...from global economic recession and financial crisis. From US subprime to EU sovereign debt crisis, China, as the second largest economy in the world, experienced internal and external economic impacts. In the year of 2007, China’s economic development reached its pick. With the expectation of CNY appreciation, hot money flooded into China. As a result of this, the price of investment asset surged up sharply. The housing price tripled, and the Shanghai stock index reached to a historical level of 6300 from less than 3000 with in one year. The wealth effect from the high investment asset price stimulated consumption. Moreover, China was keeping its high net exports trading volume and fixed asset investment. The GDP growth rate exceeded 10%. However, the financial bubble broke in the US, and a chain reaction directly affected China. In 2008, all economic indictors shown that China’s development slowed down. Stock market can be regarded as the forecaster of economic. The Shanghai stock index dropped to 1900 from 6300. Affected by recession in international trading partners, the export also decreased sharply. Facing these problems, Chinese government proposed a basket of economic stimulation plans. The most influential one is the CNY 4000 billion infrastructure investment plan. Due to the stimulation, China’s GDP kept its 8% growth. The global financial crisis is far from end. In 2011, EU sovereign debt crisis made the world economic...
Words: 4366 - Pages: 18
...weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns. Following a period of economic boom, a financial bubble—global in scope—has now burst. A collapse of the US sub-prime mortgage market and the reversal of the housing boom in other industrialized economies have had a ripple effect around the world. Furthermore, other weaknesses in the global financial system have surfaced. Some financial products and instruments have become so complex and twisted, that as things start to unravel, trust in the whole system started to fail. This study is focus on financial /economic crisis and its effect on the Indian economy and government policies and Indian financial service industry this paper attempts an analysis of the impact of the global financial crisis on the Indian economy and suggests some policy measures to put the economy back. Introduction The India’s financial sector is not deeply integrated with the global financial system, which spared it the first round adverse effects of the global financial...
Words: 6008 - Pages: 25
...National Institute of Securities Markets Assessment of Long Term Performance of Credit Rating Agencies in India July 2009 5th Floor, Plot No.82, Sector 17, Vashi, Navi Mumbai 400 705 1 Contents Terms of Reference Executive Summary Acknowledgements CRAs: Relevance and Perspective Raters and Ratings: Evolution and the Current State of the Art Critical Evaluation of Ratings Rating Transition and Default Study Emerging Trends and Alternate Approaches Conclusions and Recommendations References Annexure Sample Questionnaire 3 4 14 15 21 32 43 58 63 74 78 2 Terms of Reference This Study has been commissioned by NISM as desired by the Committee on Comprehensive Regulation of CRA’s in India, to look into the legal and policy framework for regulating the activities of Credit Rating Agencies (CRAs), vide letter bearing Reference No. F.No.12/11/07-PM, dated 16.1.2009. The Terms of Reference are listed as under: 1. Assessment of the performance of CRAs in India in terms of parameters like default and transition data 2. How much information asymmetry is bridged by CRAs 3. How far CRAs assessment helps financial regulation 4. Accountability, corporate governance issues of CRAs 5. Disclosures of methodologies of rating 6. Rating of complex products like structured obligation 7. Uniformity or otherwise in definition and rating nomenclature of CRAs in India 8. Consistency of rating data with accounting data 9. Overall evaluation of what CRAs have done in terms of value...
Words: 27737 - Pages: 111
...bridge fiscal deficit. • Taxes galore as govt struggles to make ends meet. • Sri Lanka hit by Fitch downgrade and S&P lowering of outlook. • Sri Lankan economy grows a slow 4.8% in 2015. • Minimum wages for private sector workers comes into effect. • Port City back on, its official. • Sri Lanka happier in 2015, rises to 117th in the Happiness Index. • Inflation rises 1.7% YoY in February. • Rupee in March at 142.59/146.78 vs. USD (down 0.08% MoM). • Stock market closes at 6,071.88 in March (-11.9% YTD). In Business news: • Tourist arrivals up 19.4% YoY in Feb 2016 to 197,697 as China replaces India as the premier tourist sourcing location. In Consumer news: • Nielsen consumer confidence index falls to 65 (-5 pts MoM). • Vehicle registrations falls 25.4% YoY in Feb 2016. • Tea production drops to 22.9m kgs in Feb 2016. • CPC continues to make losses but LIOC rakes in mega profits; as Sri Lankan Airlines’ going concern nose dives. • Business sentiment index at 16 month low, 138 in Feb 2016.(-13 pts MoM). • Prima wheat flour prices increased. • Nestlé launches “out of home’ beverage provider. • Body Shop comes to Sri Lanka. Gradient Alliance M ont hly Bullet in: M arc h 2 0 1 6 In Economic news: Sri Lanka to borrow another USD 3bn as govt runs out of options to bridge fiscal deficit. The Central Bank of Sri Lanka (CBSL) is to issue sovereign bonds of about USD 3bn in the international capital markets, as the government attempts to bring...
Words: 4890 - Pages: 20
...------------------------------------------------- The US Fiscal Outlook & China’s Role in the US Treasury Market ------------------------------------------------- -Fixed income project key words FISCAL, DEBT CEILING, TREASURY, THE FED, CHINA Written by Gong Li 1155019071 Jiang Peng 1155038183 Yang Mengdi 1155020855 Zhang Yiwen 1155010794 Zheng Qianfei 1155038175 Written by Gong Li 1155019071 Jiang Peng 1155038183 Yang Mengdi 1155020855 Zhang Yiwen 1155010794 Zheng Qianfei 1155038175 CONTENT Executive Summary 1 1, The US Fiscal Outlook 3 -Recent and historical fiscal outlook 3 -The US debt ceiling and recent crises 4 -Financial cliff (2013) and its impacts to the US economy 5 -The US fiscal future 6 2, Fiscal Situation and Treasury Market 9 -The role of US department of the treasury 9 -The role of the Federal Reserve 9 -The US treasury market 10 -The Fed, the interest rates, the QE and the taper 12 -The prediction of the future interest rate 13 -Summary 14 3, China’s involvement in the US Treasury market 15 -China’s Ownership of US Treasury Securities 15 -Reasons of China’s preference for the US Treasuries 16 -The Symbiosis between China and the US in Terms of US Public Debt Holdings 18 -Our Suggestion on China’s Future Position in the US Treasury Market 20 References 22 Executive Summary The state and local governments continue to face fiscal challenges in the short- to medium-term term. According to the Government Accountability...
Words: 6091 - Pages: 25
...www.nitie.ac.in Volume 7 Issue 1 StreetAtNITIE In-Fin-NITIE ALSO INCLUDES: Bank Loan for Startups MSME Sector Development Global Turmoil and Indian Capital Market IN-FIN-NITIE Vol 7 Issue 1 IN-FIN-NITIE Vol 7 Issue 1 MESSAGE FROM THE CONVENOR Want to become an Investment Banker or a Financial Research Analyst Stop dreaming…Add the skill sets required to become one… IIQF is the pioneer of high-end finance education in India. It is an education initiative of top industry practitioners who have pioneered the most sophisticated financial technologies in India like Portfolio Risk Management Models and Systems and Algorithmic Trading Systems using High Performance Parallel Computing. “A mere 25% of graduates that India produces every year is actually employable. Even though India is poised to become the third largest economy in the world by 2050, out of all the graduates that pass out in an academic year, only 25% are suitable for getting inducted into the industry.” Jeffrey Fuller, Principal Advisor of Human Capital. There exists a huge gap between the skills that are required by the industry and what the Indian academic system produces. The objective of IIQF is to impart training to students in those skill-sets that are in demand in the industry and make them industry ready, or as we call them “The Street-Ready”. Certificate Program in Advanced Financial Modelling in Excel and VBA Certificate Program in Financial Modelling in Excel ...
Words: 17797 - Pages: 72
...FT SPECIAL REPORT World Economy Friday October 12 2012 www.ft.com/reports | twitter.com/ftreports Hopes turn to fear and uncertainty Answers to the big issues facing the global economy depend mainly on events in the US and eurozone, writes Chris Giles Meeting of minds: logo for the IMFWorld bank events beginning in Tokyo today Bloomberg Inside » Growth glitches FT specialists report from the eurozone, China, the US and the UK Pages 2, 3 If Obama wins . . . or Romney Some differences seem more symbolic than real Page 4 Cash conundrum The IMF and World Bank have plenty of money but face new challenges Page 5 A threat of double-dip recession is stalking the world economy. Advanced economies are struggling to raise insipid growth rates, while the fast-growing emerging economies cannot maintain their previous momentum. If anything goes wrong – and there are known potential shocks in the coming months – the risk is rising of a dangerous economic slide. The Brookings Institution-Financial Times Tracking Indices for the Global Economic Recovery shows a steep drop in 2012 so far, leading professor Eswar Prasad of Brookings to describe the global economy as “on the ropes”. In the International Monetary Fund’s twice-yearly World Economic Outlook, published this week, Olivier Blanchard, the fund’s chief economist, said the world economy was hamstrung by uncertainty, which was pre- venting companies from investing and households from spending. “Worries about...
Words: 15731 - Pages: 63
...Table of Contents Index to Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2011 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-07434 Aflac Incorporated (Exact name of registrant as specified in its charter) Georgia (State or other jurisdiction of incorporation or organization) 58-1167100 (I.R.S. Employer Identification No.) 1932 Wynnton Road, Columbus, Georgia (Address of principal executive offices) 31999 (ZIP Code) Registrant’s telephone number, including area code: 706.323.3431 Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Stock, $.10 Par Value Name of each exchange on which registered New York Stock Exchange Tokyo Stock Exchange Securities registered pursuant to Section 12(g) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. None Yes ¨ Yes ¨ No No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities...
Words: 87920 - Pages: 352
...Local Economy http://lec.sagepub.com/ The euro crisis Andrew Jones Local Economy 2011 26: 594 DOI: 10.1177/0269094211421748 The online version of this article can be found at: http://lec.sagepub.com/content/26/6-7/594 Published by: http://www.sagepublications.com On behalf of: London South Bank University Local Economy Policy Unit Partner Organisation: Centre for Local Economic Strategies Additional services and information for Local Economy can be found at: Email Alerts: http://lec.sagepub.com/cgi/alerts Subscriptions: http://lec.sagepub.com/subscriptions Reprints: http://www.sagepub.com/journalsReprints.nav Permissions: http://www.sagepub.com/journalsPermissions.nav Citations: http://lec.sagepub.com/content/26/6-7/594.refs.html >> Version of Record - Nov 17, 2011 What is This? Downloaded from lec.sagepub.com at UNIV OF GUELPH on November 17, 2013 Review article The euro crisis Andrew Jones Local Economy Policy Unit, London South Bank University, UK Local Economy 26(6–7) 594–618 ! The Author(s) 2011 Reprints and permissions: sagepub.co.uk/journalsPermissions.nav DOI: 10.1177/0269094211421748 lec.sagepub.com ´ ˜ Marco Buti, Servaas Deroose, Vıtor Gaspar and Joao Nogueira Martins (eds), The Euro: The First Decade, Cambridge University Press: Cambridge, 2010; 1048pp: ISBN 978-9279098420, £95 (hbk); Roy H. Ginsberg, Demystifying The European Union: The Enduring Logic of Regional Integration (2nd edn), Rowman & Littlefield: Lanham, MD, 2010;...
Words: 15233 - Pages: 61
...Budget 2014. In this paper, we: 1) assess if GST is a progressive or regressive tax; 2) study the impact of GST on Malaysian households; 3) estimate the total GST raised from households in perfect condition vs. practical circumstance; 4) estimate the expected inflation spike based on the Consumer Price Index; and 5) discuss the wider implications of implementing GST. Despite setting essential items like basic food, public transportation, education and healthcare as exempt or zero rated items, we show that GST is a regressive tax. Using 7% as the standard GST rate, the average household is expected to pay 2.93% of monthly income as GST (RM 104 per month in July 2013 values). Households will pay higher percentage of their income as GST if they are: middle and low income groups (with those earning around RM 2,500 per month paying 3.07%), engaged as technicians, clerical and services workers, farmers and fishermen, in single person household, in young households (less than 24 years old), Bumiputera-led households and households residing in Peninsular Malaysia. We find that it is not possible to make GST a progressive tax as long as we want to raise the same amount of revenue. We experimented with: 1) a multi-tiered GST system whereby certain items attract higher GST rate than the standard rate; and 2) imposing high GST rate on fewer items, whilst exempting or zero-rating all remaining items. The high GST rate can be levied on transport excluding public transportation...
Words: 14521 - Pages: 59
...team will produce a presentation slideshow of its case study (7-10 slides per presentation, depending on the size of the case). Slideshows will be presented orally during sessions, according to the class outline (1520mn per presentation). Each team member will actively participate in his/her team presentation. Page 1 of 35 012-IBE-CaseStudies.docx CONTENTS Case Study 1. Text 1. Text 2. Text 3. Case Study 2. Text 4. Case Study 3. Text 5. Text 6. Text 7. Case Study 4. Text 8. Text 9. Text 10. Text 11. Text 12. Text 13. Case Study 5. Text 14. Text 15. Text 16. Text 17. Text 18. Text 19. Case Study 6. Text 20. Text 21. Case Study 7. Text 22. Text 23. Text 24. Text 25. Chinese Mercantilism .................................................................................................... 3 Chinese New Year .......................................................................................................... 3 China: the spend is nigh ................................................................................................. 4 Dealing With China’s Troubles ....................................................................................... 6 Bangladesh’s Textile Industry ........................................................................................ 8 Garments in Bangladesh:...
Words: 18376 - Pages: 74
...and even some deflation similar to Japan, in terms of outcome if not in terms of causes, are likely in the short term, but – also akin to Japan – a deflationary spiral is not), and LSE Professor Paul De Grauwe (there is a real risk of this outcome or worse unless policies change). We conclude that Euro area economies and assets could escape Japan’s fate but warn that Euro area stagnation would have a greater impact on the global economy than did Japan’s. Inside Interview with Masaaki Shirakawa Former Governor of the Bank of Japan 4 Headed for Japanese-style deflation? Silvia Ardagna, GS Rates Strategy 6 Interview with Huw Pill GS Chief European Economist 8 Euro area stagnation and its discontents Jose Ursua, GS Global Economics Research 10 Interview with Paul De Grauwe Professor, London School of Economics 14 European equities: a different story Sharon Bell, GS Portfolio Strategy 16 A look back at Japan’s deflation drivers Naohiko Baba, GS Japan Economics 18 Source: www.istockphoto.com I don’t see why [sovereign QE] couldn’t be as effective [in the Euro area] as in the US and in the UK. But even full-blown QE would lose full effectiveness if fiscal policies don’t...
Words: 18121 - Pages: 73
...Vietnam: risk assessment Sovereign Currency Banking Political Economic Country risk risk sector risk structure risk risk risk June CCC B CCC CCC CCC CCC 2012 Sovereign risk Positive: Although the budget deficit will widen in 2012, rapid nominal economic growth and the recent rise in Vietnam's foreign-exchange reserves will support the fiscal position. Moreover, much of the government's external borrowing has been provided on a concessional basis. Currency risk Stable: In recent months the slowing rate of consumer price inflation has led to an easing of downward pressure on the dong, while the decline in the net foreign asset position of the country's banks has paused. Banking sector risk Stable: The rapid pace of credit expansion in the past few years has raised concerns over the potential for a sharp increase in non-performing loans (NPLs). There are also worries about the accuracy of official data on NPLs. Political risk The Communist Party of Vietnam exerts a tight grip on power, ensuring a high degree of political stability. Rows over land leases are emerging as a cause of popular unrest but are unlikely to threaten the party's hold power. Economic structure risk Lacklustre growth in private consumption will depress imports in 2012, but the trade deficit will expand sharply once domestic demand recovers from 2013. Workers' remittances...
Words: 15386 - Pages: 62
...WORKBOOK ANSWERS Edexcel A2 Economics Unit 4 The Global Economy This Answers document provides answers for the questions asked in the workbook. They are intended as a guide to give teachers and students feedback. Topic 1 Poverty and inequality in developed and developing countries Measuring poverty and inequality 1 A standard of living that fails to provide basic needs, such as food, shelter and clothing. (1 mark) Often measured by the number falling below a threshold level of income such as a $1.25 PPP a day. (1 mark) 2 The term refers to those who fall below a certain threshold income or poverty line. (1 mark) A standard of living that falls significantly below the majority. (1 mark) In the UK and EU, this is defined as those earning less than 60% of median income. (1 mark) 3 a Measures the percentage of households that experience overlapping deprivations in three dimensions: education, health and living conditions. (1 mark) A person who is ‘poor’ is deprived in at least 30% of the weighted indicators. (1 mark) b Used to measure absolute poverty in less developed countries (1 mark) and its variables are: the percentage of a population likely to die before the age of 40 years (1 mark); the percentage of people over the age of 15 years who are illiterate (1 mark); the percentage of children under the age of 5 years who are underweight (1 mark); the percentage of people without access to public and private services such as health care and...
Words: 17857 - Pages: 72
...Sixth Edition INTERNATIONAL FINANCIAL MANAGEMENT Cheol S. Eun Bruce G. Resnick International Financial Management Sixth Edition The McGraw-Hill/Irwin Series in Finance, Insurance, and Real Estate Stephen A. Ross Franco Modigliani Professor of Finance and Economics Sloan School of Management Massachusetts Institute of Technology Consulting Editor FINANCIAL MANAGEMENT Adair Excel Applications for Corporate Finance First Edition Block, Hirt, and Danielsen Foundations of Financial Management Fourteenth Edition Brealey, Myers, and Allen Principles of Corporate Finance Tenth Edition Brealey, Myers, and Allen Principles of Corporate Finance, Concise Second Edition Brealey, Myers, and Marcus Fundamentals of Corporate Finance Sixth Edition Brooks FinGame Online 5.0 Bruner Case Studies in Finance: Managing for Corporate Value Creation Sixth Edition Chew The New Corporate Finance: Where Theory Meets Practice Third Edition Cornett, Adair, and Nofsinger Finance: Applications and Theory First Edition Cornett, Adair, and Nofsinger Finance: M Book First Edition DeMello Cases in Finance Second Edition Grinblatt (editor) Stephen A. Ross, Mentor: Influence through Generations Grinblatt and Titman Financial Markets and Corporate Strategy Second Edition Higgins Analysis for Financial Management Ninth Edition Kellison Theory of Interest Third Edition Kester, Ruback, and Tufano Case Problems in Finance Twelfth Edition Ross, Westerfield, and Jaffe Corporate Finance Ninth Edition...
Words: 186186 - Pages: 745
