Open Access. Powered by Scholars. Published by Universities.®

Finance and Financial Management Commons

Open Access. Powered by Scholars. Published by Universities.®

Articles 1 - 12 of 12

Full-Text Articles in Finance and Financial Management

Restarting Securitization Markets: Policy Proposals And Pitfalls, John Kiff, Andy Jobst, Jodi Scarlata, Michael Kisser Sep 2009

Restarting Securitization Markets: Policy Proposals And Pitfalls, John Kiff, Andy Jobst, Jodi Scarlata, Michael Kisser

John Kiff

This chapter tracks the rise and fall of securitization markets, and evaluates the various initiatives aimed at restarting them on a sounder footing, focusing on the markets for securities not backed by governments or government-sponsored enterprises. The analysis attempts to discern how securitization can positively contribute to financial stability and sustainable economic growth. While most of the current proposals are unambiguously positive for securitization markets and financial stability, some proposals—such as those designed to improve the alignment of securitizer and investor interests and accounting changes that will result in more securitized assets remaining on balance sheets—may be combined in ways …


Was Financial Market Contagion The Source Of Economic Crisis In Asia? Evidence Using A Multivariate Var Model, Ahmed Khalid, Masahiro Kawai Sep 2009

Was Financial Market Contagion The Source Of Economic Crisis In Asia? Evidence Using A Multivariate Var Model, Ahmed Khalid, Masahiro Kawai

Ahmed Khalid

The episodes of financial crises in many parts of the world during the 1990s have sparked interest in identifying channels through which such crises spread from one country to another. Researchers have identified several factors that may have sparked and induced contagion. This study further extends the existing research by identifying and testing three financial market variables to trace the alleged origin and the subsequent path of the contagion during the 1997 Asian Crisis. Foreign exchange rates, stock market prices and interest rates are three main financial market indicators, representing the currency, stock and money markets, respectively. We use a …


Alternative Estimators Of Cointegrating Parameters In Models With Non-Stationary Data: An Application To Us Export Demand (Working Paper), James J. Forest, Paul Turner Aug 2009

Alternative Estimators Of Cointegrating Parameters In Models With Non-Stationary Data: An Application To Us Export Demand (Working Paper), James J. Forest, Paul Turner

James J Forest

This paper presents Monte Carlo simulations which compare the empirical performance of two alternative single equation estimators of the equilibrium parameters in a dynamic relationship. The estimators considered are Stock and Watson’s dynamic ordinary least squares (DOLS) estimator and Bewley’s transformation of the general autoregressive distributed lag model. The results indicate that the Bewley transformation produces a lower mean-square error as well as superior serial correlation properties even with lower truncation lags for the lagged variables included in the estimation equation. An application is then provided which examines the nature of the equilibrium relationship between aggregate US exports, world trade …


Intensified Regulatory Scrutiny And Bank Distress In New York City During The Great Depression,” With Patrick Van Horn, Gary Richardson May 2009

Intensified Regulatory Scrutiny And Bank Distress In New York City During The Great Depression,” With Patrick Van Horn, Gary Richardson

Gary Richardson

Bank distress peaked in New York City, at the center of the United States money market, in July and August 1931, when the banking crisis peaked in Germany and before Britain abandoned the gold standard. This article tests competing theories about the causes of New York’s banking crisis. The cause appears to have been intensified regulatory scrutiny, which was a delayed reaction to the failure of the Bank of United States, rather than the exposure of money center banks to events overseas.


Análisis De La Sostenibilidad Del Proyecto De Producción Y Venta De Huevos De La Granja Nueva Vida, Guatemala, Maria R. Ibanez Apr 2009

Análisis De La Sostenibilidad Del Proyecto De Producción Y Venta De Huevos De La Granja Nueva Vida, Guatemala, Maria R. Ibanez

Maria Ibanez

El presente documento analiza la sostenibilidad del proyecto de producción y venta de huevos de la Casa Nueva Vida, localizada en las cercanías de Santa Cruz de Quiché, Guatemala. En el primer apartado, se presentan los resultados del análisis financiero, en el segundo, el estudio de mercado, y en el tercero, las recomendaciones. Finalmente, se recogen las conclusiones del informe.


Solid Waste Management Through The Application Of Advanced Technologies, Praveen Jha Dr Feb 2009

Solid Waste Management Through The Application Of Advanced Technologies, Praveen Jha Dr

Praveen Jha Dr

State-of-art long term plan for Solid Waste Management (SWM) including collection, transportation and disposal of Solid Waste (SW), as well as for monitoring of SWM, by generating integrated solution could be generated through the application of advanced technologies so that the policy interventions may prove to be highly successful and cost-effective. Currently, SWM plans are either non-existent or are riddled with serious problems and limitations. SWM plans are extremely expensive. Long term planning could be done for collection, transportation and disposal of SW in such a manner that Waste Collection Points, transportation routes, schedules regarding transportation, loading, unloading, stoppage etc, …


Portable Savings Account Module, Vijaya Krushna Varma Mr Feb 2009

Portable Savings Account Module, Vijaya Krushna Varma Mr

VIJAYA KRUSHNA VARMA Mr

Portable savings account is an involuntary tax paying account. Citizens need not maintain separate account books for paying either Direct taxes or Indirect taxes. Citizens need not submit tax returns annually. There will be no expenditure cost for the government for collecting taxes.


On The Political Substitutability Between Tariffs And Subsidies, Daniel Brou, Michele Ruta Dec 2008

On The Political Substitutability Between Tariffs And Subsidies, Daniel Brou, Michele Ruta

Daniel Brou

This paper provides a simple model that highlights the political substitutability between import tariffs and production subsidies.1 When taxes are distortionary, political pressures by domestic interest groups representing the import competing sector induce the government to set inefficiently high tariffs and subsidies. If the government commits the tariff to a lower level - for instance by signing a binding commitment in a trade agreement - interest groups demand (and in the political equilibrium obtain) a larger production subsidy. This political substitutability between tariffs and subsidies is shown to reduce social welfare.


What Does Islamic Finance Want To Be When It Grows Up?, Karen Hunt Ahmed Dec 2008

What Does Islamic Finance Want To Be When It Grows Up?, Karen Hunt Ahmed

Karen Hunt Ahmed

No abstract provided.


Where Is Islamic Finance Going? Ethical Investment Strategies, Karen Hunt Ahmed Dec 2008

Where Is Islamic Finance Going? Ethical Investment Strategies, Karen Hunt Ahmed

Karen Hunt Ahmed

No abstract provided.


"Islamic Banking And Finance: Moral Beliefs And Business Practices At Work", Karen Hunt Ahmed Dec 2008

"Islamic Banking And Finance: Moral Beliefs And Business Practices At Work", Karen Hunt Ahmed

Karen Hunt Ahmed

The religion of Islam has existed for 1400 years but Islamic economic theory and its financial institutions emerged as an industry only in the 1970s. Islamic financial institutions (IFIs) are designed to help Muslims conduct business internationally while simultaneously upholding traditional Islamic values related to trade finance and currency movement. The basis for their existence is the Islamic moral prohibition on charging interest—interest is a central component of capitalist banking—yet IFIs conduct billions of dollars of business annually in the world economy and the de facto Islamic banking transaction is—in most cases—virtually identical to a capitalist banking transaction. Business practices …


Chicago Islamic Microfinance Project, Karen Hunt Ahmed, Cynthia Shawamreh Dec 2008

Chicago Islamic Microfinance Project, Karen Hunt Ahmed, Cynthia Shawamreh

Karen Hunt Ahmed

No abstract provided.