Consequences of ageing for international finance
|
|
- Jeffery Murphy
- 5 years ago
- Views:
Transcription
1 Consequences of ageing for international finance Hyun Song Shin* Bank for International Settlements G20 Symposium: For the Better Future: Demographic Changes and Macroeconomic Challenges Tokyo, 17 January 2019 * The views expressed here are mine, not necessarily those of the Bank for International Settlements.
2 Old age dependency ratio Ratio of population 65+ per 100 population Forecast based on the medium fertility variant, Source: United Nations 2
3 Old age dependency ratio Ratio of population 65+ per 100 population Forecast based on the medium fertility variant, Source: United Nations 3
4 Working age population 1 As a percentage of total population, % 1 Calculated as population 15 to 65, as a share of total population. Source: United Nations. 4
5 Pension funds and insurance corporations Financial assets USD trn Debt securities USD trn 1 AT, BE, CA, DE, DK, ES, FI, GB, HU, JP, NO, SE and US. 2 AT, BE, CA, DE, DK, ES, FI, FR, GR, HU, JP, LU, NO, SE, and US. Source: OECD 5
6 Debt securities of pension funds and insurance corporations Pension funds 1 Insurance corporations 2 In per cent of GDP In per cent of GDP 1 AT, BE, CA, DE, DK, ES, FI, GB, HU, JP, NO, SE and US. 2 AT, BE, CA, DE, DK, ES, FI, FR, GR, HU, JP, LU, NO, SE, and US. Sources: IMF; OECD. 6
7 Currency denomination of portfolio assets Borrowers Investors A L A L A s currency Country A 7
8 Finding 1: lenders tend to lend in their own currency Borrowers A L Investors A L A L Country A A s currency Maggiori, Neiman and Schreger (2018) International currencies and capital allocation 8
9 Finding 2: corporate borrowers are subject to original sin ; when borrowing from abroad, they do so in foreign currency Borrowers A L Investors A L A L Country A A s currency A L 9
10 Finding 3: exception is the United States and the US dollar Borrowers A L Investors A L A L USA US dollar A L 10
11 Canadian corporate bond issuance Maggiori, Neiman and Schreger (2018) 11
12 US corporate bonds issuance Maggiori, Neiman and Schreger (2018) 12
13 Possible mechanisms 13
14 Liabilities side of lender s balance sheet looms into view Borrowers A L A L Investors A L Country A Pension funds and life insurers have bond-like obligations; they want assets that back them up A s currency A L 14
15 Banking sector facilitates currency hedging Borrowers A L Investors A L A L USA US dollar Currency hedging allows lenders to convert green into red A L 15
16 US dollar-denominated cross-border bank claims are mostly to do with non-us advanced economies By residence USD trn By nationality USD trn Source: BIS locational banking statistics. USD denominated cross border claims by residence and by nationality 16
17 Euro-denominated cross-border bank claims are mostly focused on the euro area By residence USD trn By nationality USD trn Source: BIS locational banking statistics. 17
18 Evidence on aggregates from CPIS 18
19 Canada: currency composition of international portfolio investment (debt) USD trn Source: IMF CPIS. 19
20 Korea: currency composition of international portfolio investment (debt) USD trn Source: IMF CPIS. 20
21 United States: currency composition of international portfolio investment (debt) USD trn Source: IMF CPIS. 21
22 Germany: currency composition of international portfolio investment (debt) USD trn Source: IMF CPIS. 22
23 Sweden: currency composition of international portfolio investment (debt) USD trn Source: IMF CPIS. 23
24 Switzerland: currency composition of international portfolio investment (debt) USD trn Source: IMF CPIS. 24
25 Japan: currency composition of international portfolio investment (debt) USD trn Source: IMF CPIS. 25
26 Determinants of bond currency denomination Borrower s preferences Cash flows Invoicing currency Investor s (lender s) preferences Domestic currency instruments to hedge bond-like obligations in domestic currency Availability of hedging Can meet domestic bond-like obligations while holding foreign currency assets 26
27 Considerations from hedging Slope of yield curve matters, as well as interest rate differential EUR long-dated bonds give higher long-dated yields on a hedged basis for some investors Hedging costs incurred at short rate; yields collected at long rate EUR Reverse Yankees issued by US corporates in Hedging cost incorporates balance sheet utilisation cost Cross-currency basis (and failure of covered interest parity) matters for returns on a hedged basis Dollar funding is a key issue 27
28 Deviations from covered interest parity Avdjiev, Du, Koch and Shin (2017) 28
29 Emerging market sovereign bonds 29
30 Non-resident holdings of EME local currency sovereign bonds % Peru South Africa Indonesia Mexico Poland Russia Malaysia Colombia Egypt Turkey Romania Hungary Thailand Brazil Chile Lithuania Latvia Philippines India China Bulgaria Ukraine Source: World Bank 2016 Q Q4 30
31 Two duration measures Duration = / Compare duration measures with: Percentage return in local currency terms Percentage return in dollar terms 31
32 Percentage return 0 Yield change 32
33 EMEs local currency sovereign bonds performance 1, January 2013 October 2018 Mexico South Africa y = x where R 2 = 0.58 y = x where R 2 = Change in yield, in percentage points Local currency return Return, in percent y = x where R 2 = 0.70 y = x where R 2 = Change in yield, in percentage points US dollar return Return, in percent 1 Total return on bonds denominated in local currency as weekly change in JPMorgan GBI-EM principal return index in local currency and US dollar. Sources: JPMorgan Chase; BIS calculations. 33
34 EMEs local currency sovereign bonds performance 1, January 2013 October 2018 Indonesia Brazil y = x where R 2 = 0.60 y = x where R 2 = Change in yield, in percentage points US dollar return Return, in percent y = x where R 2 = 0.66 y = x where R 2 = Change in yield, in percentage points US dollar return Return, in percent 1 Total return on bonds denominated in local currency as weekly change in JPMorgan GBI-EM principal return index in local currency and US dollar. Sources: JPMorgan Chase; BIS calculations. 34
35 Advanced economies sovereign bond indices 1, January 2013 October 2018 France y = x where R 2 = 0.02 y = x where R 2 = Change in yield, in percentage points Local currency return Return, in percent Sweden y = x where R 2 = 0.01 y = x where R 2 = Change in yield, in percentage points US dollar return Return, in percent 1 GBI Global Country 5 to 7 year maturity indices for the selected economies. Sources: JPMorgan Chase; BIS calculations. 35
36 KRW sovereign bonds 1, January 2013 October 2018 Korea Korea y = x where R 2 = 0.27 y = x where R 2 = Change in yield, in percentage points Local currency return Return, in percent y = x where R 2 = 0.27 y = x where R 2 = Change in yield, in percentage points US dollar return Return, in percent 1 Total return on bonds denominated in local currency as weekly change in JPMorgan JADE Index principal return index in local currency and US dollar. Sources: JPMorgan Chase; BIS calculations. 36
37 Some lessons Lenders prefer bonds in domestic currency Pension funds, life insurance companies want bonds to service bond-like obligations in domestic currency Borrowers are subject to original sin, old and new Corporates who borrow in dollars do so from foreigners Sovereigns can borrow in local currency from foreigners but EMEs are subject to fluctuations in global risk appetite International currencies USD retains primary role Other global currencies nevertheless exert significant presence 37
Market liquidity and emerging market local currency sovereign bonds
Market liquidity and emerging market local currency sovereign bonds Hyun Song Shin* Bank for International Settlements NBB-ECB conference on Managing financial crises: the state of play Brussels, 6 November
More informationExchange rates and monetary policy frameworks in emerging market economies
Exchange rates and monetary policy frameworks in emerging market economies Hyun Song Shin* Bank for International Settlements ECB conference on monetary policy: bridging science and practice Frankfurt,
More informationFinancial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
More informationFinancial stability risks: old and new
Financial stability risks: old and new Hyun Song Shin* Bank for International Settlements 4 December 2014 Brookings Institution Washington DC *Views expressed here are mine, not necessarily those of the
More informationSTOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE
STOXX Limited STOXX EMERGING MARKETS INDICES. EMERGING MARK RULES-BA TRANSPARENT UNDERSTANDA SIMPLE MARKET CLASSIF INTRODUCTION. Many investors are seeking to embrace emerging market investments, because
More informationM&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015
M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager November 2015 Agenda Macro update & government bonds Emerging market corporate bonds Fund positioning Emerging markets risks today Risks Slowing
More informationPublic Pension Spending Trends and Outlook in Emerging Europe. Benedict Clements Fiscal Affairs Department International Monetary Fund March 2013
Public Pension Spending Trends and Outlook in Emerging Europe Benedict Clements Fiscal Affairs Department International Monetary Fund March 13 Plan of Presentation I. Trends and drivers of public pension
More informationFinancial markets in an interconnected world
Financial markets in an interconnected world Hyun Song Shin* Bank for International Settlements CFS Colloquium Seminar, Goethe University 23 March 2015 * Views expressed are my own, not necessarily those
More informationBond Basics July 2007
Bond Basics: Emerging Market (External and Local Markets) Developing economies around the world, known to investors as emerging markets (EM), are rapidly maturing into key players in the global economy
More informationEQUITY REPORTING & WITHHOLDING. Updated May 2016
EQUITY REPORTING & WITHHOLDING Updated May 2016 When you exercise stock options or have RSUs lapse, there may be tax implications in any country in which you worked for P&G during the period from the
More informationQuarterly Investment Update First Quarter 2017
Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging
More informationCapital Account Management in Brazil
RETHINKING MACRO POLICY II: FIRST STEPS AND EARLY LESSONS APRIL 16 17, 2013 Capital Account Management in Brazil Marcio Holland Secretary of Economic Policy Ministry of Finance, Brazil Paper presented
More informationAfrica Fixed Income. Old finance on an old continent makes for new things. SAAX July 2014
Africa Fixed Income Old finance on an old continent makes for new things SAAX July 2014 Which Africa? 4mn Irish aid stolen in office of Ugandan prime minister 100mn profit after tax Guinness Nigeria (2012)
More informationDATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions
DIRECTORATE GENERAL STATISTICS LAST UPDATE: 10 APRIL 2013 DIVISION MONETARY & FINANCIAL STATISTICS ECB-UNRESTRICTED DATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions The series keys related to Investment
More informationDFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014
DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.
More informationFinancial Globalization, governance, and the home bias. Bong-Chan Kho, René M. Stulz and Frank Warnock
Financial Globalization, governance, and the home bias Bong-Chan Kho, René M. Stulz and Frank Warnock Financial globalization Since end of World War II, dramatic reduction in barriers to international
More informationSovereign Risks and Financial Spillovers
Sovereign Risks and Financial Spillovers International Monetary Fund October 21 Roadmap What is the Outlook for Global Financial Stability? Sovereign Risks and Financial Fragilities Sovereign and Banking
More informationReporting practices for domestic and total debt securities
Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
More informationMarket Briefing: US MSCI Stock Price Index vs Rest of the World
Market Briefing: US MSCI Stock Price Index vs Rest of the World January 29, 1 Dr. Edward Yardeni 51-972-73 eyardeni@ Joe Abbott 732-97-530 jabbott@ Mali Quintana 0--1333 aquintana@ Please visit our sites
More informationSan Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More informationFiscal Policy and the Global Crisis
Fiscal Policy and the Global Crisis Presentation at Koҫ University, Istanbul Carlo Cottarelli Director IMF Fiscal Affairs Department June 9, 2009 1 Two fiscal questions What is the appropriate fiscal policy
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2015
DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationTurkey s Saving Deficit Issue From an Institutional Perspective
Turkey s Saving Deficit Issue From an Institutional Perspective Engin KURUN, Ph.D CEO, Ziraat Asset Management Oct. 25th, 2011 - Istanbul 1 PRESENTATION Household and Institutional Savings Institutional
More informationDFA Global Equity Portfolio (Class F) Performance Report Q2 2017
DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2018
DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q4 2017
DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationSTOXX BROAD, SIZE AND BLUE-CHIP INDICES EMERGING AND DEVELOPED MARKETS, EAST ASIA, AFRICA. August 2012
STOXX BROAD, SIZE AND BLUE-CHIP INDICES EMERGING AND DEVELOPED MARKETS, EAST ASIA, AFRICA August 2012 1 Agenda 1. Definitions Page 03 2. Design Page 10 3. Composition Page 13 4. Performance Page 24 2 1.
More informationSummary of key findings
1 VAT/GST treatment of cross-border services: 2017 survey Supplies of e-services to consumers (B2C) (see footnote 1) Supplies of e-services to businesses (B2B) 1(a). Is a non-resident 1(b). If there is
More informationInternational Monetary Fund. World Economic Outlook. Jörg Decressin Senior Advisor Research Department, IMF
International Monetary Fund World Economic Outlook Jörg Decressin Senior Advisor Research Department, IMF IMF Presentation April 3, The recovery is solidifying but it will take some time before it significantly
More informationCapital Flows, Cross-Border Banking and Global Liquidity. May 2012
Capital Flows, Cross-Border Banking and Global Liquidity Valentina Bruno Hyun Song Shin May 2012 Bruno and Shin: Capital Flows, Cross-Border Banking and Global Liquidity 1 Gross Capital Flows Capital flows
More informationSummit Strategies Group
As of December 3, 203 US Equity: All Cap Russell 3000 Index 2.64 0.0 33.55 33.55 6.24 8.7 6.50 7.88 7.09 Dow Jones US Total Stock Market Index 2.63 0. 33.47 33.47 6.23 8.86 6.68 8.0 6.90 US Equity: Large
More informationGlobal Economic Indictors: CRB Raw Industrials & Global Economy
Global Economic Indictors: & Global Economy December 14, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
More informationThe Challenge of Public Pension Reform in Advanced and Emerging Economies
The Challenge of Public Pension Reform in Advanced and Emerging Economies Mauricio Soto Fiscal Affairs Department International Monetary Fund January 212 The views expressed herein are those of the author
More informationSummit Strategies Group
April 0, 205 US Equity: All Cap Russell 000 Index 0.45 5.9 2.26 2.74 6.86 4. 8.68 8.66 Dow Jones US Total Stock Market Index 0.46 5.9 2.27 2.67 6.78 4.7 8.78 8.8 US Equity: Large Cap Russell 000 Index
More information1.1. STOXX TOTAL MARKET INDICES
STOXX INDEX LIST A-Z 1. TOTAL MARKET INDICES 1/14 1.1. STOXX TOTAL MARKET INDICES Regional indices STOXX BRIC TMI STOXX Developed and Emerging Markets TMI STOXX Developed Markets TMI STOXX Emerging Markets
More informationUS Economic Indicators: Import Prices, PPI, & CPI
US Economic Indicators: Import Prices, PPI, & CPI December 1, 17 Dr. Edward Yardeni 51-97-73 eyardeni@ Debbie Johnson --1333 djohnson@ Please visit our sites at blog. thinking outside the box Table Of
More informationSummit Strategies Group
May, 208 US Equity: All Cap Russell 000 Index 2.82.4 2.55 5.06 0.72 2.85 2.6 9.2 Dow Jones US Total Stock Market Index 2.8.5 2.57 5.09 0.68 2.78 2.58 9.27 US Equity: Large Cap Russell 000 Index 2.55 0.57
More informationSummit Strategies Group
June 0, 208 US Equity: All Cap Russell 000 Index 0.65.89.22 4.78.58.29.0 0.2 Dow Jones US Total Stock Market Index 0.66.87.25 4.79.56.22 2.98 0.28 US Equity: Large Cap Russell 000 Index 0.65.57 2.85 4.54.64.7.2
More informationSummit Strategies Group
August, 208 US Equity: All Cap Russell 000 Index.5 7.65 0.9 20.25 5.86 4.25 5.50 0.89 Dow Jones US Total Stock Market Index.48 7.64 0.4 20.26 5.82 4.2 5.45 0.94 US Equity: Large Cap Russell 000 Index.45
More informationSummit Strategies Group
October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67
More informationMarket Correlations: Expected Inflation in TIPS
Market Correlations: in TIPS April, 8 Dr. Edward Yardeni 56-97-768 eyardeni@ Joe Abbott 7-497-56 jabbott@ Mali Quintana 48-664- aquintana@ Please visit our sites at www. blog. thinking outside the box
More informationMarket Correlations: CRB Raw Industrials Spot Price Index
Market Correlations: Spot Price Index December 15, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www.
More informationWhy Invest In Emerging Markets? Why Now?
Why Invest In Emerging Markets? Why Now? 2018 Over the long term, Emerging Markets (EM) have been a winning alternative compared to traditional Developed Markets (DM)... 350 300 250 200 150 100 50 1998
More informationCapital Flows to Emerging Markets - The Perspective from the IIF
Capital Flows to Emerging Markets - The Perspective from the IIF Felix Huefner Global Macroeconomic Analysis Department Institute of International Finance 1 st Meeting of the COMCEC Financial Cooperation
More informationAxioma Risk Monitor Emerging Markets 3 May 2018
Axioma Risk Monitor Emerging Markets 3 May 2018 1. Global volatility hotspots 2. Global correlation hotspots www.axioma.com Greater than 1% rise over last week Greater than 1% fall over last week Greater
More informationQuarterly Investment Update First Quarter 2018
Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market
More information1.1. STOXX TOTAL MARKET INDICES
1. BROAD TOTAL MARKET INDICES/BENCHMARK INDICES, EQUAL WEIGHT INDICES 1/15 1.1. STOXX TOTAL MARKET INDICES Regional indices STOXX BRIC TMI STOXX Developed and Emerging Markets TMI STOXX Developed Markets
More informationDOMESTIC CUSTODY & TRADING SERVICES
Pricing Structure DOMESTIC CUSTODY & TRADING SERVICES A flat custody fee of 20bps per account type per year is applicable to all holdings and cash, the custody fee is collected each month but will be capped
More informationDeveloping Housing Finance Systems
Developing Housing Finance Systems Veronica Cacdac Warnock IIMB-IMF Conference on Housing Markets, Financial Stability and Growth December 11, 2014 Based on Warnock V and Warnock F (2012). Developing Housing
More informationSummit Strategies Group
US Equity: All Cap Russell 000 Index -.69 2.40.9 6.22 0.59 4.7 2.79 9.78 Dow Jones US Total Stock Market Index -.70 2.4.4 6.2 0.55 4.2 2.76 9.8 US Equity: Large Cap Russell 000 Index -.67 2.75.62 6.70
More informationSummit Strategies Group
US Equity: All Cap Russell 000 Index.72 7.7 5.67 26.29 9.92.85.87 7.64 Dow Jones US Total Stock Market Index - - - - - - - - US Equity: Large Cap Russell 000 Index.87 7.95 5.96 25.5 0.9.94.9 7.69 Russell
More informationGuide to Treatment of Withholding Tax Rates. January 2018
Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep
More informationThe use of reserve requirements as a policy instrument in Latin America Carlos Montoro VII Meeting of Central Bank Monetary Policy Managers CEMLA
The use of reserve requirements as a policy instrument in Latin America Carlos Montoro VII Meeting of Central Bank Monetary Policy Managers CEMLA Rio de Janeiro Brazil, 7-8 April, 2011. 1 The use of reserve
More informationFTSE All-World GDP Weighted
FTSE Russell Factsheet FTSE All-World GDP Weighted Indices Data as at: 31 August 2018 bmktitle1 The FTSE GDP Weighted Index Series is designed to reflect the performance of constituent companies in an
More informationProgress towards Strong, Sustainable and Balanced Growth. Figure 1: Recovery from Financial Crisis (100 = First Quarter of Real GDP Contraction)
Progress towards Strong, Sustainable and Balanced Growth Figure 1: Recovery from Financial Crisis (100 = First Quarter of Real GDP Contraction) Source: OECD May 2014 Forecast, Haver Analytics, Rogoff and
More informationEmerging Market Debt Outlook
Emerging Market Debt Outlook Live Webcast hosted by: Luz Padilla Portfolio Manager Emerging Markets Fixed Income Fund (DBLEX/DLENX) June 15, 2010 Fund Offerings Emerging Markets Fixed Income Fund Retail
More informationFTSE All-World GDP Weighted
FTSE Russell Factsheet FTSE All-World GDP Weighted Indices Data as at: 30 April 2018 bmktitle1 The FTSE GDP Weighted Index Series is designed to reflect the performance of constituent companies in an index
More informationWhat is driving US Treasury yields higher?
What is driving Treasury yields higher? " our programme for reducing our [Fed's] balance sheet, which began in October, is proceeding smoothly. Barring a very significant and unexpected weakening in the
More informationWells Fargo Target Date Funds
All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:
More informationTAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov
TAXATION OF TRUSTS IN ISRAEL An Opportunity For Foreign Residents Dr. Avi Nov Short Bio Dr. Avi Nov is an Israeli lawyer who represents taxpayers, individuals and entities. Areas of Practice: Tax Law,
More informationSwedish portfolio holdings. Foreign equity securities and debt securities
Swedish portfolio holdings Foreign equity securities and debt securities 2007 Swedish portfolio holdings Foreign equity securities and debt securities 2007 Statistiska centralbyrån 2008 Swedish portfolio
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing February 12, 219 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at blog. thinking outside the box 25 Figure
More informationEmerging Market Private Sector Access to Capital Markets
Emerging Market Private Sector Access to Capital Markets The Role of the Domestic and Foreign Investor Base GEMLOC Advisory Services Roundtable May 29-30, 2008 Eliot Kalter President, EM Strategies Senior
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing February 7, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 3 3 Figure 1. S&P
More informationSummit Strategies Group
October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67
More informationDouble Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%)
Double Tax Treaties DTA Country Withholding Tax Rates (%) Albania 0 0 5/10 1 No No No Armenia 5/10 9 0 5/10 1 Yes 2 No Yes Australia 10 0 15 No No No Austria 0 0 10 No No No Azerbaijan 8 0 8 Yes No Yes
More informationMarket Correlation: Emerging Markets MSCI
Market Correlation: MSCI March 2, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside
More informationChallenges for financial institutions today. Summary
7 February 6 Challenges for financial institutions today Notes for remarks by Malcolm D Knight, General Manager of the BIS, at a European Financial Services Roundtable meeting, Zurich, 7 February 6 Summary
More informationEconomic Trends and Challenges
Economic Trends and Challenges in Central and Eastern Europe Christoph Rosenberg International Monetary Fund Warsaw Regional Office April 2007 Note: These are the author s s own views, not necessarily
More informationThe Bank of America Merrill Lynch Global Bond Index Rules. PIMCO Global Advantage Government Bond Index Fine Specifications
PIMCO Global Advantage Government Bond Index Fine Specifications July 2017 1 Index Overview The PIMCO Global Advantage Government Bond Index history starts on December 31, 2003. The index has a level of
More informationRobas Research Private Limited Panel Book
Robas Research Private Limited Panel Book Introduction Robas Research was introduced in July, 2012 1 6 We believe in research from base which defines our firm s logo for any research/methodology in which
More informationAxioma Risk Monitor Emerging Markets 6 November 2018
Axioma Risk Monitor Emerging Markets 6 November 2018 1. Global volatility hotspots 2. Global correlation hotspots www.axioma.com Greater than 1% rise over last week Greater than 1% fall over last week
More informationGlobal Business Barometer April 2008
Global Business Barometer April 2008 The Global Business Barometer is a quarterly business-confidence index, conducted for The Economist by the Economist Intelligence Unit What are your expectations of
More informationInternet Appendix: Government Debt and Corporate Leverage: International Evidence
Internet Appendix: Government Debt and Corporate Leverage: International Evidence Irem Demirci, Jennifer Huang, and Clemens Sialm September 3, 2018 1 Table A1: Variable Definitions This table details the
More informationStock Market Briefing: S&P 500 Revenues & the Economy
Stock Market Briefing: S&P Revenues & the Economy December 21, 217 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at
More informationECONOMIC OUTLOOK. World Economy Autumn No. 33 (2017 Q3) KIEL INSTITUTE NO. 33 (2017 Q3)
KIEL INSTITUTE ECONOMIC OUTLOOK World Economy Autumn 7 Finalized September 6, 7 No. 33 (7 Q3) Klaus-Jürgen Gern, Philipp Hauber, Stefan Kooths, Galina Potjagailo, and Ulrich Stolzenburg Forecasting Center
More informationStronger growth, but risks loom large
OECD ECONOMIC OUTLOOK Stronger growth, but risks loom large Ángel Gurría OECD Secretary-General Álvaro S. Pereira OECD Chief Economist ad interim Paris, 3 May Global growth will be around 4% Investment
More informationMonetary Policy report October 2015
Monetary Policy report October 2015 Chapter 1 Figure 1.1. Repo rate with uncertainty bands Per cent Note. The uncertainty bands for the repo rate are based on the Riksbank s historical forecasting errors
More informationMarket Briefing: S&P 500 Forward Earnings & the Economy
Market Briefing: S&P Forward Earnings & the Economy January, 18 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-56 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www.
More informationWells Fargo Target Date CITs E3
All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:
More informationCENTRAL BANK OF THE REPUBLIC OF TURKEY
CENTRAL BANK OF THE REPUBLIC OF TURKEY Growth and Financial System Durmuş YILMAZ Governor February, 211 1 Presentation Outline I. Recent Developments in the Turkish Economy II. III. Monetary Policy Policy
More informationFTSE Global All Cap Index
FTSE Russell Factsheet FTSE Global All Cap Index bmktitle1 The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally.
More informationChallenges to the International Monetary System: Rebalancing Currencies, Institutions, and Rates
Challenges to the International Monetary System: Rebalancing Currencies, Institutions, and Rates Takatoshi Kato Deputy Managing Director International Monetary Fund September 3, 27 1 9 Growth has been
More informationGlobal Economic Briefing: Global Inflation
Global Economic Briefing: Global Inflation November, 7 Dr. Edward Yardeni -97-7 eyardeni@ Debbie Johnson -- djohnson@ Mali Quintana -- aquintana@ Please visit our sites at www. blog. thinking outside the
More informationMonetary Policy under Fed Normalization and Other Challenges
Javier Guzmán Calafell, Deputy Governor, Banco de México* Santander Latin America Day London, June 28 th, 2018 */ The opinions and views expressed in this document are the sole responsibility of the author
More informationA Classic Barometer. Insights April Richard Bernstein, Chief Executive and Chief Investment Officer. A classic barometer says US ok; EM not.
, Chief Executive and Chief Investment Officer Advisors Independent investment advisor with a unique top-down, macro approach to investing with quantitative security selection. A Classic Barometer $2.9B
More informationMarket Correlations: S&P 500
Market Correlations: S&P 500 September 25, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog.
More informationEmerging Markets Debt: Outlook for the Asset Class
Emerging Markets Debt: Outlook for the Asset Class By Steffen Reichold Emerging Markets Economist May 2, 211 Emerging market debt has been one of the best performing asset classes in recent years due to
More informationFTSE Global All Cap Index
FTSE Russell Factsheet FTSE Global All Cap Index bmktitle1 The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally.
More informationThe Fertile Soil of Corporate Bond Market
Oct 09 Sep 10 Aug 11 Jul 12 Jun 13 May 14 Oct 09 Apr 10 Oct 10 Apr 11 Oct 11 Apr 12 Oct 12 Apr 13 Oct 13 Apr 14 Basis Points Basis Points PERSPECTIVES The Fertile Soil of Corporate Bond Market May 2014
More informationAdverse scenario for the European Insurance and Occupational Pensions Authority s EU-wide insurance stress test in 2018
9 April 218 ECB-PUBLIC Adverse scenario for the European Insurance and Occupational Pensions Authority s EU-wide insurance stress test in 218 Introduction In accordance with its mandate, the European Insurance
More informationHealth Referral Benefit Programme
1. Business Opportunity 2. Matching Business Opportunity 3. Achievement Business Opportunity 4. Re-Purchase Business Opportunity 5. Reward Opportunity 6. Franchise Benefits India - Price per bottle is
More informationDIVERSIFICATION. Diversification
Diversification Helps you capture what global markets offer Reduces risks that have no expected return May prevent you from missing opportunity Smooths out some of the bumps Helps take the guesswork out
More informationMexico: 2016 IMF ARTICLE IV CONSULTATION
Mexico: 2016 IMF ARTICLE IV CONSULTATION Wilson Center, January 9, 2017 Western Hemisphere Department International Monetary Fund BACKGROUND Growth in Economic Activity and Employment Have Remained Stable
More informationCharting Mexico s Economy
Charting Mexico s Economy Designed to help executives catch up with the economy and incorporate macro impacts into company s planning. Annual subscription includes 2 semiannual issues published in June
More informationGlobal growth weakening as some risks materialise
OECD INTERIM ECONOMIC OUTLOOK Global growth weakening as some risks materialise 6 March 2019 Laurence Boone OECD Chief Economist http://www.oecd.org/eco/outlook/economic-outlook/ ECOSCOPE blog: oecdecoscope.wordpress.com
More informationGlobal Trends in Housing Finance
Global Trends in Housing Finance Dr. Michael Lea Housing Finance Workshop for South Africa November 2008 Outline of Presentation! Global Comparisons: Developed and Emerging Markets! Global Trends! Macroeconomic
More informationIOOF. International Equities Portfolio NZD. Quarterly update
IOOF NZD Quarterly update For the period ended 30 September 2018 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure their
More informationMarket Briefing: Correlated Markets
Market Briefing: Correlated Markets September 25, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table
More informationWhy Invest In Emerging Markets? Why Now?
Why Invest In Emerging Markets? Why Now? 2017 Over the long term, Emerging Markets (EM) have been a winning alternative compared to traditional Developed Markets (DM)... 350 300 250 200 150 100 50 1997
More information