1 April 2015 The Oxford Economics Global Economic Model
2 Who we are
3 About Oxford Economics Oxford Economics is a world leader in global forecasting and quantitative analysis. Our worldwide client base comprises over 850 international corporations, financial institutions, government organizations and universities. Founded in 1981 as a joint venture with Oxford University, Oxford Economics is now a leading independent economic consultancy. Our link to Oxford University is still present today through our management board, empirical research approach and access to Oxford scholars. Headquartered in Oxford, with offices around the world, we employ more than 150 people, including 90 economists, and a network of 500 contributing researchers. The rigor of our analysis, caliber of staff and links with Oxford University and other leading research groups make us a trusted resource for decision makers.
4 We specialise on three types of analysis Forecasts & Models Track, analyse, forecast and model country, industry and urban trends around the world Economic Impact Assess the impact of a company, industry, new technology, regulation, or market change Thought Leadership Evidence-based research to influence corporate leaders, policy-makers, and other stakeholders
5 We go deeper and further with our global analysis Deeper Economic outlook for 201 countries Forecasts for 100 industrial sectors Analysis on 3,000 cities and sub-regions Further Event-driven scenario planning and stress testing Tailored market sizing and sales forecasting Impact of macro events on your markets and business
6 Our modelling expertise sets us apart Oxford Economics has developed the world s leading globally integrated economic model, relied on by over 100 leading organisations around the world. Our model replicates the world economy by interlinking 46 countries, 6 regional blocs and the Eurozone. The global economic model feeds into a series of industry, sub-regional and city models. So, you can quantify the impact of global events on a consistent basis down to your industry and local markets. Our team of over 90 economists set underlying global assumptions and ensure that the data, forecasts and formulas in these models are fully up-to-date.
7 We have one of the world s best forecasting track records
8 Our model users represent a global who s who Corporate Financial Government AT Kearney McKinsey AIG Moody s Bank of England BG Group BP Chevron Deloitte EDF ENI Ford GE IBM Maersk Petrobras Rio Tinto Rolls Royce Samsung Saudi Aramco Seagate Tata Steel Unilever Alliance Bernstein Amex BNY Mellon Citigroup Fitch Fortress HSBC Lloyd s MetLife Nomura Putnam Standard & Poor s State Street TD Bank UBS Visa Wells Fargo Bank of Japan Bank of Thailand Hong Kong Monetary Authority Office of the Comptroller of the Currency OPEC Port Authority of NY and NJ US Energy Information Administration World Bank
9 Model overview
10 A pioneer in global modeling Oxford s Global Economic Model was developed in the early 1980s by leading economists from Oxford Economics and Oxford University. John Walker, today s Chairman of Oxford Economics, worked together with Sir David Hendry, Dr. John Muellbauer, and other early pioneers of econometric thinking. Over the past 30 years, Oxford s global model has gone through continuous improvements. For example, after the global 2008/09 recession, we extended the model s coverage of interest rates, balance sheet variables, credit ratings, and feedback effects. Over 100 organisations use our model for forecasting, stress testing and scenario analysis. It has also been used as a teaching tool at several universities. The model design is flexible so that it can be used in conjunction with other models. At Oxford Economics, it sits at the heart of our suite of industry, city and economic impact models.
11 Today s Global Economic Model Oxford s Global Economic Model is the world s leading globally integrated macro model, used by over 100 clients around the world, including finance ministries, leading banks, and blue-chip companies. With a 30-year track record, the model provides a rigorous and consistent structure for forecasting, scenario analysis, stress testing and impact analysis. The model covers 46 countries in detail, plus the Eurozone, and provides headline forecasts for another 30 countries. Remaining countries are covered in trading blocs. Data and forecasts in the model are updated each month. The model is available with 5, 10 and 25-year forecast horizons. Oxford Economics provides telephone and support, and runs regular training workshops.
12 Comprehensive geographic coverage The model covers 46 countries in detail, including many emerging markets, and provides headline forecasts for another 30 countries. The remaining countries are covered in 6 blocs : OPEC, Eastern Europe, Africa, Latin America, rest of OECD, rest of World.
13 Integrated global model with multiple linkages Trade volumes - World trade for each country is a weighted average of the growth in total goods imports (excluding oil) of all other countries. Competitiveness - IMF relative unit labour costs where available. Trade prices - One country s exports is another s imports Interest rates and exchange rates Commodity prices Oil depends on supply/ demand balance Metals on industrial growth Capital flows - Including the impact of FDI, credit ratings and bond spreads.
14 User-friendly interface Oxford Economics models come with user-friendly, Windows-based software. This software makes it very easy to: Change economic assumptions to produce new forecasts or scenarios. Add new variables and equations. Produce presentation-quality graphics. Download data into spreadsheets and other data-handling packages. Compare, map and graph data across countries and alternative scenarios. Build your own economic models. Access Oxford Economics scenarios with one click.
15 Ongoing model support To help you get the most value out of models and adapt them to your decision making activities, Oxford Economics provides ongoing user support, including: Initial orientation and training sessions in person or via video conferencing. Regular webinars on model use and our global macro outlook. Workshops in Oxford, London, New York and Washington DC, and other locations. Ongoing support from Oxford s economists and IT staff by telephone and . On-line training tools, including user manual and videos.
16 Key advantages of Oxford Global Economic Model The world s most commonly used globally integrated economic model Comprehensive country coverage, including full range of emerging markets Open architecture that shows the linkages between country models and equations Proven forecasting track record, with over 30 years of experience Monthly data and forecast updates verified by Oxford s large team of economists Regular scenario analysis Powerful, user-friendly software Flexibility to change data and equations Extensive training and support On-going model research and development programme Large client base of over 100 leading institutions
17 How our model works
18 Our modelling formula There are three main types of economic models: 1. Vector Auto Regression (VAR): Purely statistical models that capture the linear interdependencies among multiple time series. Because they lack an economic framework, these models are best used for short-term (less than 6 months) forecasting, rather than longer-term analysis. 2. Dynamic-Stochastic General Equilibrium (DSGE): Designed in line with macroeconomic theory, these models replicate the behaviour of the economy by analyzing the interaction of economic variables. Since they are equilibrium models that reproduce historical averages, they perform poorly in forecasting tests. 3. Macroeconometric Error Correction: A hybrid modelling method that combines the merits of VAR and DSGE models by estimating the speed at which a dependent variable returns to its equilibrium after a shock. Oxford Economics use this third approach, which is best equipped to support our sophisticated forecasting and analytical activities. Our economic model consists of over 26,500 interlinked equations based on historical correlations and economic theory.
19 Economic drivers behind the model The Oxford model is an eclectic model designed to capture the key relationships in the global economy. Keynesian in the short run Monetarist in the long run In the short run, shocks to demand will generate economic cycles that can be influenced by fiscal and monetary policy. But over the long-run, output is determined by supply side factors: investment, demographics, labour participation and productivity.
20 The equations behind the model The basic principle behind the Oxford model is that economic trends and policies work in combination to drive the growth of an economy. This can be expressed as a formula: GDP Y = C + I + G + NX Net exports = exports imports (function of global economic conditions) Consumption (function of income, wealth, prices and interest rates) Investment (function of return on capital and changes in capacity utilization) Government spending (function of policy choices and state of the economy) Our economists input initial assumptions into our model equations. The model then runs through thousands of iterations to solve across all country models to arrive at an equilibrium level.
21 How our country models work The broad structure of our models is similar across countries, with amendments to reflect country specific factors such as dependence on commodities, exchange rate regime, and flexibility of the labour market. The key relationships in a typical model include: Consumer spending is driven by real income, wealth and interest rates. Investment is driven by the return on investment and changes in capacity utilization. Exports depend on world demand and competitiveness. Wages move with inflation, productivity and unemployment relative to the natural rate. Prices are a mark-up on unit costs, are profit margins are a function of the output gap. Monetary policy is modelled to reflect central bank behaviour. Exchange rates are determined by relative productivity and net external assets in the long run, and by movements in relative interest rates in the short run.
22 Example: A China hard landing If you have a China hard landing then this translates into the global economy in a number of ways: Weaker demand causes Chinese imports to fall. This translates into lower exports. Countries whose exports are most dependent on China suffer most, which in turn hits their economic growth so that they import less from China (and other countries), creating adverse global multiplier effects. There will be downward pressure on Chinese inflation, resulting in lower Chinese export prices. Other countries import prices will therefore be lower, cutting their import bill but also putting downward pressure on their inflation. Lower Chinese demand mean fewer jobs. This subdues wages, and improves manufacturer competitiveness. If Chinese authorities respond to weaker growth by managing the exchange rate lower, that also increases competitiveness in world markets. These factors add to the pressure on exporters in the rest of the world. Lower Chinese growth means less demand for oil and other commodities. That puts downward pressure on commodity prices, exacerbating the impact of the China slowdown for net commodity exporters but mitigating the impact to some degree for countries that are net commodity importers.
23 What our global model can do
24 Our global model supports a wide range of business analysis Our model can provide a rigorous, customisable framework to support a wide range of planning, marketing and risk management activities. Scenario planning Assess the impact of potential economic, political or financial shocks on your revenue, costs and market exposure Stress testing Conduct stress testing and reverse stress testing. Financial firms can use the model to run CCAR scenarios to stress test balance sheets Market sizing Help identify key markets around the world and size the opportunity for your products and services GLOBAL ECONOMIC MODEL Impact analysis Gauge how a change to a government policy or emerging macro development will affect your business Forecasting Enable you to correlate economic drivers to your business so that you can forecast sales performance Data codification Provide a rich databank of consistent economic indicators to support various planning and budgeting activities
25 The model can be used to address a broad set of questions What is the economic impact of escalating tensions between Russia and Ukraine? What would be the impact of a banking crisis in China? How damaging are high oil prices for the global economy? What would be the repercussions of a Eurozone break-up? Will tapering in the US trigger an emerging market capital crisis? What would be the impact of deflation on the Eurozone economy? Can a renaissance in the US lift the global economy?
26 Our model supplies you with key scenarios The Oxford Global Economic Model allows you to assess the impact of key scenarios at a click-of-the-button. Scenarios are regular updated but currently cover the following risk factors: Commodity markets oil price and supply shocks Exchange rate risk Quantitative easing and interest rate moves by leading Central Banks Credit crunch Fiscal austerity Results table is automatically displayed after the scenario. Our standard quarterly scenarios can also be accessed through our Data Workstation.
27 Our Global Model comes with a Data Workstation Our Data Workstation offers a user-friendly platform that allows you to easily select and compare data and forecasts across countries, regions, and time periods, along with a range of analytical functions, including: Search including saved searches that refresh automatically. Mapping enables you to create a visual display of data and trends across countries. Multiple databanks ability to compare data across multiple databases to asses the impact of alternative scenarios Download allows you to download tables, graphs and maps in a variety of formats for insertion into presentations. Excel plug-in so that you can easily sort and export data to pre-formatted Excel sheets.
28 Continuous improvement Despite the good performance of the Oxford Global Economic Model, the model undergoes continuous improvement to align it to today s complex and dynamic global marketplace. Recent examples include: Expanding the range of interest rates and balance sheet indicators to better reflect how changes in credit conditions impact the economy vital to analysing both the Eurozone crisis and the impact of central bank quantitative easing programs. Breaking down GDP into 12 high-level sectors, so clients can quantify the impact of a scenario on the manufacturing compared with, say, construction or financial services. Forecasting changes to sovereign credit ratings, to show how these would shift under alternative economic scenarios and their implications for bond yields. Introduction of other risk indicators, showing how trade credit, regulatory and political risk are also likely to shift under changing economic conditions Detailed modelling of trade in liquefied natural gas (LNG) to quantify how different scenarios for the shale revolution will impact on global energy markets Expansion off indicators to meet client requirements, including additional variables for CCAR stress testing and breakdown of Canada by province.
Next-generation business analytics Lou Celi President Oxford Economics April 10, 2014 About Oxford Economics Oxford Economics is a world leader in global forecasting and quantitative analysis. Our worldwide
ECONOMICS & COUNTRY RISK Solution Overview for Manufacturing Companies Shifting economic power and emerging risks creates uncertainty across global markets. In order to maintain a competitive advantage
OXFORD ECONOMICS How we work with clients June 2014 A complete decision-support service Scenario and modeling services Deep-dive Databanks On countries, industries, and cities Event-driven analysis Regularlyupdated
Answers to Text Questions and Problems in Chapter 11 Answers to Review Questions 1. The aggregate demand curve relates aggregate demand (equal to short-run equilibrium output) to inflation. As inflation
Understanding and surviving the global turmoil: A businessman s guide Outline of the presentation The 2007/9 crisis the crisis, policy responses and explanations The current problems the problems, policy
Oil and Gas Prices Oil and Gas Investor Summit London 17th-18th June 2014 Oil Price Drowning in oil Economist, March 1999 $10 oil might actually be too optimistic. We may be heading for $5. Crude touches
1 CHAPTER 11. AN OVEVIEW OF THE BANK OF ENGLAND QUARTERLY MODEL OF THE (BEQM) This model is the main tool in the suite of models employed by the staff and the Monetary Policy Committee (MPC) in the construction
EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 22 May 2009, Eurosystem staff have prepared projections for macroeconomic developments in the
Chapter 13: Aggregate Demand and Aggregate Supply Analysis Yulei Luo SEF of HKU March 25, 2013 Learning Objectives 1. Identify the determinants of aggregate demand and distinguish between a movement along
Ministry of Finance Chief Economist - Research, State Revenue and International Affairs June 2013 Forecasts of Macroeconomic Developments, State Revenues from Taxes and Revenue from Other Sources, 2013-2014
MGE#12 The Balance of Payments The Current Account, the Capital Account and the Balance of Payments Introduction to the Foreign Exchange Market Savings, Investment and the Current Account 1 From last session
COMMERCIAL BANK Moody s Analytics Solutions for the Commercial Bank Moody s Analytics Solutions for the Commercial Bank CATERING TO ALL DIVISIONS OF YOUR ORGANIZATION The Moody s name is synonymous with
Effects of the falling oil price on the global economy MONETARY POLICY REPORT FEBRUARY 2015 45 Prices on the world market for oil have fallen rapidly since the summer of 2014. Measured in US dollars, the
May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals
Assessing the Department of Finance s Evaluation of the Economic Action Plan Prepared for: DEPARTMENT OF FINANCE Prepared by: THE CONFERENCE BOARD OF CANADA February 2010 TABLE OF CONTENTS PREFACE... 3
INSURANCE Moody s Analytics Solutions for the Insurance Company Moody s Analytics Solutions for the Insurance Company HELPING PROFESSIONALS OVERCOME TODAY S CHALLENGES Recent market events have emphasized
IHS ENERGY Global Oil & Gas Suite Comprehensive analysis and insight on upstream opportunities, risk, infrastructure dynamics, and downstream markets Global Oil & Gas Suite Make optimal decisions about
Finance and Economics Course Descriptions Finance Course Descriptions FIN 250 Financial Management This course addresses the theory and practice of financial management and the role of the Financial Manager.
Joseph E. Zveglich, Jr. Assistant Chief Economist, Asian Development Bank 1 Overseas Development Institute London, 12 April 2012 Key messages Developing Asia to maintain growth momentum despite weak global
GLOBAL INVESTMENT PORTFOLIO CONSTRUCTION AND MANAGEMENT @THE BIBF DEALING ROOM Leading Excellence in Banking & Finance OUR PARTNERS CapitalWave provides truly dynamic educational simulation training platforms.
Economics Revision: Conflicts between Macro Objectives This revision note looks at possible conflicts between macroeconomic objectives and some of the policy prescriptions for over- coming them. hen conflicts
August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact
ECONOMIC REPORT 2015 SUMMER Crude Oil Price Plunge and the Japanese Economy As a result of the steep fall in the crude oil price since the second half of last year, the burden of the high level of payments
3. CONTAINER TRADE GROWTH 3.1 Economic Assumptions Growth in the container trade is ultimately driven by economic growth. An underlying assumption of this study is that, for the next decade at least, the
Tourism: jobs and growth The economic contribution of the tourism economy in the UK November 2013 Contents The Tourism Economy: contributing to UK growth 1 Tourism: Benefitting all of Britain 2 Executive
Chapter 13. Aggregate Demand and Aggregate Supply Analysis Instructor: JINKOOK LEE Department of Economics / Texas A&M University ECON 203 502 Principles of Macroeconomics In the short run, real GDP and
HSBC GLOBAL RESEARCH RUSSIA TRIP NOTES Struggles with growth 1 Russian economy is macroeconomically stable backed by broadly prudent fiscal and monetary policies yet with weak growth, structurally constrained
RGDP HOSP 2207 (Economics) Learning Centre Macroeconomics: Aggregate Demand & Aggregate Supply The level of real GDP attained when an economy is at full capacity is called the full capacity GDP or potential
ENGINEERING LABOUR MARKET in Canada Projections to 2025 JUNE 2015 ENGINEERING LABOUR MARKET in Canada Projections to 2025 Prepared by: MESSAGE FROM THE CHIEF EXECUTIVE OFFICER Dear colleagues: Engineers
CHAPTER 11 Self Study Questions 1) The aggregate supply/aggregate demand model is used to help understand all of the following except A) inflation. B) business cycle fluctuations. C) the aggregate value
Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University
Warmest welcome! 18th Baltic Utilities Seminar 18 th Baltic Utilities Seminar supports development of future engineering The BUS gift fund diverted to the purchase of study technology at Engineering High
The global economy Banco de Portugal Lisbon, 24 September 213 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist Summary of presentation Global economy slowly exiting recession but
THE GLOBAL ECONOMIC OUTLOOK AND PROSPECTS FOR LATIN AMERICA AND THE DOMINICAN REPUBLIC 1. Introduction Luiz de Mello * The world economy continues to recover from the recession that followed the global
Risk Management at Macquarie Stephen Allen Group Head Macquarie Group Limited Operational Briefing 8 February 2011 Presentation to Investors and Analysts No change in risk management principles Macquarie
Causes of Inflation in the Iranian Economy Hamed Armesh* and Abas Alavi Rad** It is clear that in the nearly last four decades inflation is one of the important problems of Iranian economy. In this study,
Lecture 11-1 6.1 The open economy, the multiplier, and the IS curve Assume that the economy is either closed (no foreign trade) or open. Assume that the exchange rates are either fixed or flexible. Assume
2015 Comprehensive Capital Analysis and Review and Annual Company-Run Dodd-Frank Act Stress Test Results Date: March 5, 2015 TABLE OF CONTENTS PAGE 1. Overview of the Comprehensive Capital Analysis and
The Global Economic Impacts of Oil Price Shocks Presented to: Project LINK, United Nations New York, NY November 22, 2004 Presented by: Sara Johnson Managing Director, Global Macroeconomics Group 781-301-9115
Analysis of the Impact of High Oil Prices on the Global Economy International Energy Agency May 2004 SUMMARY Oil prices still matter to the health of the world economy. Higher oil prices since 1999 partly
Chapter 12 (24) Aggregate Demand and Aggregate Supply Analysis Chapter Summary During most years, prices rise (we have inflation) and real GDP increases (we have economic growth). The equilibrium level
The War in Iraq and the Global Economy L. Josh Bivens Economic Policy Institute Washington, D.C. email@example.com Overview The global economy is fundamentally weak, suffering from insufficient aggregate
The Short-Run Macro Model In the short run, spending depends on income, and income depends on spending. The Short-Run Macro Model Short-Run Macro Model A macroeconomic model that explains how changes in
Causes & Effects of Inflation A2 Economics, November 2010 Causes of inflation Inflation is a sustained increase in the general level of prices There are many possible causes of price inflation in an economy
Global aluminium outlook and our focus on Tier 1 assets Gordon Hamilton, Vice president Metal Management Sales and Marketing, Rio Tinto Alcan Platts Aluminium Symposium Fort Lauderdale Short term economic
Economics of Money, Banking, and Fin. Markets, 10e (Mishkin) Chapter 22 Aggregate Demand and Supply Analysis 22.1 Aggregate Demand 1) The aggregate demand curve is the total quantity of an economy's A)
The session previously discussed important variables such as inflation, unemployment and GDP. We also alluded to factors that cause economic growth enabling us to produce more and more to achieve higher
DISTRIBUTION RESTRICTED UNITED NATIONS SECRETARIAT BACKGROUND NOTE: A COORDINATED POLICY SCENARIO FOR JOB CREATION AND STRONGER GLOBAL GROWTH WITH MEDIUM- TERM REDUCTION OF PUBLIC DEBT RATIOS AND BENIGN
The Master of Applied Economics is intended for students with strong academic background in economics, statistics, mathematics and econometrics. This Master offers a two-year graduate study program providing
5. Risk assessment This chapter aims to asses those risks which were identified in the first chapter and further elaborated in the next parts on insurance, reinsurance and occupational pensions. 5.1. Qualitative
Economics 101 Multiple Choice Questions for Final Examination Miller PLEASE DO NOT WRITE ON THIS EXAMINATION FORM. 1. Which of the following statements is correct? a. Real GDP is the total market value
MACROECONOMICS '4KTH EDITOG Andrew B.Abel The Wharton School of the University of Pennsylvania Ben S. Bemanke Dean Croushore Robins School of Business University of Richmond PEARSON Addison Wesley Boston
Factors influencing Australia s gas supply and demand Mark Cully, Nicole Thomas and David Whitelaw * March 2016 * This is the text of a keynote speech given by Mark Cully to the 2016 Australian Domestic
Econ 111 Summer 2007 Final Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The classical dichotomy allows us to explore economic growth
CHAPTER 7: AGGREGATE DEMAND AND AGGREGATE SUPPLY Learning goals of this chapter: What forces bring persistent and rapid expansion of real GDP? What causes inflation? Why do we have business cycles? How
Chapter 11 Keynesianism: The Macroeconomics of Wage and Price Rigidity Chapter Outline Real-Wage Rigidity Price Stickiness Monetary and Fiscal Policy in the Keynesian Model The Keynesian Theory of Business
Policy Briefing Series [PB/9/26] Economic impact of the recent decrease in social security contributions A model based analysis Philipp Engler, Simon Voigts, Robert Kirchner, Oleksandra Betliy German Advisory
Risk Management at RBC Financial Group Presentation to Institutional Investors on September 4, 2002 by Suzanne Labarge, Vice Chairman & Chief Risk Officer Good afternoon The purpose of this presentation
26 Aggregate Supply and Aggregate Demand Learning Objectives Explain what determines aggregate supply Explain what determines aggregate demand Explain what determines real GDP and the price level and how
Economics Education and Research Consortium Working Paper Series ISSN 1561-2422 No 04/09 Monetary policy rules and their application in Russia Anna Vdovichenko Victoria Voronina This project (02-230) was
Chapter 12. Aggregate Expenditure and Output in the Short Run Instructor: JINKOOK LEE Department of Economics / Texas A&M University ECON 203 502 Principles of Macroeconomics Aggregate Expenditure (AE)
INFLATION REPORT PRESS CONFERENCE Thursday 4 th February 2016 Opening remarks by the Governor Good afternoon. At its meeting yesterday, the Monetary Policy Committee (MPC) voted 9-0 to maintain Bank Rate
CNB s New Forecast (Inflation Report II/2016) Meeting with Analysts Petr Král Prague, 6 May, 2016 Outline 1. Assumptions of the forecast 2. The new macroeconomic forecast 3. Comparison with the previous
43 rd Meeting of IDB Chief Economists of Central Banks and Finance Ministries The Global Economic Outlook: Advanced and Emerging Economies 13 April 2016 Catherine L. Mann OECD Chief Economist www.oecd.org/economy/economicoutlook.htm
Schwab Center for Financial Research A Strong U.S. Dollar Changes Everything A white paper by Kathy A. Jones, Senior Vice President, Chief Fixed Income Strategist The U.S. dollar is near its highest level
Competency: Aggregate Demand and Supply 1. Define aggregate demand and aggregate supply. 2. Describe the individual components of aggregate demand and aggregate supply. 3. Describe the problem that leakages
4 Quarterly Bulletin 2016 Q1 How could a shock to growth in China affect growth in the United Kingdom? By Ambrogio Cesa-Bianchi and Kate Stratford of the Bank s Global Spillovers and Interconnections Division.
Answers to Text Questions and Problems Chapter 22 Answers to Review Questions 3. In general, producers of durable goods are affected most by recessions while producers of nondurables (like food) and services
Risk & Compliance the way we see it Integrated Stress Testing A Practical Approach Contents 1 Introduction 3 2 Stress Testing Framework 4 3 Data Management 6 3.1 Data Quality 6 4 Governance 7 4.1 Scenarios,
Brazil Economic Overview Brazilian American Chamber of Commerce of Florida Alexandre Tombini Governor March 26, 2012 1 Brazil Brazil is among the largest countries in terms of territory, population and
Creating a Sustainable Rewards and Talent Management Model: Results of the 2010 Global Talent Management and Rewards Study Yvonne Cox AmCham Vietnam October 2010 2010 Towers Watson. All rights reserved.
Evaluating the Australian Outlook through a Global Lens Chris Siniakov Managing Director, Fixed Income International Bond Yields 4.00% 2-Year Government Yields as at 15 January 2015 3.00% 2.00% 1.00% 0.00%
86 Macroeconomic Review, October 2008 Special Feature B Analysing Oil Price Shocks and Their Impact on the Singapore Economy Introduction Before their recent decline, global oil prices hit a peak of around
6. Economic Outlook 6 The International Economy The outlook for GDP growth of Australia s major trading partners (MTPs) is unchanged from the November Statement. Over the next few years, growth is expected
THE AGGREGATE DEMAND AGGREGATE SUPPLY MODEL Previously The original Solow model focused on capital investment as the main source of economic growth. Modern growth theory now recognizes that institutions
The Global Ferrous Scrap Metal Markets Joseph C. Pickard Chief Economist and Director of Commodities Institute of Scrap Recycling Industries, Inc. Platts 2 nd Annual Scrap Seminar March 11, 2013 Chicago,
Hungarian economic growth from a European perspective Improving vulnerability, domestic consumption and investment indicators are all pointing to further GDP growth and diminishing vulnerability in 2016.
World Steel Outlook 2015-2016 Adam Szewczyk / Manager, Economics and Statistics Х Metal Expert s Conference, April 20-21, 2015, Kiev, Ukraine Disclaimer text This document is protected by copyright. Distribution
Demand and Supply Chapter 31 Copyright 21 by Harcourt, Inc. All rights reserved. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College
global markets research Cross-expertise, a client-driven approach CORPORATE & INVESTMENT BANKING / INVESTMENT SOLUTIONS & INSURANCE / SPECIALIZED FINANCIAL SERVICES NATIXIS RESEARCH AT THE HEART OF GLOBAL
Questioni di Economia e Finanza (Occasional Papers) The evolution of bad debt in Italy during the global financial crisis and the sovereign debt crisis: a counterfactual analysis Number September 216 by
Your consent to our cookies if you continue to use this website.