transactions and lower their costs. Efforts have been concentrated on improving the credit delivery mechanisms. Although the Narasimhan Committee on the Financial System (1991) recommended the phasing out of the directed credit programme at 10 per cent of the bank credit not only the proportion has been retained at 40% level but its coverage has been considerably enlarged. The appropriate instrument to achieve distributive justice is fiscal policy not credit policy. Fiscal policy ensures the scrutiny of budget
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effective and efficient capital marketplace Reputation, profits Reputation, profits (companies are their clients) Reputation - The overall objective of financial reporting is to provide financial information that is useful to users and that is decision relevant. The statements should communicate information about: 1. The entity’s economic resources and claims to those resources 2. Changes in those resources and claims Sometimes financial statements are prepared with biased information to depict
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gains. Given the wide and frequent swings in interest rates, investors can find a variety of investment opportunities. In addition to their versatility, certain types of bonds can be used to shelter income from taxes. While municipal bonds are perhaps the best known tax shelters, some Treasury and federal agency bonds also give investors some tax advantages. Bonds are exposed to the following five major types of risk: (1) Interest rate risk: This affects the market as a whole and therefore translates
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UNCTAD/ITE/IIA/5 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT How to Prepare Your Business Plan UNITED NATIONS New York and Geneva, 2002 Note UNCTAD serves as the focal point within the United Nations Secretariat for all matters related to foreign direct investment and transnational corporations. In the past, the Programme on Transnational Corporations was carried out by the United Nations Centre on Transnational Corporations (19751992) and the Transnational Corporations and Management
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Fixed Income Securities Tools for Today’s Markets Second Edition BRUCE TUCKMAN John Wiley & Sons, Inc. Copyright © 2002 by Bruce Tuckman. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. 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, recording, scanning, or otherwise, except as permitted under Section 107
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currency in the world, there would not have been any need for foreign exchange market, foreign exchange rates or foreign exchange. But in a world of many national currencies, the foreign exchange market plays the crucial role of providing the requisite machinery for making payments across borders, transferring funds and purchasing power from one currency to another, and determining the exchange rate. The fundamental changes in foreign exchange, or FX, market began to take form in 1970′s along with
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balance sheet policies of many central banks have tended to blur the separation of their policies from fiscal policy. The mandates of debt management offices have usually had a microeconomic focus (viz, minimising longer-term borrowing costs, while limiting refunding risks). Such mandates have usually avoided any explicit macroeconomic policy dimension but some major policy overlaps are latent. What is needed is a policy framework for all official actions that affect the maturity structure of government
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International Equity Markets Suggested Answers and Solutions to End-of-Chapter Questions and Problems 56 9. Futures and Options on Foreign Exchange Suggested Answers and Solutions to End-of-Chapter Questions and Problems 62 10. Currency and Interest Rate Swaps Suggested Answers and Solutions to End-of-Chapter Questions and Problems 70 11. International Portfolio Investments Suggested Answers and Solutions to End-of-Chapter Questions and Problems 78 12. Management of Economic Exposure Suggested
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Semi-annual Custodian An event that occurs twice in a calendar year. A financial institution that has the legal responsibility for a customer's securities. This implies management as well as safekeeping. 保管帐户 Custodial Account 1. An account created at a bank, brokerage firm or mutual fund company that is managed by an adult for a minor that is under the age of 18 to 21 (depending on state legislation). 保护主义 Protectionism Actions taken by a
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Instructor’s Manual Fundamentals of Financial Management twelfth edition James C. Van Horne John M. Wachowicz JR. ISBN 0 273 68514 7 Pearson Education Limited 2005 Lecturers adopting the main text are permitted to photocopy the book as required. © Pearson Education Limited 2005 Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk Previous editions published under
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