European Sovereign Crisis, what s the Outcome? Gonzalo Rengifo June 2012 Mexico
|
|
- Cora Loraine Shaw
- 5 years ago
- Views:
Transcription
1 European Sovereign Crisis, what s the Outcome? Gonzalo Rengifo June 2012 Mexico
2 1 Current situation
3 Eurozone (im)balances: a Small World Rising imbalances since the creation of the euro Eurozone current accounts (% Eurozone GDP) by major EMU member 1.6 %GDP Northern Europe to rest of the world euro Northern Europe to southern Europe Austria Belgium Finland France Germany Ireland Italy Netherlands Portugal Spain Greece 3
4 Fiscal Revenue for Advanced and Emerging Countries Fiscal revenue to GDP ratio in India Philippines Peru Taiwan Indonesia Thailand Venezuela Malaysia China Turkey Mexico Emerging South Africa Argentina Egypt Chile Brazil Korea Colombia United States Australia Switzerland Japan Romania Bulgaria Ireland Spain Russia Poland Advanced Canada New Zealand Greece Ukraine United Kingdom Portugal Czech Republic Germany Hungary Italy Netherlands Austria Belgium France Finland Sweden Denmark Norway
5 Debt-to-GDP Ratio: Developed Economies General government debt-to-gdp ratio: major advanced (21) economies United States Australia Emerging New Zealand Sweden Switzerland Denmark Finland Norway Spain Netherlands United Kingdom Austria France Germany Canada Ireland Portugal Belgium Advanced Italy Greece Japan %GDP 2010 General Government Debt Maastricht Criteria (60%) Fitch criteria (80%)
6 Euro Countries: GDP Shares Eurozone countries: GDP in billion of euros and in percentage of total eurozone GDP Ireland; 153; 2% Portugal; 172; 2% Finland; 180; 2% Greece; 230; 3% Austria; 281; 3% Belgium; 346; 4% Germany; 2481; 27% Netherlands; 591; 7% Spain; 1062; 12% France; 1931; 21% Italy; 1547; 17% 6
7 Euro Countries: Public Debt Shares Eurozone countries: public debt in billion of euros and in percentage of total eurozone debt Finland; 80.5; 1% Ireland; 144.4; 2% Portugal; 161.0; 2% Austria; 205.9; 3% Greece; 333.7; 4% Germany; ; 27% Belgium; 340.7; 4% Netherlands; 369.9; 5% Spain; 641.9; 8% Italy; ; 24% France; ; 20% 7
8 Who Owes Money to Whom (USD Bn) 8
9 2 What has been done so far?
10 Central Government Fiscal Balance Central fiscal balances have generally improved. Eurozone on average better than the UK & the US Central fiscal balances: Italy, Spain & EFSF-3 countries Central fiscal balances: Eurozone (average), UK & US 5.0 %GDP, 12-month moving average 2.0 %GDP, 12-month moving average Italy Spain Portugal Greece Ireland Germany Eurozone France UK US Source:, CEIC, Datastream, as at
11 Spanish Fiscal Policy 11
12 Italy & Spain debt/gdp Evolutions under Various Interest Rates Insert key message Italian debt/gdp simulated for various interest rates Spanish debt/gdp simulated for various interest rates %GDP %GDP Interest rate at 5% Interest rate at 7% Interest rate at 10% Interest rate at 5% Interest rate at 7% Interest rate at 10% 12
13 Sovereign Debt Long and Short-term Scores Sovereign debt long and short-term scores for developed economies: a scatter diagram view Dynamic (short-term) Score Greece Austria CanadaFinland France Italy United States Belgium United Kingdom Spain Portugal Japan Ireland Good long and short-term positions Norway New Zealand Germany Sweden Netherlands Australia Switzerland Denmark Bad long and short-term positions Sustainability (long-term) Score 13
14 Euro Endgame: Multiple Equilibria Current state Monetary union Fiscal autonomy Euro breakup Fiscal integration National currencies One country opts out No Eurobond Small central fiscal authority Eurobond Strong central fiscal authority Rising number of new national currencies Increasing fiscal federalism Risk Scenario Main Scenario Source: 14
15 Solving the Debt Problem Four Ways Out High short-term cost / low long-term cost Low short-term cost / high long-term cost Solution Debt repayment Bail-out Sovereign default Monetization Debt solving mechanism Primary balance deficit reduction Bilateral agreements or supranational bail-out Official default and debt restructuration Central Bank Intervention to use the inflation channel to solve the debt problem Domestic consequences Lower economic nominal growth Social imbalances and conflicts between tax payers and public workers Loss of economic independence Limited if no access to the international market of capitals for an extended period Loss of the Central Bank s credibility Currency depreciation Weaker external demand coming from the indebted country Bilateral agreements: higher spreads for the country that funds the bail-out Sovereign crisis contagion Banking system crisis Competition on currency depreciation International consequences Possible social conflicts 15
16 EU/IMF Financial Aid Package Fiscal policy Monetary policy Greek package EUR 110bn Additional package EUR 720bm Unconventional monetary policy tools 80bn from EMU countries (funding according to countries quotas in the ECB s capital) 30bn from the IMF First loan tranche of 14.5bn was sent to Greece on 18th of May while second tranche of 9bn was sent on 9th of Sept. Total package covers Greek debt service until Dec 2012 (i.e. interest payments + principal but excluding primary deficits financial needs) 60bn available under the existing European Commission balance-of-payments lending facility (Funded and guaranteed by the 27 EU members) 440bn available through the creation of the European Financial Stabilisation Fund (EFSF) funded according to countries quotas in the ECB s capital and guaranteed by the 16 Eurozone members 220bn from the IMF Irish package: EUR85bn EFSM/EFSF/IMF: EUR22.5bn each Domestic sources: EUR17.5bn Portuguese package: EUR78bn EFSM/EFSF/IMF: EUR26bn each Remaining effective lending capacity: EUR575bn (Spanish debt service is about EUR350bn until Dec 2014) The EFSF pave the way towards a closer fiscal union in Europe Outright purchases in the Euro area public and private debt securities markets Reactivation of 1Y, 6-month and 3-month refinancing operations at fixed rate with full allotment Reactivation of liquidity swap lines with the Fed Outright bonds purchases of 165bn (as of Oct. 14th), absorbed with one-week fixed-term deposit 16
17 ECB Government Bonds Purchase Accelerating ECB interventions mainly focused on Italy, but to be continued with stronger commitment ECB Eurosystem securities market program-weekly and cumulated amounts 25' ' '000 20' '000 15'000 10' ' '000 5' bn bn 100'000 75'000 50'000 25'000 0 Weekly Amount (ls) Cumulated Amount (rs) 4 week moving average (ls) Source: Bloomberg,. Updated Fixed Income Outlook Quarterly conference call 17
18 EU/IMF Packages & Financing Needs for Countries at Risk Current lending capacity just enough to cover EFSF-3 & Spain until Dec Debt servicing until Dec for EFSF-3, Spain & Italy & remaining packages 1' Financing needs until Dec (bn of ) 1' EU/IMF remaining lending capacity, Greece 42 Ireland 80 Portugal Portugal remaining package, 66 + Irish remaining package, 46 Greek remaining package, 37 Spain Italy 18
19 Euro Sovereign Risk Themes & risks to dominate the market in the short and long run Euro area Greece Ireland Portugal Spain Italy Main risks Euro breakup. Disorderly default from Greece triggering a round of contagion to other Eurozone countries and the whole banking sector. Disorderly default No stabilisation of the current negative fiscal balance trend Lack of growth endangering the current positive trend in terms of public finances adjustment Lack of growth Brutal adjustment of the real estate loans value on the banks balance sheets Lack of growth Government rates pushed significantly and structurally above 5% Our View The cost of the Euro breakup option is so high that the already started transfer between the strongest and the weakest countries will continue. More fiscal discipline and a painful adjustment process will lead to low growth over a 5 to 7 years cycle. Greece is bankrupt and by no mean can muddle through whatever the measures taken. Significant losses have to be taken through a set of orderly haircuts ultimately amounting to circa 70%. Ireland will have to resort to a second bailout plan in the coming months. The widely nationalised banking sector is still threatening dramatically public finances. An orderly default going forward can not be ruled out. Portugal can muddle through but will be highly dependant on the whole zone growth and the ECB monetary policy. Spain has made significant efforts on the fiscal front but a banking sector recapitalisation will be needed. The latter is manageable provided the real estate necessary adjustment is done gradually. Italy has already a primary balance almost at equilibrium. The stabilisation of its debt /GDP ratio is highly achievable especially with the newly decided fiscal measures. But the ECB then EFSF/ESM will have to maintain an active SMP to avoid contagion through government refinancing rates. Source: 19
20 Eurozone: Key Messages Recession in the Eurozone, no euro break-up but more fiscal federalism Eurozone contracted in 2011Q4. No collapse in 2012, the zone might even avoid a recession Germany is recovering, while Greece is entering into its 4th year of declining activity. Biggest risk remains a Greek downward spiral, notably in Spain: contracting activity lower fiscal revenues more fiscal austerity additional contraction in activity Inflation to decline: no reason for the ECB not to continue loosening conventional & possibly unconventional monetary policy Euro debt crisis: no euro break-up, but more fiscal integration EFSF/ESM not a solution for Spanish/Italian financing needs, only the ECB can afford it (monetization indirect QE) ECB further non-conventional monetary policy to depend on two conditions: a political commitment to fiscal federalism with credible fiscal rules (that will not be breached) Complete disorderly market conditions Greece, Portugal and Ireland to default orderly 20
21 3 What should be done?
22 Wrong Way 22
23 Right Way? 23
24 What Should Be Done? Surgery in Greece A wall ECB better than a firewall Control supranational (European) of the budgets of the euro area countries Lower interest rates in Europe Second phase: policies that promote growth consistent with the reduction of public expenditure 24
25 For more information, please contact your Pictet client relationship manager SA Route des Acacias 60, 1211 Geneva 73 Tel: Fax: Limited Authorised and regulated by the Financial Services Authority Moor House, Level London Wall London EC2Y 5ET Tel: Fax: ( PAM ) definition: In this document, includes all the operating subsidiaries and divisions of the Pictet group that carry out institutional asset management: Pictet Asset Management SA, a Swiss corporation registered with the Swiss Financial Market Supervisory Authority FINMA, Limited, a UK company authorised and regulated by the Financial Services Authority, and (Japan) Limited, a Japanese company regulated by the Financial Services Agency of Japan. This document is for distribution to professional investors only. However it is not intended for distribution to any person or entity who is a citizen or resident of any locality, state, country or other jurisdiction where such distribution, publication, or use would be contrary to law or regulation. Information used in the preparation of this document is based upon sources believed to be reliable, but no representation or warranty is given as to the accuracy or completeness of those sources. Any opinion, estimate or forecast may be changed at any time without prior warning. Investors should read the prospectus or offering memorandum before investing in any Pictet managed funds. This document has been issued in Switzerland by SA and/or Pictet & Cie and in the rest of the world by Limited and may not be reproduced or distributed, either in part or in full, without their prior authorisation. For UK investors, the Pictet and Pictet Total Return umbrellas are domiciled in Luxembourg and are recognised collective investment schemes under section 264 of the Financial Services and Markets Act Swiss Pictet funds are only registered for distribution in Switzerland under the Swiss Fund Act, they are categorised in the United Kingdom as unregulated collective investment schemes. The Pictet group manages hedge funds, funds of hedge funds and funds of private equity funds which are not registered for public distribution within the European Union and are categorised in the United Kingdom as unregulated collective investment schemes. For US investors, the Shares of the funds managed by the Pictet Group are being offered to United States tax-exempt investors Shares sold in the United States or to US Persons will only be sold in private placements to accredited investors pursuant to exemptions from SEC registration under the Section 4(2) and Regulation D private placement exemptions under the 1933 Act and qualified clients as defined under the 1940 Act. The Shares of the Pictet funds have not been registered under the 1933 Act and may not, except in transactions which do not violate United States securities laws, be directly or indirectly offered or sold in the United States or to any US Person. The Management Fund Companies of the Pictet Group will not be registered under the 1940 Act. 25
Financial 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 informationCorrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012
OECD Pensions Outlook 2012 DOI: http://dx.doi.org/9789264169401-en ISBN 978-92-64-16939-5 (print) ISBN 978-92-64-16940-1 (PDF) OECD 2012 Corrigendum Page 21: Figure 1.1. Average annual real net investment
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 informationFOREIGN ACTIVITY REPORT
FOREIGN ACTIVITY REPORT SECOND QUARTER 2012 TABLE OF CONTENTS Table of Contents... i All Securities Transactions... 2 Highlights... 2 U.S. Transactions in Foreign Securities... 2 Foreign Transactions in
More informationLatin America Equities
Latin America Equities March 2013 Stephen Burrows, Senior Investment Manager Emerging Markets - Pictet Asset Management Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12
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 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 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 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 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 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 informationEconomic Stimulus Packages and Steel: A Summary
Economic Stimulus Packages and Steel: A Summary Steel Committee Meeting 8-9 June 2009 Sources of information on stimulus packages Questionnaire to Steel Committee members, full participants and observers
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 informationKPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX
KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX B KPMG s Individual Income Tax and Social Security Rate Survey 2009 KPMG s Individual Income Tax and Social Security Rate Survey 2009
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 informationUPDATE ON FISCAL STIMULUS AND FINANCIAL SECTOR MEASURES. April 26, 2009
UPDATE ON FISCAL STIMULUS AND FINANCIAL SECTOR MEASURES April 26, 2009 This note provides an update of information in the paper, The State of Public Finances: Outlook and Medium-Term Policies After the
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 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 informationNEUBERGER BERMAN INVESTMENT FUNDS PLC
The Directors of the Company whose names appear in the Management and Administration section of the Prospectus accept responsibility for the information contained in this document. To the best of the knowledge
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 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 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 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 informationBlackRock Developed World Index Sub-Fund
KEY INVESTOR INFORMATION BlackRock Developed World Index Sub-Fund A sub-fund of BlackRock Index Selection Fund Objectives and Investment Policy This document provides you with key investor information
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 informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES. Bank of Russia.
RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES Bank of Russia July 218 < -1% -1-9% -9-8% -8-7% -7-6% -6-5% -5-4% -4-3% -3-2% -2-1% -1 % 1% 1 2% 2 3% 3 4% 4 5% 5 6% 6 7% 7 8% 8 9% 9 1% 1 11% 11
More informationGlobal Economic Outlook John Hawksworth Chief Economist, PwC September 2012
www.pwc.co.uk/economics Global Economic Outlook John Hawksworth Chief Economist, September 2012 Agenda Global overview Short term prospects for Europe, US and BRICs Long term trends: demographics, growth
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 informationGlobal Economic Prospects
Global Economic Prospects Back from the Brink? Andrew Burns World Bank Prospects Group April 12, 212 1 Amid some signs of improvement, global recovery remains fragile First quarter of 212 has been generally
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the
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 informationCOUNTRY COST INDEX JUNE 2013
COUNTRY COST INDEX JUNE 2013 June 2013 Kissell Research Group, LLC 1010 Northern Blvd., Suite 208 Great Neck, NY 11021 www.kissellresearch.com Kissell Research Group Country Cost Index - June 2013 2 Executive
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Regulated Open-ended Fund Assets and Flows Trends
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 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 informationMarket Briefing: MSCI Stock Market Indexes
Market Briefing: MSCI Stock Market Indexes February 1, 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.
More informationMarket Briefing: MSCI Stock Market Indexes
Market Briefing: MSCI Stock Market Indexes September 7, 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.
More informationGlobal Consumer Confidence
Global Consumer Confidence The Conference Board Global Consumer Confidence Survey is conducted in collaboration with Nielsen 4TH QUARTER 2017 RESULTS CONTENTS Global Highlights Asia-Pacific Africa and
More informationGlobal Select International Select International Select Hedged Emerging Market Select
International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). wide Regulated Open-ended Fund Assets and Flows Trends
More informationFinancial law reform: purpose and key questions
Conference on Cross-Jurisdictional Netting and Global Solutions Update on Netting in Asia May 12, 2011 London School of Economics and Political Science Peter M Werner Senior Director ISDA pwerner@isda.org
More informationEconomic Imbalances in the post-maastricht Treaty World A Look at Global and European Implications and Investment Conclusions
Economic Imbalances in the post-maastricht Treaty World A Look at Global and European Implications and Investment Conclusions JOHN W. BECK Senior Vice President Co-Director, Global Fixed Income Franklin
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the
More informationMarket Briefing: Gold
Market Briefing: Gold January 3, 218 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 Of Contents Table
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 informationAll-Country Equity Allocator February 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Charles Waters cwaters@dcmadvisors.com 917-386-6264 All-Country Equity Allocator February
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 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 informationRebalancing International Equities: What to Know. What to Consider.
Success Should Not Be Cyclical Perspective Rebalancing International Equities: What to Know. What to Consider. Executive Summary Diversified investors may be frustrated by the underperformance of their
More informationFEES SCHEDULE (COPPER / GOLD)
FEES SCHEDULE (COPPER / GOLD) Applicable from April 208 excluding discretionary management agreement and investment advisory agreement CBP Quilvest LU EN Fees Schedule Excluding Management April 208 /5
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 informationThis statistical appendix presents data
This statistical appendix presents data on financial developments in key financial centers and emerging markets. It is designed to complement the analysis in the text by providing additional data that
More informationPerformance Derby: MSCI Regions & Countries STRG, STEG, & LTEG
Performance Derby: MSCI Regions & Countries STRG, STEG, & LTEG February 7, 2018 Dr. Ed Yardeni 516-972-7683 eyardeni@yardeni.com Joe Abbott 732-497-5306 jabbott@yardeni.com Please visit our sites at blog.yardeni.com
More informationIMPORTANT TAX INFORMATION
00126803 IMPORTANT TAX INFORMATION Dear Hartford Funds Shareholder: The following information about your enclosed 1099-DIV from Hartford Funds should be used when preparing your 2014 tax return. The information
More informationFEES SCHEDULE (SILVER/PLATINUM)
FEES SCHEDULE (SILVER/PLATINUM) Applicable from April 208 under an Investment Advisory Agreement CBP Quilvest LU EN Investment Advisory Fees Schedule April 208 /5 ADVISORY MANAGEMENT, CUSTODY FEES AND
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 Economics of Public Health Care Reform in Advanced and Emerging Economies
The Economics of Public Health Care Reform in Advanced and Emerging Economies Benedict Clements Fiscal Affairs Department, IMF November 2012 This presentation represents the views of the author and should
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the
More informationPIMCO Global Advantage Government Bond Index. Index Specification
PIMCO Global Advantage Government Bond Index January 2011 Contents 1 Index Overview... 3 2 Country Classification and Eligibility Rules... 5 2.1 Regional Classification... 5 2.2 Instrument Categories...
More informationAll-Country Equity Allocator July 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Allison Hay ahay@dcmadvisors.com 917-386-6264 All-Country Equity Allocator July 2018 A
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 informationSummary 715 SUMMARY. Minimum Legal Fee Schedule. Loser Pays Statute. Prohibition Against Legal Advertising / Soliciting of Pro bono
Summary Country Fee Aid Angola No No No Argentina No, with No No No Armenia, with No No No No, however the foreign Attorneys need to be registered at the Chamber of Advocates to be able to practice attorney
More informationRECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO OCTOBER 2003
OCTOBER 23 RECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO 2 RECENT DEVELOPMENTS OUTLOOK MEDIUM-TERM CHALLENGES 3 RECENT DEVELOPMENTS In tandem with the global economic cycle, the Mexican
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 informationThis statistical appendix presents data
STATISTICAL APPENDIX This statistical appendix presents data on financial developments in key financial centers and emerging markets. It is designed to complement the analysis in the text by providing
More informationTable 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars. Number of business days
Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars Total turnover Number of business days Average daily turnover change 1983 103.2 20 5.2 1986 191.2 20 9.6 84.6 1989 299.9
More informationThe ECB s Strategy in Good and Bad Times Massimo Rostagno European Central Bank
The ECB s Strategy in Good and Bad Times Massimo Rostagno European Central Bank The views expressed herein are those of the presenter only and do not necessarily reflect those of the ECB or the European
More informationPENTA CLO 2 B.V. (the "Issuer")
THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW). IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING
More informationBalanced Select Portfolio Pn
Factsheet as at : September 22, 2018 Balanced Select Portfolio Pn Fund objective This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 8-10% over a
More informationEnterprise Europe Network SME growth outlook
Enterprise Europe Network SME growth outlook 2018-19 een.ec.europa.eu 2 Enterprise Europe Network SME growth outlook 2018-19 Foreword The European Commission wants to ensure that small and medium-sized
More informationThis statistical appendix presents data
This statistical appendix presents data on financial developments in key financial centers and emerging markets. It is designed to complement the analysis in the text by providing additional data that
More information% 38, % 40, % 2,611 2,
3 DECEMBER 6 OPEN ENDED Number of Net Value of Number of Total Value Total Value Net New Date Authorised/Registered Schemes Registered of Sales of Repurchases Investment Schemes ( mn) Holders ( mn) ( mn)
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 informationMarket Correlations: Trade-Weighted Dollar
Market Correlations: Trade-Weighted Dollar March 11, 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.
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 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 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 informationApproach to Employment Injury (EI) compensation benefits in the EU and OECD
Approach to (EI) compensation benefits in the EU and OECD The benefits of protection can be divided in three main groups. The cash benefits include disability pensions, survivor's pensions and other short-
More informationa closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017
GLOBAL TAX WEEKLY a closer look ISSUE 249 AUGUST 17, 2017 SUBJECTS TRANSFER PRICING INTELLECTUAL PROPERTY VAT, GST AND SALES TAX CORPORATE TAXATION INDIVIDUAL TAXATION REAL ESTATE AND PROPERTY TAXES INTERNATIONAL
More informationLatin America: the shadow of China
Latin America: the shadow of China Juan Ruiz BBVA Research Chief Economist for South America Latin America Outlook Second Quarter Madrid, 13 May Latin America Outlook / May Key messages 1 2 3 4 5 The global
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 informationPresentation at the 2011 Philadelphia Fed Policy Forum December 2, University of Maryland & NBER
Presentation at the 2011 Philadelphia Fed Policy Forum December 2, 2011 Enrique G. Mendoza Enrique G. Mendoza University of Maryland & NBER 1. Short: May/Dec. 2010 Greece, Ireland plans 2. Tall: July 2011
More informationThis statistical appendix presents data on
c h a p t e r X STATISTICAL APPENDIX This statistical appendix presents data on financial developments in key financial centers and emerging and other markets. It is designed to complement the analysis
More informationPREDICTING VEHICLE SALES FROM GDP
UMTRI--6 FEBRUARY PREDICTING VEHICLE SALES FROM GDP IN 8 COUNTRIES: - MICHAEL SIVAK PREDICTING VEHICLE SALES FROM GDP IN 8 COUNTRIES: - Michael Sivak The University of Michigan Transportation Research
More informationRev. Proc Implementation of Nonresident Alien Deposit Interest Regulations
Rev. Proc. 2012-24 Implementation of Nonresident Alien Deposit Interest Regulations SECTION 1. PURPOSE Sections 1.6049-4(b)(5) and 1.6049-8 of the Income Tax Regulations, as revised by TD 9584, require
More informationDetails of the changes to the Investment Policies and Revision of the Investment Restrictions on the underlying funds of:
Details of the changes to the Investment Policies and Revision of the Investment Restrictions on the underlying funds of: 1. J60 Templeton Emerging Markets 2. L05 Templeton Global Bond (EUR) 3. L06 Templeton
More informationOpen Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems. 5 October 2017
Open Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems 5 October 2017 Deutsche Börse Group 1 Settlement services: single point of access to cost-effective, low risk and
More informationGlossary of Defined Terms
Glossary of Defined Terms Glossary History Change Date April 2007 July 2007 Description of Changes Initial Launch Amendment of definition of administrator(s) Glossary History July 2007 Page 1 of 1 A Accredited
More information2013 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive Summary
2013 Global Survey of Accounting Assumptions for Defined Benefit Plans Executive Summary Executive Summary In broad terms, accounting standards aim to enable employers to approximate the cost of an employee
More information34 th Associates Meeting - Andorra, 25 May Item 5: Evolution of economic governance in the EU
34 th Associates Meeting - Andorra, 25 May 2012 - Item 5: Evolution of economic governance in the EU Plan of the Presentation 1. Fiscal and economic coordination: how did it start? 2. Did it work? 3. Five
More informationPlanning Global Compensation Budgets for 2018 November 2017 Update
Planning Global Compensation Budgets for 2018 November 2017 Update Planning Global Compensation Budgets for 2018 The year is rapidly coming to a close, and we are now in the midst of 2018 global compensation
More informationHouseholds Indebtedness and Financial Fragility
9TH JACQUES POLAK ANNUAL RESEARCH CONFERENCE NOVEMBER 13-14, 2008 Households Indebtedness and Financial Fragility Tullio Jappelli University of Naples Federico II and Marco Pagano University of Naples
More informationInformation Circular: PowerShares Exchange-Traded Fund Trust II
Information Circular: PowerShares Exchange-Traded Fund Trust II To: From: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders PHLX Listing Qualifications
More informationEP UNEP/OzL.Pro.WG.1/39/INF/2
UNITED NATIONS EP UNEP/OzL.Pro.WG.1/39/INF/2 Distr.: General 26 May English only United Nations Environment Programme Open-ended Working Group of the Parties to the Montreal Protocol on Substances that
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 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 informationChapter 1. Fiscal consolidation targets, plans and measures in OECD countries
1. FISCAL CONSOLIDATION TARGETS, PLANS AND MEASURES IN OECD COUNTRIES 1 Chapter 1 Fiscal consolidation targets, plans and measures in OECD countries This chapter discusses the consolidation efforts of
More informationPart B STATEMENT OF ADDITIONAL INFORMATION
Part B STATEMENT OF ADDITIONAL INFORMATION SIT LARGE CAP GROWTH FUND, INC. SNIGX SIT MID CAP GROWTH FUND, INC. NBNGX SIT MUTUAL FUNDS, INC, comprised of: SIT BALANCED FUND SIBAX SIT DIVIDEND GROWTH FUND,
More informationGrowth has peaked amidst escalating risks
OECD ECONOMIC OUTLOOK Growth has peaked amidst escalating risks 1 November 18 Ángel Gurría OECD Secretary-General Laurence Boone OECD Chief Economist http://www.oecd.org/eco/outlook/economic-outlook/ ECOSCOPE
More information