Ⅱ. Exchange rate regime
1. What is the exchange rate?
In finance, the exchange rates between two currencies specifies how much one currency is worth in terms of the other. It is the value of a foreign nation’s currency in terms of the home nation’s currency. For example an exchange rate of 91 Japanese yen (JPY, ¥) to the United States dollar (USD, $) means that 91 yen is worth the
of capital in sectors generating proper returns, and should effect monitoring to determine whether the borrowed resources are being used to improve the country’s production
capacity so that future obligations are serviced.
There is no rule of thumb for determining whether a country’s debt level is sustainable. For an accurate projection on debt sustainability, several indicators should be
of the Crisis
TED spread (3M LIBOR minus 3M T-bill rate), Daily data for one-year period ending
August 4, 2008
Source: Bloomberg.
2차 파동 – 2007년 12월.
원인 : 신용위험의 증가로 다른 금융기관에게까지 위험의 파급
내용 : CDS, CDO로 인한 피해가 확산
레버리지 때문에 파급효과가 크게 나타남
Counterparty Risk
excess liquidity and bubble economy caused by cheap money policy
-IT bubble collapse and recession caused by 911
-explosive increase of housing loan caused by low interest policy
-ultra low interest → excess liquidity → bubble economy
Sub-prime and collapse of housing bubble
home mortgage raised spending but created consumer debt
housing boom turn into bubble
default on mor
effects of adopting IFRS since the government announced the adoption of IFRS. In October 2008, the company has appointed an External Advisor to analyze the main differences between IFRS and K-IFRS as the first-phase preparation. In the second-phase preparation, KT&G established responses to for the major differences and decided on the company's accounting policies. In the third-phase preparation,
of doi moi, too? This question is of great practical importance, since if the Vietnamese reform program was at least partly sharped by external circumstances, it might be difficult to adopt the methods of doi moi in a country whose foreign relations awe too dissimilar from that of post-1986 Vietnam. For example, Vietnamese and North Korean foreign policies have had little in common in the last tw
of this situation in both supply and demand aspects. Then policy for stabilizing the situation will be dealt with in this paper.
Both direct policy and indirect policy mechanism will be considered. We will draw a conclusion to find out what will be the best solution to the world grain crisis.
Ⅱ. Analysis of rising grain prices: Causes and effect
Food prices have risen since 2000s and partic
policies on product regulation, and freedom of movement of all the three factors of production (land, capital and labour) and of enterprise.
Economic and monetary union
An economic and monetary union is a single market with a common currency
Complete economic integration
Complete economic integration is the final stage of economic integration. After complete economic integration, the inte
of the underlying instrument's price. The time value of an option is not negative (because the option value is never lower than the intrinsic value), and converges towards zero with time. At expiration, where the option value is simply its intrinsic value, time value is zero. Prior to expiration, the change in time value with time is non-linear, being a function of the option price.
Option sty
cost
(운송비 최소화의 관점에서 원자재와 시장에 대한 접근성에 관심)
□ The integrated feasibility study (통합 타당성 검토)
▶ Technically feasible (기술적으로 가능여부)
▶ Economical to develop and operate (개발 및 운영의 경제성)
▶ Social and environmental impact (사회 및 환경적 영향)
▶ Public policies (공공정책)