...increasing the long-run trend rate of economic growth is not simply one of increasing spending’. Using the data and your economic knowledge, assess the importance of both demand-side and supply-side policies in helping the UK economy to achieve a prolonged period of economic growth. (25 marks) 2011 B Extract E (lines 1 – 2) states: ‘The overriding objective of economic policy is to maintain a stable economy. This requires low inflation, low unemployment and a steady rate of economic growth.’ Using the data and your knowledge of recent economic events, assess the contribution that fiscal and monetary policies can make in maintaining a stable economy. (25 marks) 2011 C Assess the view that a fall in the exchange rate of the pound will help to improve the performance of the UK economy. 2010 D Extract F (lines 10-12) states: ‘A significant increase in unemployment seems inevitable and, in the short run, there is not much that a government can do about it.’ Evaluate alternative measures which can be used to reduce unemployment. (25 marks) 2010 E Extract C (lines 4-5) indicates that ‘investment is expected to fall rapidly in 2009’. Assess the consequences for the UK economy of a significant fall in investment spending. (25 marks) 2010 F Assess the various policies that could be used to help an economy, such as that of the UK, to recover from recession. (25 marks) 2010 G Using the data and your economic knowledge, assess the importance of higher labour productivity...
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...Threat of fiscal dominance? A BIS/OECD workshop on policy interactions between fiscal policy, monetary policy and government debt management after the financial crisis Basel, 2 December 2011 Monetary and Economic Department May 2012 Papers in this volume were prepared for the joint BIS and OECD workshop on “Policy interaction: fiscal policy, monetary policy and government debt management”, held in Basel on 2 December 2011. The views expressed are those of the authors and do not necessarily reflect the views of the BIS or the central banks represented at the meeting. Individual papers (or excerpts thereof) may be reproduced or translated with the authorisation of the authors concerned. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2012. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1609-0381 (print) ISBN 92-9131-135-9 (print) ISSN 1682 7651 (online) ISBN 92-9197-135-9 (online) Preface The massive expansion of central bank balance sheets to contain the worst financial crisis in living memory raises questions about the theory and practice of monetary policy. The persistence in many advanced countries of large fiscal deficits and the prospect of high public debt/GDP ratios for many years is likely, at some point, to create policy dilemmas not only for central banks but also for public debt managers. Some countries have already had to cope with higher...
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...Richard Baldwin CEPR Press a A VoxEU.org Book Secular Stagnation: Facts, Causes, and Cures A VoxEU.org eBook Centre for Economic Policy Research (CEPR) Centre for Economic Policy Research 3rd Floor 77 Bastwick Street London, EC1V 3PZ UK Tel: +44 (0)20 7183 8801 Email: cepr@cepr.org Web: www.cepr.org ISBN: 978-1-907142-77-2 © CEPR Press, 2014 Secular Stagnation: Facts, Causes, and Cures A VoxEU.org eBook edited by Coen Teulings and Richard Baldwin CEPR Press abcde Centre for Economic Policy Research (CEPR) The Centre for Economic Policy Research (CEPR) is a network of almost 900 research economists based mostly in European universities. The Centre’s goal is twofold: to promote world-class research, and to get the policy-relevant results into the hands of key decision-makers. CEPR’s guiding principle is ‘Research excellence with policy relevance’. A registered charity since it was founded in 1983, CEPR is independent of all public and private interest groups. It takes no institutional stand on economic policy matters and its core funding comes from its Institutional Members and sales of publications. Because it draws on such a large network of researchers, its output reflects a broad spectrum of individual viewpoints as well as perspectives drawn from civil society. CEPR research may include views on policy, but the Executive Committee of the Centre does not give prior review to its publications. The opinions expressed in this report are those...
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...bank and the whole banking sector was quick to follow suit. Secondly, mobile banking has been introduced and expanded significantly. This process will come its fruition with the introduction of PayPal payment system. Thirdly, revolutionary changes have taken place in CSR. Fourthly, Bangladesh Bank has achieved commendable success in financial inclusion program. Bangladesh Bank's role in involving the mass people into financial activities is undeniable. Finally, the establishment of Currency Museum is a great initiative of Bangladesh Bank. I would now like to say a few words on the economic condition of the country. Under the visionary leadership of the father of the nation Bangabandhu Sheikh Mujibur Rahman, an independent and sovereign Bangladesh emerged in the world map 42 years ago with a view to achieving political and economic freedom of the Bangalees. To complete the unfinished task of economic freedom of Bangabandhu, present government is implementing the...
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...percent faster than growth of output the most dramatic increase in globalization, has occurred in financial markets. In the global forex markets, billions of dollars are transacted each day, of which more than 90 percent represent financial transactions unrelated to trade or investment. Much of this activity takes place in the so-called Euromarkets, markets outside the country whose currency is used. This pervasive growth in market interpenetration makes it increasingly difficult for any country to avoid substantial external impacts on its economy. In particular massive capital flows can push exchange rates away from levels that accurately reflect competitive relationships among nations if national economic policies or performances diverse in short run. The rapid dissemination rate of new technologies speeds the pace at which countries must adjust to external events. Smaller, more open countries, long ago gave up illusion of domestic policy autonomy. But even the largest and most apparently self-contained economies, including the US, are now significantly affected by...
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...Secretary Economic Commission for Latin America and the Caribbean economic commission for latin america and the caribbean C E P A L Review NUMBER 85 APRIL 2005 SANTIAGO, CHILE OSCAR ALTIMIR Director REYNALDO BAJRAJ Deputy Director The CEPAL Review was founded in 1976 and is published three times a year by the United Nations Economic Commission for Latin America and the Caribbean, which has its headquarters in Santiago, Chile. The Review, however, has full editorial independence and follows the usual academic procedures and criteria, including the review of articles by independent external referees. The Review is distributed to universities, research institutes and other international organizations, as well as to individual subscribers, and is also consulted extensively on the Internet. The purpose of the Review is to contribute to the discussion of socio-economic development issues in the region by offering analytical and policy approaches and articles by economists and other social scientists working both within and outside the United Nations. Accordingly, the editorial board of the Review extends its readers an open invitation to submit for publication articles analysing various aspects of economic and social development in Latin America and the Caribbean. The opinions expressed in the signed articles are those of the authors and do not necessarily reflect the views of the organization. The designations employed and the way in which data are presented...
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...Insight Report The Global Competitiveness Report 2014–2015 Klaus Schwab, World Economic Forum Insight Report The Global Competitiveness Report 2014–2015 Full Data Edition Professor Klaus Schwab World Economic Forum Editor Professor Xavier Sala-i-Martín Columbia University Chief Advisor of The Global Competitiveness and Benchmarking Network © 2014 World Economic Forum World Economic Forum Geneva The Global Competitiveness Report 2014–2015: Full Data Edition is published by the World Economic Forum within the framework of The Global Competitiveness and Benchmarking Network. Copyright © 2014 by the World Economic Forum Professor Klaus Schwab Executive Chairman All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, or otherwise without the prior permission of the World Economic Forum. Professor Xavier Sala-i-Martín Chief Advisor of The Global Competitiveness and Benchmarking Network Espen Barth Eide Managing Director and Member of the Managing Board ISBN-13: 978-92-95044-98-2 ISBN-10: 92-95044-98-3 Jennifer Blanke Chief Economist This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. THE GLOBAL COMPETITIVENESS AND BENCHMARKING NETWORK Margareta Drzeniek Hanouz, Head of the Global Competitiveness and Benchmarking Network and...
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...over the past century while others stay mired in poverty? Why do some countries have high rates of inflation while others maintain stable prices? Why do all countries experience recessions and depressions—recurrent periods of falling incomes and rising unemployment—and how can government policy reduce the frequency and severity of these episodes? Macroeconomics, the study of the economy as a whole, attempts to answer these and many related questions. To appreciate the importance of macroeconomics, you need only read the newspaper or listen to the news. Every day you can see headlines such as INCOME GROWTH SLOWS, FED MOVES TO COMBAT INFLATION, or STOCKS FALL AMID RECESSION FEARS. Although these macroeconomic events may seem abstract, they touch all of our lives. Business executives forecasting the demand for their products must guess how fast consumers’ incomes will grow. Senior citizens living on fixed incomes wonder how fast prices will rise. Recent college graduates looking for jobs hope that the economy will boom and that firms will be hiring. Because the state of the economy affects everyone, macroeconomic issues play a central role in political debate.Voters are aware of how the economy is doing, and they know that government policy can affect the economy in powerful ways.As a result, the popularity of the incumbent president rises when the economy is doing well and falls when it is doing...
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...over the past century while others stay mired in poverty? Why do some countries have high rates of inflation while others maintain stable prices? Why do all countries experience recessions and depressions—recurrent periods of falling incomes and rising unemployment—and how can government policy reduce the frequency and severity of these episodes? Macroeconomics, the study of the economy as a whole, attempts to answer these and many related questions. To appreciate the importance of macroeconomics, you need only read the newspaper or listen to the news. Every day you can see headlines such as INCOME GROWTH SLOWS, FED MOVES TO COMBAT INFLATION, or STOCKS FALL AMID RECESSION FEARS. Although these macroeconomic events may seem abstract, they touch all of our lives. Business executives forecasting the demand for their products must guess how fast consumers’ incomes will grow. Senior citizens living on fixed incomes wonder how fast prices will rise. Recent college graduates looking for jobs hope that the economy will boom and that firms will be hiring. Because the state of the economy affects everyone, macroeconomic issues play a central role in political debate.Voters are aware of how the economy is doing, and they know that government policy can affect the economy in powerful ways.As a result, the popularity of the incumbent president rises when the economy is doing well and falls when it is doing...
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...Objectives Research Hypotheses Importance of the study 1 3 10 19 22 22 23 CHAPTER TWO: LITERATURE REVIEW 2.0. Introduction 2.1. Review of Theoretical Literature on Financial Viability of Pension Schemes 2.2. Review of Empirical Literature of Studies on the Solvency of Pension Schemes 2.3. Models for Evaluating the Financial Viability of Pension Schemes 2.4. A Summary of the Knowledge and Research Gaps 25 25 46 60 68 REFERENCES APPENDICES i Electronic copy available at: http://ssrn.com/abstract=1784297 GLOSSARY CAC CALPERS CAPSA CBS C-D CEO CGE CSR DB DC E.T.I EME ERISA FMA GASB GDP GSP INPFRS INSS IPD IRA IRBS KNAO KNBS LUPFUND NSE NSSF NYSCRF OECD OSFI PBGC PLC PPF PPR PROST PRPOPS PSPS PSSS RBA SAM SIPO SOX SSNIT SSS Commonwealth Authorities and Companies Act CEO California Public Employees Retirement System The Canadian Association of Pension Supervisory Authorities Central Bureau of Statistics Cobb-Douglas economy Chief Executive Officer Computable General Equilibrium Corporate Social Responsibility Defined Benefit Defined Contribution Economically Targeted Investments Emerging Market Economies Employee Retirement Income Security Act Financial Management and Accountability Act Government Accounting Standards Board Gross domestic Product Gross State Product...
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...Vak: Private Equity and Behavioral Corporate Finance for Finance Vak: Financial Risk Management (Quantitative Finance) Vak: Real Estate Management Vak: Adv Corporate Finance 4.1 Vak: Valuation and Corporate Governance for Finance Vak: Institutional Investments and ALM for Finance 1 2 3 3 4 6 7 9 10 11 12 13 14 14 Vrije Universiteit Amsterdam - Fac. der Economische Wet. en Bedrijfsk. - M Finance - 2012-2013 II Institutional Investments and ALM Course code Credits Language of tuition Faculty Coordinator Teaching staff Teaching method(s) E_FIN_IIALM () 6.0 English Fac. der Economische Wet. en Bedrijfsk. prof. dr. C.G.E. Boender prof. dr. C.G.E. Boender, prof. dr. T.B.M. Steenkamp Lecture Course objective Achieve advanced knowledge of the investment process of institutional investors, like pension funds and insurers. The main objective is to fully understand the most important theoretical concepts in the institutional investment process and the way these concepts are used in practice. After following the course, you: - Have a good oversight and thorough understanding of the theory of strategic asset allocation (SAA). - Have insight in the way the theory of strategic asset allocation is (or not) implemented by institutional investors. - Have insight in the way the most important inputs for SAA, VaR models and assumptions for expected returns and risks, and Asset and Liability Management (ALM)...
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...DIRECT INVESTMENT IN TELECOM SECTOR OF PAKISTAN CONFIDENTIALITY STATEMENT This dissertation has been agreed as confidential between the students, university and sponsoring organisation. This agreement runs for two years from (20 August 2008) STATEMENT OF AUTHENTICITY I have read the University Regulations relating to plagiarism and certify that this dissertation is all my own work and do not contain any unacknowledged work from other sources. WORD COUNT: 16,808 ABSTRACT 07000441 FOREIGN DIRECT INVESTMENT IN TELECOM SECTOR OF PAKISTAN Keywords: FDI, Entry Modes, Determinants, Risks, Pakistan Telecom Abstract Pakistan telecom sector has attracted large inflow of foreign direct investment in recent years. Government policy of deregulation and privatization has created an environment conducive for foreign direct investment in telecom sector of Pakistan. This paper will investigate all those factors which have contributed in attracting the foreign direct investment in telecom sector of Pakistan. However, there are some risks associated with the foreign direct investment in telecom sector due to the current political instability and terrorism in the country. This paper will examine the risks associated with the foreign direct investment in telecom sector of Pakistan. Subsequently it will explore entry strategy for foreign companies to enter in Pakistan telecom market. FOREIGN DIRECT INVESTMENT IN TELECOM SECTOR OF PAKISTAN Dissertation submitted...
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...catastrophic economic slump in 1929. (The Great Depression) * During the time of Great Depression, microeconomics was a well-developed branch of economics, but macroeconomics was not. * In the 1930’s, there were no expanding industries; everything was headed downward. * Microeconomics focuses on how decisions are made by individuals and firms and the consequences of those decisions; Macroeconomics examines the overall behavior of the economy—how the actions of all the individuals and firms in the economy interact to produce a particular economy-wide level of economic performance. * Many thousands or millions of individual actions compound upon one another to produce an outcome that isn’t simply the sum of those individual actions. (rubber-necking traffic jam example) * Paradox of thrift: when families and businesses are worried about the possibility of economic hard times, they prepare by cutting their spending. This reduction in spending depresses the economy as consumers spend less and businesses react by laying off workers. As a result, families and businesses may end up worse off than it they hadn’t cut their spending. * The flip-side is also true; seemingly profligate behavior leads to good times for all * Before 1930’s, economists regarded the economy as self-regulating: unemployment would be corrected through the invisible hand and government attempts would be ineffective/harmful. * Keynesian economics: a depressed economy is the...
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... Institute of Business Administration University of Dhaka June 30, 2012 30 June 2012 Dr. Muhammad Ziaulhaq Mamun Professor Institute Of Business Administration University Of Dhaka Dear Sir, Here we present the report “Impact of Global Recession on Ready Made Garments Industry of Bangladesh”. In this report we tried to analyze the current RMG industry scenario and the various factors associated with it which have been influenced by the global financial crisis. We believe our report will facilitate strategic planning for both the decision makers in the market and identify possible counter measures and new possibilities. We hope the report meets your expectations. We will be glad to answer any query about the report. Sincerely yours, Nabeel Khan (ZR-29) Farwah Tasnim (ZR-40) Rasheeq Rayhan (ZR-45) Sayan Muhammad Rafi (ZR-48) Rafat Shamim (ZR-51) Ishmam Rahman Abedin (ZR-53) Bushra Barkat (ZR-54) Table of Contents EXECUTIVE SUMMARY: i 1.0 INTrODUCTION 1 Background: 1 Issues: 2 Objectives: 6 Hypotheses: 6 Rationale 7 Scopes: 7 Limitations: 7 2.0 Literature Review: 8 3.0...
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...Economic Outlook, Prospects, and Policy Challenges 01 CHAPTER This year’s Economic Survey comes at a time of unusual volatility in the international economic environment. Markets have begun to swing on fears that the global recovery may be faltering, while risks of extreme events are rising. Amidst this gloomy landscape, India stands out as a haven of stability and an outpost of opportunity. Its macro-economy is stable, founded on the government’s commitment to fiscal consolidation and low inflation. Its economic growth is amongst the highest in the world, helped by a reorientation of government spending toward needed public infrastructure. These achievements are remarkable not least because they have been accomplished in the face of global headwinds and a second successive season of poor rainfall. The task now is to sustain them in an even more difficult global environment. This will require careful economic management. As regards monetary and liquidity policy, the benign outlook for inflation, widening output gaps, the uncertainty about the growth outlook and the over-indebtedness of the corporate sector all imply that there is room for easing. Fiscal consolidation continues to be vital, and will need to maintain credibility and reduce debt, in an uncertain global environment, while sustaining growth. On the government’s “reformto-transform” agenda, a series of measures, each incremental but collectively meaningful have been enacted. There have also...
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