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Interest rate pass-through in the Eastern Europe: Case of Albania - An empirical AnalysisHoxha, Mimi January 2016 (has links)
The study of interest pass through has been on the core attention of researchers since it serves as an incentive to evaluate the accuracy of monetary policy transmission mechanism. Therefore there are a lot of studies conducted under this topic encompassing a large number of countries and data. My aim, inspired by the great previous works, is to develop the same topic but by focusing on Balkan countries and more specifically on Albania. Being a developing country located on the heart of Balkan while aspiring the EU integration, Albania has gone under a considerable number of economic reforms which are also reflected on the degree and speed of transmission of policy rates to landing rates and on the determinants of such rates. Crisis of 2008 had a global impact but yet several conducted studies revealed that Albania was not directly affected by it. My contribution to this thesis consists in measuring how the pass-through mechanism performance was affected by the crisis and the implications derived from it. Powered by TCPDF (www.tcpdf.org)
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Explaining returns in property markets using Taylor rule fundamentals: Evidence from emerging marketsGumede, Ofentse 15 July 2014 (has links)
This study set out to investigate the relationship between returns in the
residential property markets and two key economic variables of output and
interest rates. The main focus was on the short-term rates path and how it is
influenced by the Taylor rule fundamentals and in turn, its effect on the returns
in the property markets within the developing countries of South Africa,
Bulgaria, Lithuania and Czech Republic. A secondary focus was on building a
model that can be further developed into a full forecasting model of returns in
the residential property markets.
Output was found to be a strong driver of returns in the residential property
markets across all four countries. Real changes in the economic activity feed
into the residential property markets and drives returns. Output can be
incorporated into a forecasting framework for returns in the residential property
markets within these countries
The short-term rate paths within the countries studied were found to be
consistent with the Taylor rule but with heavy short run deviations from the rule.
Short-term rates deviated from the rule in the short run, but showed a tendency
to revert to the rule in subsequent periods.
Returns and prices in the property markets were driven by the short-term rates
only in two of the emerging markets. For these countries, this link between rate
and returns mean there was also a link between monetary policy and returns in
the property sector. Similar to the Taylor rule process, property returns in the
two emerging markets were found to have short run deviations which could not
be explained by interest rates and output.
For the purposes of building a fully fledged forecasting model, this model must
be expanded to include other explanatory factors. Adding the risk premium as
an explanatory variable could be the starting point.
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Market interest rate fluctuations : impact on the profitability of commercial banks.Godspower-Akpomiemie, Euphemia Ifeoma 20 February 2013 (has links)
There are many functions of the financial system, with the basic function of transferring
loanable funds from lender to borrowers (Rose et al, 1995). This financial transaction can be
carried out directly or semi directly between lenders and borrowers. The shortcomings of
direct and semi direct financing have opened doors for a third method—financial
intermediation, which is done by financial intermediaries.
Commercial bank is the classic example of financial intermediary at work. To achieve the
goal of owners’ wealth maximization, banks should manage their assets, liabilities, and
capital efficiently. In doing this, the bank should be conscious of the gap or spread between
the interest income and the interest expenses paid, which is called net interest income (NII).
Net interest income is a major part of banks’ profit, this is basically why the financial
intermediaries try to offer lowest returns to savers and lend funds to borrowers at the highest
possible interest rates. It is measured as net interest margin (NIM), which is NII divided by
the average earning assets.
This study examines the interest rate sensitivity of commercial banks’ interest profitability
(Net Interest Margin) and net worth at the theoretical level and attempt to measure
empirically the extent to which the interest profitability and net worth of commercial banks
have been affected during the period of changing interest rates between 2001 and 2010. It as
well measures the extent to which the factors that determine interest rate movement affect
interest rate and which of the factors has more effect on interest rate.
The measure of profitability captures the essence of lend-long borrow-short without directly
including other determinants of bank income, such as loan loss and loan volume, which may
be correlated with interest rates. It is also important to note that NIM is not a measure of total
banks’ profits since it does not include non-interest income and expenses.
A software package stata 10.0 was used to conduct the hypothesis testing, trend, and
correlation analysis. The sampled banks are fourteen commercial banks and one investment
bank in South Africa. The sampled banks were later divided into two groups (big and small),
based on their assets size as at the year-end 2010. There are five (5) big banks with asset size
of more than R100 billion and ten (10) small banks with asset size of less than R100 billion
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as at the year-end 2010. Analysis was further carried out separately on both the big and small
banks to see the effect of interest rate fluctuations on them. Data required by the model was
obtained from annual financial statements of the sampled banks for the period of ten years.
It was found that fluctuations on interest rate (repo rate) affect the profit of commercial
banks, but this effect is huge on small banks than the big banks. As the repo rate increases,
the profit of commercial banks increases. Such effect of repo rate on profit of commercial
banks was found to be statistically significant. It was also found that interest rate changes as
well affect the net worth of commercial banks. The macroeconomic factors the determine the
interest rates do not have direct effect on the banks’ profit, but have significant effect on the
banks’ net worth, especially that of the small banks. As the rate of inflation, the rate of money
supply, and uncertainty increase, the net worth of the small commercial banks in South Africa
also increase.
It could be advised that to maximize owners’ equity, South African commercial banks (big
and small) should concentrate more on forecasting and controlling the determinants of the
interest rates, rather than the interest rates themselves. It was also found that among the
internal factors affecting profit and net worth of commercial banks, the liquidity ratio is most
significant relative to capital ratio, competition, and non-performing loan.
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The yield curve as a predictor of real output and inflation: evidence from emerging marketsKobo, Sylvester Bokganetswe January 2017 (has links)
Thesis submitted in partial fulfilment of the requirements for the degree of Master of Management in Finance and Investments in the Faculty of Commerce, Law and Management Wits Business School at the University of the Witwatersrand
February 2017 / For developed economies, it has been shown that the slope of the yield curve is a good indicator of the future path of real output and inflation. This paper investigates the predictive abilities of the yield curve slope for domestic growth and inflation in emerging market economies. Given the sovereign risk premia in these economies, it also assesses whether adding the sovereign risk spread to the yield curve spread improves the predictive content of the yield curve. It finds that the yield curve can predict real output at both the short and long forecasting horizons in emerging economies, the extent of which differs across countries. It also finds that the predictive performance for inflation is weaker than that of output growth, especially in the shorter forecasting horizons, and that the sovereign risk spread has additional predictive content for growth and inflation. This suggests that market participants and monetary policy makers in these economies should supplement their forecasting models with information contained in the yield curve to forecast domestic growth and inflation. / MT2017
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The assessment of the behaviour of the basis of hibor futures.January 1999 (has links)
by Low Fung Seong Jenny, Yau Yin. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 53). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / ACKNOWLEDGMENTS --- p.v / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- THE HONG KONG MONETARY SYSTEM --- p.3 / Linked Exchange Rate System --- p.3 / Monetary Base --- p.3 / Capital Inflow and Outflow --- p.4 / Interest Rate and the Link --- p.5 / The Interbank Market --- p.9 / Chapter III. --- INTRODUCTION TO HIBOR FUTURES --- p.11 / Background of the HIBOR Futures --- p.12 / Features of Three-Month HIBOR Futures Contract --- p.14 / Futures Quotations and Futures Prices --- p.16 / Delivery and Determination of Final Settlement Prices --- p.17 / Functions of HIBOR Futures Contract --- p.17 / Short Hedge --- p.18 / Long Hedge --- p.20 / Speculation --- p.22 / Chapter IV. --- TEST OF COST OF CARRY RELATIONSHIP FOR HIBOR FUTURES --- p.24 / Cost of carry Relationship --- p.24 / Forward and Futures Prices --- p.27 / Cash Prices versus Futures Prices --- p.27 / Testing the Cost of Carry on Three-month HIBOR Futures Contracts --- p.30 / Collection of Data --- p.30 / Methodology --- p.30 / Findings --- p.31 / Analysis of Findings --- p.35 / Chapter V. --- CONCLUSION --- p.37 / ENDNOTES --- p.38 / APPENDICES --- p.40 / BIBLIOGRAPHY --- p.53
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Truth in savings : an evaluation of passbook savings literatureButts, Cathy Ann January 2011 (has links)
Digitized by Kansas Correctional Industries
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An empirical examination of the inter-relationship of ex ante interest rates in global money and bond markets.January 1996 (has links)
Wong Pak Kin. / Year shown on spine: 1997. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1996. / Includes bibliograpical references. / Abstract --- p.i / Acknowledgment --- p.iii / Chapter Chapter I --- Introduction --- p.1 / Chapter Chapter II --- Literature Review --- p.6 / Chapter Chapter III --- Markets and Instruments / Chapter 3.1 --- International Money Markets --- p.15 / Chapter 3.1.1 --- Euro-deposit Market --- p.17 / Chapter 3.2 --- International Bond Markets --- p.20 / Chapter Chapter IV --- Preliminary Analysis of Data --- p.24 / Chapter 4.1 --- Data --- p.24 / Chapter 4.2 --- Descriptive Statistic Of Data Used In This Study --- p.29 / Chapter Chapter V --- Research Methodology / Chapter 5.1 --- Unit Root --- p.33 / Chapter 5.2 --- Cointegration and Error Correction Model --- p.37 / Chapter 5.2.1 --- Cointegration Using Engle and Granger Methodology --- p.39 / Chapter 5.2.2 --- Cointegration Using Johansen Methodology --- p.42 / Chapter Chapter VI --- Empirical Results / Chapter 6.1 --- Testing for Unit Root --- p.47 / Chapter 6.1.1 --- Short-term Interest Rates --- p.47 / Chapter 6.1.2 --- Long-term Interest Rates --- p.48 / Chapter 6.2 --- Testing for Cash-Futures Relationship --- p.54 / Chapter 6.3 --- Multivariate tests for Cointegration and VECM --- p.59 / Chapter 6.3.1 --- Cointegration in the International Money Markets --- p.63 / Chapter 6.3.2 --- Cointegration in the Interest Rate Futures Markets --- p.67 / Chapter 6.3.3 --- Cointegration in the International Bond Markets --- p.71 / Chapter 6.3.4 --- Cointegration in the Bond Futures Markets --- p.75 / Chapter Chapter VII --- Concluding Comment --- p.91 / Reference / Appendix
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Exploring the cultural conceptualisations and understandings of child fostering and the concept of the child's best interests among the Dagomba of northern GhanaIbrahim, Kamal Dokurugu January 2015 (has links)
Anthropological and demographic studies show that in sub-Sahara Africa a large proportion of non-orphaned children (up to 1/3 in many communities) live with neither parent but often with relatives for a significant part of their childhood. This practice is referred to as child fostering or fosterage. Child fostering is therefore understood in the literature as the transfer, and/or sharing, of parental responsibility of children and young people or simply the movement of children and young people between and within families. The practice is both an age-old and a modern phenomenon which has implications in the daily and future lives of those children involved including their nutrition, health, education, migration and ultimately their best interests. Depending on the context, culture, rationale and families involved in the fostering of a particular child the practice is carried out differently across geographies and sometimes within geographies as a result of which it deserves academic attention. The overarching aim of this study is therefore to explore the cultural conceptualisations and understandings of child fostering and the concept of the child's best interests among the Dagomba of northern Ghana. The study also examines the challenges of existing legislation and policies in Ghana regarding the practice. The study employed a qualitative research approach and involved children and young people, birth and foster parents and professionals who influence policies about children and young people in Ghana. In total, 42 respondents participated in individual interviews. I also used 'spider diagrams' as a supplementary research instrument for children and young people because I considered these child-friendly, fun and culturally appropriate for their ages (See Appendix IX). The emergent themes are explored and discussed in four findings chapters under part four of the thesis. The majority of respondents demonstrated extensive knowledge about child fostering and the concept of the child's best interests. Respondents' critical views and their recommendations for legislation and policy in Ghana are reflected on in the penultimate chapter. Finally, recommendations are made by way of contribution to theory, policy and practice. The research also suggests areas for future research by way of a reflection.
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An examination of participants at special interest events in regional AustraliaMackellar, Joanne Unknown Date (has links)
Events provide opportunities for communities to socialise, interact and to enjoy a sense of mutual celebration. However, special interest events offer other opportunities for recreation, and for the development of skills, identities and knowledge. Events such as car shows, Sci-fi conventions and Elvis festivals have large numbers of participants, as well as spectators, who have specialised needs and characteristics. This thesis uses a series of five published studies to examine the participants at special interest events and further to understand their characteristics and behaviours. The studies employ a mixed method approach to explore participants at a total of eleven events in Australia. In the first of these studies a spectrum of events is developed to explain the diversity of events in a region, as related to the special interest of participants. The study used a mixed method methodology to examine the differences between audiences at nine events in the Tweed Valley of NSW. The results were used to focus the study more on events that target serious participants.The second study was published as a conceptual paper, providing a comprehensive theoretical framework for the study of serious participants of leisure, recreation and events. The paper posits a model of serious participants (SerPa) for use and refinement in subsequent studies. Papers 3 and 4 explore serious participants at two feature events in Australia, the Wintersun Festival in Coolangatta, and the Elvis Revival Festival in Parkes. Drawing on the serious leisure framework proposed by Stebbins (2001), and other leisure and tourism research, the study explored the characteristics and behaviours of serious participants at these events. Ethnographic methods were used to gain insight into behaviours, through participant observation at the events. The findings further develop the SerPa model, but also identify other themes that are relevant to leisure and event management and marketing. Paper 5 explores the social connections of serious participants made on the Internet, and identifies their relationship to travel planning and events. The study utilised ethnographic methods adapted to the Internet, to identify and discuss the social characteristics of serious participants as fans of Lord of the Rings, and the processes used to collaborate toward travel planning.The study demonstrates the significance of serious participants as a segment of audiences at events, highlighting their contributions to the events themselves. As participants, they make the event happen, and are perhaps more important than consumers (Getz, 2007). They are defined by what they do in their leisure time, more than who they were born as, or by their profession. They have a leisure identity that defines them, and can find support and security in the fanatical system that they subscribe to. This system is usually found in special interest clubs, on-line networks and at events. These social systems help sustain their beliefs, and provide a leisure world where they feel a sense of ‘we’. From their serious devotion and social connectivity, serious participants receive social and personal rewards, which in turn provide more stimuli to develop their skills and/or knowledge. These psycho/social characteristics result in participants searching for new challenges and new destinations, which can facilitate their needs. These are found at events that are designed specifically with serious participants in mind. The study demonstrates that identification of these market segments has important implications for the design and sustainability of events in Australia, and overseas. Additionally, it also has implications for planners and practitioners in leisure and tourism in understanding the extant links between recreation, travel and events.
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貨幣政策中之信用管道:以台灣為例 / The credit channel of monetary policy: evidence from Taiwan王安中 Unknown Date (has links)
The credit market is an important subject in today’s macroeconomic world. Prior to the introduction of the credit market, traditional models only included the goods market and money market to form the IS-LM model. Under this IS-LM model, a change in money supply would have a known effect, such as a monetary expansion policy will result in a drop in the bond rate because the IS curve will remain constant. However, many previous studies did not show this effect, but instead the opposite; those that did show this effect, the magnitude of the shift was different than a traditional IS-LM model. Once the credit market is introduced into the IS-LM model, both the goods market (IS curve) and the money market (LM curve) will shift, resulting in an undetermined change in bond rate, and will also introduce the loan rate, which also shows an undetermined change. Under this model, when a monetary expansionary policy is in effect, it is possible that the bond rate could decrease, increase, or remain constant. This thesis will determine how the credit channel operates in Taiwan, using quarterly data from 1992Q1 to 2009Q4. The final result shows that under this new model, the credit channel in Taiwan does not necessarily follow the previously-known theory.
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