Deposit ceilings and the efficiency of financial intermediation : an invited working paper /

"August 1979."

California experience with VRMs /

Remarks presented to the United States Chamber of Commerce Banking, Monetary and Fiscal Affairs Committee on September 29, 1976.

Federal housing enterprises : HUD's mission oversight needs to be strengthened : report to the Chairman, Subcommittee on Capital Markets, Securities, and Government Sponsored Enterprises, Committee on Banking and Financial Services, House of Representatives /

"B-278383"--P. 1.

Office of Thrift Supervision journal.

Title from cover.

Risk exposures and international diversification: Evidence from iShares

We examine the newly developed international diversification instruments–iShares traded on the American Stock Exchange. Given the fact that iShares can be created and redeemed at will, the daily price of an iShare is expected to be equal to the daily portfolio value of the underlying assets in the home-country market. Therefore, theoretically, iShare pricing should be influenced by the risk from the iShare's home-country market and not the risk from the US market, per se. We evaluate the risk exposure of iShare prices to the US market (non-fundamental effect) as well as the home-country market (the fundamental effect). We find that most iShare returns are significantly influenced by and sensitive to the US market risk. Moreover, the US market appears to be the key permanent driving factor and the home-country market is a pronounced transitory driving force for iShare prices. These findings indicate the presence of limits of international arbitrage for iShares. As a result, the international diversification benefits of iShares become questionable.

Benevolence and gift giving in backyard blitz

The prevalence of gift-giving in Australian home makeover programs, and the way that it functions in their narrative, driving the makeover and grounding it in a meaningful social and national context is discussed. Australian Nine Network's Backyard Blitz is taken as a case study to explore its narrative and symbolic function of gift-giving and the mythologizing of benevolence as a desirable nation trait.

Transmission planning in a deregulated environment

The worldwide trend for the deregulation of the electricity generation and transmission industries has led to dramatic changes in system operation and planning procedures. The optimum approach to transmission-expansion planning in a deregulated environment is an open problem especially when the responsibilities of the organisations carrying out the planning work need to be addressed. To date there is a consensus that the system operator and network manager perform the expansion planning work in a centralised way. However, with an increasing input from the electricity market, the objectives, constraints and approaches toward transmission planning should be carefully designed to ensure system reliability as well as meeting the market requirements. A market-oriented approach for transmission planning in a deregulated environment is proposed. Case studies using the IEEE 14-bus system and the Australian national electricity market grid are performed. In addition, the proposed method is compared with a traditional planning method to further verify its effectiveness.

Short-term electricity price forecasting using wavelet and SVM techniques

In deregulated electricity market, modeling and forecasting the spot price present a number of challenges. By applying wavelet and support vector machine techniques, a new time series model for short term electricity price forecasting has been developed in this paper. The model employs both historical price and other important information, such as load capacity and weather (temperature), to forecast the price of one or more time steps ahead. The developed model has been evaluated with the actual data from Australian National Electricity Market. The simulation results demonstrated that the forecast model is capable of forecasting the electricity price with a reasonable forecasting accuracy.

A hitelbiztosítékok jogi szabályozása és a gazdasági versenyképesség összefüggései

A hitelbiztosítékok gazdasági hátterének a vizsgálata során elemezni kell a biztosítékok és a hitelezés, illetve a hitelezési piac kapcsolatát, valamint a biztosítékok és a fizetésképtelenségi eljárások viszonyát. A biztosítékok közül a zálogjog kötődik leginkább a tőke- és hitelpiacokhoz. Ezt a viszonyt a tanulmány konkrét történeti példákon keresztül is megvizsgálja. Különösen fontos ebből a szempontból a német jelzálogjogi szabályozás legutóbbi, 2008-as változásainak bemutatása. Ebből a magyar jogalkotó számára is hasznos következtetéseket lehet levonni. A zálogjog mellett a tanulmány bemutatja a kezesség intézményét is. A kezesség hatályos jogi szabályozása több szempontból hiányos, nem felel meg a gazdasági élet igényeinek. A dolgozat ehhez kapcsolódóan javaslatokat is megfogalmaz a jövőbeni jogi szabályozásra vonatkozóan. ----- Abstract: The assessment of the economic background of loan guarantees demands an analysis of the interplay between guarantees and lending and loan market, on one hand and between the guarantees and bankruptcy, on the other hand. Pledges are most connected to capital and loan markets. In this context is specifically important the German law on pledge, including the amendments from 2008. German law offers useful lessons for the Hungarian legislator. Besides the pledge the research presents the institution of suretyship as well. The legal framework on suretyship has many gaps and does not comply with the needs of economy. The paper makes recommendations on future legislation

The expansion of soybean cultivation in Campeche, México: Problematic and perspectives

The soybean is the grain in which greater food dependency has Mexico, reason why as of 2008, the government has promoted his culture, granting excellent subsidies, as much to producers as to buyers of the grain, thus contributing to a recent process of expansion in certain states, as it happens in Campeche. The objetive of this article is the analysis of the characteristics and effects of those supports, as well as of the rest of factors that until today they have taken to the producers of the mentioned state to initiate or to expand the cultivation of the soybean. The findings of the investigation reveal that although the producers have improved their levels of income, the process is vulnerable, as it depends on variables like the governmental supports, the international prices of the soybean and exchange rate. Although the study of the negative effects of genetically modified soybeans (GM) in other areas (environment, biodiversity, deforestation, human and animal health) is not the purpose of this investigation, some information will be provided, as on the conflict between soybean producers and beekeepers in the state of Campeche.

The channels of monetary policy triggered by central bank actions and statements in the Australian equity market

Owing to the discrete disclosure practices of the Reserve Bank of Australia, this paper provides new evidence on the channels of monetary policy triggered by central bank actions (monetary policy announcements) and statements (explanatory minutes releases), in the Australian equity market. Both monetary policy announcements and explanatory minutes releases are shown to have a significant and comparable impact on the returns and volatility of the Australian equity market. Further, distinct from US and European studies that find strong evidence of the interest rate, bank loan and balance sheet channels and no evidence of the exchange rate channel following central bank actions, this paper finds that monetary policy impacts the Australian equity market via the exchange rate, interest rate and bank loan channels of monetary policy, with only weak evidence of the balance sheet channel of monetary policy. These channels are found to be operating irrespective of the trigger (monetary policy announcements or explanatory minutes releases), though results are somewhat weaker when examining the explanatory minutes releases. These results have important implications for central bank officials and financial market participants alike: by confirming a comparable avenue to affect monetary policy; and providing an explication of its impact on the Australian equity market.