

This paper proposes a new hypothesis that price momentum becomes stronger as the history of a trend in stock price is longer. It, referred to the long-term momentum hypothesis, provides two key predictions. First, the contrarian strategy, suggested by the previous studies, will not obtain profits in the short run. On the other hand, Barberis et al. (1988) predicts that it will earn profits even in the short run. Second, a new contrarian strategy, designed for exploiting long-term momentum, will be short-term profitable. Empirical results established by this study are consistent with the long-term momentum hypothesis. However, other hypotheses fail to explain them.

Financial literature documents two stylized facts such as long-term reversal and short-term momentum in stock prices. Evidence on these two anomalies is strong, but what causes them is still controversial. On the side of market efficiency, behavioral finance theories successfully explain those anomalies by using established psychological behaviors of investors. However, some scholars cast doubt on the validity of their theories. For example, Fama (1998) point out that while behavioral models do well in explaining anomalies that they are designed to explain, they fail to explain other anomalies. He argues that as a rule of scientific endeavor, the effectiveness of a model should be evaluated on the basis of a rejectable prediction that has not yet been tested. This paper attempts to challenge Fama's argument by providing a new behavioral hypothesis and performing new rejectable tests that have not been tested.

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PDF Ebook The right to a healthy diet

Submitted by antoq on Fri, 08/07/2009 - 07:54

The resurgence of the national debate on food poverty has its roots within the present government’s commitment to reduce inequality in general and health inequalities in particular. Community groups across the country are joining in the struggle to ensure that those on low incomes are able to benefit from a healthy diet. The community’s fight in Newham is well underway, supported initially by the Health Action Zone and now winning new support from the Primary Care Trust and the London Borough of Newham.

This report has been commissioned to aid that fight by establishing how food poverty fits into the current climate of thinking at national and local level, by evaluating the successes of food projects in Newham and by recommending methods of overcoming obstacles.

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Ebook Factor Demand Linkages, Technology Shocks and the Business Cycle

Submitted by wulan on Mon, 06/21/2010 - 07:05

Input output linkages are a pervasive feature of modern economies. Neglecting them could lead to a significant loss in understanding the dynamics of the supply side of an economy. Intermediate goods used in one sector are produced in other sectors, which in turn use the output from the first sector as an input to their own production. Therefore there are complex circular networks of input output interactions that need to be taken into account. The presence of an intermediate input channel is emphasized by Hornstein and Praschnik (1997) and recently analyzed in detail in Kim and Kim (2006).

In this paper we consider explicitly the empirical relevance of this channel. We study fluctuations at the sectoral and the aggregate level and we show that it is important to model the interactions between sectors if we want to fully understand the propagation of shocks across the economy. Typically, reduced form time series methods, in conjunction with the long run identifying assumptions, are used to disentangle disturbances to an economy. With few exceptions, the literature has applied these methods to aggregate time series. However, modelling aggregate time series directly implies that sectors are relatively homogeneous and most importantly, that interactions among sectors are of second order importance for aggregate fluctuations.

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