How the money supply affected by the change of paying method ---from physical money to credit card
|
|
- Myron Adams
- 7 years ago
- Views:
Transcription
1 How the money supply affected by the change of paying method ---from physical money to credit card
2 Content I. Motivation --briefly introduce mega trend on e-commerce and how we d like to conduct the suggested model to prove our hypothesis. II. Definition --State the definition of credit card and easy card --Show the graph of GDP and money supply for the past few years, and indicated their relevance. III. Methodology --Introduce the methodology we use --Show the whole model implementing process. IV. Statistics --Show the statistics we use to support our hypothesis --including regression analysis, unit root test, VAR, and Granger causality. V. Conclusion
3 I. Motivation E-Commerce: A Ripe Growth Opportunity ----The world mega trend, e-commerce, is growing Global e-commerce is thriving as infrastructure, laws, and consumer preferences evolve. Global e-commerce has grown 13 percent annually over the past five years (see figure below).3 Retail expansion is increasingly occurring through online channels as a way to tap into growth markets, build brands, and learn about consumers while investing less capital than traditional formats. For example, American luxury retailer Neiman Marcus acquired partial ownership in a Chinese fashion website to test China's market, learn about Chinese consumers' likes and dislikes, and capitalize on the country's increasing demand for luxury goods. Neiman Marcus got all the information it needed without entering into expensive real estate contracts or trying to navigate the complexity of tier 2 and tier 3 cities. French luxury retailer Louis Vuitton Moet Hennessy (LVMH) used a similar strategy, acquiring Sack's, Brazil's leading online beauty retailer, to develop local recognition of its Sephora cosmetics line. To complete e-commerce, credit card is the most common seen paying method. This paying method has become very common in Taiwan, and with the rapid development of smart phone, the market becomes even bigger. The idea of paying with credit cards anytime and anywhere via smartphones and tablets may soon become a reality in Taiwan as major local lenders join with US credit card giant Visa Inc in launching a mobile point of sale service
4 (MPOS). MPOS is a card payment acceptance service that turns a smartphone or a tablet computer into a acceptance point of sale device via a card swipe and/or chip reading, allowing merchants to accept card payments anytime and anywhere. The service, which already in use in the US, Canada, Hong Kong, Malaysia, Japan, Australia and South Korea, is a good fit for Taiwan given the prevalence of mobile devices. PARTNERS Chinatrust Commercial Bank, Cathay United Bank, Taishin International Bank, Taipei Fubon Commercial Bank, Bank SinoPac, EnTie Commercial Bank and Union Bank of Taiwanare all in the final stage of preparation. MPOS provides easier and quicker payment solutions that are particularly good for small firms predominantly accepting cash, companies with delivery services or lower volume outlets, companies with a need to extend their point of sale presence economically and large corporations with a delivery service or supply chain management. For merchants, MPOS has the benefits of lower setup costs, operating efficiency, payment convenience and cost reduction linked with e-receipt issuance. For cardholders, MPOS offers a more flexible and environmentally friendly means of payment, although the new choice requires some trust on the part of the consumer.
5 II. Definition Why credit card affect the financial system and money supply? Firstly, the definition of a credit card is that it s a plastic card with magnetic strip, issued by a bank or a business authorizing the holders to buy goods and services on credit. It is also called plastic money. In Taiwan, there are two forms of plastic money used broadly, the easy card and icash. We can see from the graph that the transaction amount and issue amount of the plastic money is raising. Furthermore, in Taiwan we use the credit card to pay for online shopping, there is also a trend that the scale of B2B and B2C online shopping increase from 2, the year that the Internet started to be used broadly. So the transaction amount of the credit card raised significantly these years in Taiwan.
6 The transaction amount through credit card In million Issue amount of Easy Card In million Easy card Average transaction amount per day
7 one millions one millions NT B2B online commerce one millions NT B2C online shopping
8 2M1 2M7 21M1 21M7 22M1 22M7 23M1 23M7 24M1 24M7 25M1 25M7 26M1 26M7 27M1 27M7 28M1 28M7 29M1 29M7 21M1 21M7 211M1 211M7 212M1 212M7 213M1 The GDP of Taiwan 4,, 35,, 3,, 25,, 2,, 15,, 1,, 5,, Money supply (M2)
9 2M1 2M7 21M1 21M7 22M1 22M7 23M1 23M7 24M1 24M7 25M1 25M7 26M1 26M7 27M1 27M7 28M1 28M7 29M1 29M7 21M1 21M7 211M1 211M7 212M1 212M7 213M1 4,, 35,, 3,, 25,, 2,, 15,, 1,, 5,, We observed that the spending on credit card and the B2B e-commerce rate is positive related as well as the GDP of Taiwan and M2 money supply. III. Methodology In order to find out how spending by credit card would affect Money Supply, we used Money Multiplier Theory to analyze how would the money multiplier change by the variation of credit cards and VAR(Vector Autoregression) to see the correlation between credit cards and money supply. A. Money Multiplier Theory (a) First, let M s be equal to Monetary Aggregate(M1A), as we know, M1A=C+D C=currency D=demand deposits Second, the monetary base, B, is equal to currency plus deposit reserve, R=deposit reserve=rr+er, RR=required reserve ER=excess reserve After computations, we know that B should be equal to currency plus deposit reserve. So, B=C+R, and according to the definition, R=RR+ER=(rd*D+rs*S+rt*T)+ER., where
10 rd/rs/rt: reserve ratio of demand deposit/savings deposit/time deposit S: saving deposit T: time deposit Then B=C+(rd*D+rs*S+rt*T)+ER (b)the money multiplier of M1A(m1A) is equal to M1A(money supply) divided by b M1A B( m1a ), then let both the denominator and numerator be divided by D. So we B got the equation: m 1A C k D k 1 where k rd rt * t rs * s e, t= T D, s= S D, e= ER D. Under normal condition, m1a will be larger than 1. And we assume that if the use of credit cards increases, k will decrease. That s because credit cards would replace part of the currency, and people should save more money in their accounts. As a result, we infer that k will decline. (c) According to the Money Multiplier theory, we can know that if the multiplier rises, the money supply will rise, too. Then we inference here: If the use of credit cards increases, k will decrease, and the m1a increase, leading to the increase of money supply. (d) Condition of Taiwan i. The following diagram is the growth trend of k This shows that k decreases as we had inferred.
11 ii. The growth trend of r d /r t /r s /E
12 These show that the multiplier is increasing. iii. And the following diagram is the trend of money multiplier. 3.% 25.% 2.% 15.% 1.% 5.%.%
13 2M1 2M8 21M3 21M1 22M5 22M12 23M7 24M2 24M9 25M4 25M11 26M6 27M1 27M8 28M3 28M1 29M5 29M12 21M7 211M2 211M9 212M4 212M11 2M1 2M8 21M3 21M1 22M5 22M12 23M7 24M2 24M9 25M4 25M11 26M6 27M1 27M8 28M3 28M1 29M5 29M12 21M7 211M2 211M9 212M4 212M11 iv.this is the growth of M1A 6,, 5,, 4,, 3,, 2,, 1,, As a result, these data shows that the condition in Taiwan is consistent with the theory we use: the money multiplier increases because of the decline of k, rd, rt, rs, E, making the rise of M1A. However, what we want to know is that will the total money supply,m2, be affected by the use of credit cards. v. the growth of M2 4,, 35,, 3,, 25,, 2,, 15,, 1,, 5,,
14 2M1 2M8 21M3 21M1 22M5 22M12 23M7 24M2 24M9 25M4 25M11 26M6 27M1 27M8 28M3 28M1 29M5 29M12 21M7 211M2 211M9 212M4 212M11 vi. Proportion of M1A to M The proportion also shows the increasing trend, so we simply infer that the increase of M1A has effect on M2. IV. Statistics After we prove that the increasing usage of the credit card will have positive effect on the money supply of Taiwan, we use the statistics data to run the regression analysis between the credit card usage and the money supply. We define the regression model as following: Y=a1*CC+a2*GDP+a3*CPI +a4*dr+a5*lr Where Y equals to M2, CC equals to transaction amount on credit card, DR and LR refers to deposit rate and loan rate respectively. Note that the deposit rate and the loan rate is the opportunity cost of holding currencies instead of deposit money into the bank account. But the data should be time series data. If we put the time series data into the regression computation directly, the coefficient of determination, R 2 will be very big, and the t-statistics of the variables will be very significant, too. The time series data does not have stationarity, and will lead to an inaccurate outcome of the regression analysis, so we have to test when the variables is suitable to run the regression. Here we use the unit root test. Unit Root Test The unit root test is to test whether the time series data is random walk or not.
15 According to random walk, the model is When the null hypothesis, H: α =, that means the null hypothesis has unit root. When the null hypothesis is rejected, the series has stationarity. If level data is not rejected, we have to differentiate the data in the first order or the second order and redo the unit root test until the null hypothesis is rejected. After we do the unit root test on all the variables in the regression formula, we have the result that the variables CPI and GDP has sationarity in the first order difference, the variables M2, CC, DR, LR has sationarity in the second order difference. So we can rewrite the regression model to: Y=ddM2=a1*ddCC+a2*dGDP+a3*dCPI +a4*dddr+a5*ddlr Where d before variables means the variable has stationary in the first order, double d before variables means the variable has stationary in the second order. After Unit Root Test, we changed our formula to Y=ddM2=a1*ddCC+a2*dGDP+a3*dCPI YY+a4*ddLR+a5*ddDR, which has stationarity. Then we can do VAR model. We do VAR model to find the lag value of these variables. Lag value means the period of the variables that have effect on those variables on time. For example, if lag value is 1, the value of CC(credit card) at T period will be affected by the value of these variables in T-1 period. Therefore after we did VAR, we found the most suitable lag value and is 2. That is Y=ddM2=a1*ddCC+a2*dGDP+a3*dCPI YY+a4*ddLR+a5*ddDR, these variables will be affected by their previous 2 period value. Then we start to do Granger Causality. This statistic model can make us find out the relationship between these variables. Under lag value 2, if P-value is less than.5, it means having cause and effect relationship. The following is our results.
16 First, GDP and CPI both have cause and effect relationship to credit card, but credit card doesn t have. These two are both one-way relationship. Next, GDP and M2 have two-way relationship. They both have cause and effect relationship to each other. Last CPI has cause and effect relationship to M2 and loan rate, which both are one-way relationship. So after testing our theory by statistic model, we got these consequences, that is the transaction amount of credit card mainly resulted from CPI and GDP. In addition, the amount of M2, money supply, mainly resulted from CPI and GDP. Therefore, the increase of payment by credit card cannot obviously cause the increase of M2. V. Conclusion In this paper we use the financial and macroeconomics data of Q1 of year 2 to Q4 of year 212 in Taiwan to do the empirical analysis, and we first use the money multiplier theory to testify the accuracy of the assumption that the change of the paying method will affect the money supply in Taiwan. In the money multiplier theory, when the use of credit cards increases, k will decrease, and the m1a increase, leading to the increase of money supply. But when we use the vector regression analysis to do the test, we find that the result is not accordant with the assumption. The finding of VAR regression is: 1.The amount of Credit Card mainly resulted from GDP and CPI. 2.The amount of M2(Money Supply) mainly resulted from GDP and CPI. 3.The increase of payment by credit card cannot obviously caused the increase of M2.
17 But increase of payment by credit card cannot obviously caused the increase of M2. We investigate in the financial phenomenon in Taiwan and have two reasons to explain the result of VAR analysis: 1. The growing of credit card use amount dose not have a very significant effect in Taiwan now. So the influence of credit card use change doesn t be reflected on the economic data. 2. The authority of central bank in Taiwan is very powerful, so the financial policy will weaken the market implementation effect. The money supply will not be significantly change by the credit card amount change.
Appendices. A. Data Selection For Empirical Analysis. Table A-1 Data Sets from Period 1991 to 2007
Appendices A. Data Selection For Empirical Analysis Table A-1 Data Sets from Period 1991 to 2007 49 Note: Write off to revolving balance ratio was not available from 1991 to 2003. 50 Table A-2 Data Sets
More informationE-commerce refers to paperless exchange of business information using following ways.
E-Commerce E-Commerce or Electronics Commerce is a methodology of modern business which fulfills the need of business organizations, vendors and customers to reduce cost and improve the quality of goods
More informationRelationship among crude oil prices, share prices and exchange rates
Relationship among crude oil prices, share prices and exchange rates Do higher share prices and weaker dollar lead to higher crude oil prices? Akira YANAGISAWA Leader Energy Demand, Supply and Forecast
More informationThe Impact of Interest Rate Shocks on the Performance of the Banking Sector
The Impact of Interest Rate Shocks on the Performance of the Banking Sector by Wensheng Peng, Kitty Lai, Frank Leung and Chang Shu of the Research Department A rise in the Hong Kong dollar risk premium,
More informationThe credit card industry in China The rise of a national champion and challenges for the future
Student Research Projects/Outputs No.040 The credit card industry in China The rise of a national champion and challenges for the future Javier L Santomá Vilaclara MBA 2009 China Europe International Business
More informationSteps for staying PCI DSS compliant Visa Account Information Security Guide October 2009
Steps for staying PCI DSS compliant Visa Account Information Security Guide October 2009 The guide describes how you can make sure your business does not store sensitive cardholder data Contents 1 Contents
More informationANALYSIS OF EUROPEAN, AMERICAN AND JAPANESE GOVERNMENT BOND YIELDS
Applied Time Series Analysis ANALYSIS OF EUROPEAN, AMERICAN AND JAPANESE GOVERNMENT BOND YIELDS Stationarity, cointegration, Granger causality Aleksandra Falkowska and Piotr Lewicki TABLE OF CONTENTS 1.
More informationRECOGNITION LIST. IVQs in Beauty Therapy (1123/8123) (6903/7903/8903)
RECOGNITION LIST RECOGNITION LIST City & Guilds is one of the world s leading vocational education businesses, with over 130 years of experience in designing qualifications and skills development solutions
More informationLecture Notes on MONEY, BANKING, AND FINANCIAL MARKETS. Peter N. Ireland Department of Economics Boston College. irelandp@bc.edu
Lecture Notes on MONEY, BANKING, AND FINANCIAL MARKETS Peter N. Ireland Department of Economics Boston College irelandp@bc.edu http://www2.bc.edu/~irelandp/ec261.html Chapter 16: Determinants of the Money
More informationIs the Forward Exchange Rate a Useful Indicator of the Future Exchange Rate?
Is the Forward Exchange Rate a Useful Indicator of the Future Exchange Rate? Emily Polito, Trinity College In the past two decades, there have been many empirical studies both in support of and opposing
More informationTHAILAND B2C E-COMMERCE MARKET 2015
PUBLICATION DATE: AUGUST 2015 PAGE 2 GENERAL INFORMATION I PAGE 3 KEY FINDINGS I PAGE 4-5 TABLE OF CONTENTS I PAGE 6 REPORT-SPECIFIC SAMPLE CHARTS I PAGE 7 METHODOLOGY I PAGE 8 RELATED REPORTS I PAGE 9
More informationForecasting the US Dollar / Euro Exchange rate Using ARMA Models
Forecasting the US Dollar / Euro Exchange rate Using ARMA Models LIUWEI (9906360) - 1 - ABSTRACT...3 1. INTRODUCTION...4 2. DATA ANALYSIS...5 2.1 Stationary estimation...5 2.2 Dickey-Fuller Test...6 3.
More informationVIETNAM B2C E-COMMERCE MARKET 2015
PUBLICATION DATE: AUGUST 2015 PAGE 2 GENERAL INFORMATION I PAGE 3 KEY FINDINGS I PAGE 4-5 TABLE OF CONTENTS I PAGE 6 REPORT-SPECIFIC SAMPLE CHARTS I PAGE 7 METHODOLOGY I PAGE 8 RELATED REPORTS I PAGE 9
More informationAdvanced Forecasting Techniques and Models: ARIMA
Advanced Forecasting Techniques and Models: ARIMA Short Examples Series using Risk Simulator For more information please visit: www.realoptionsvaluation.com or contact us at: admin@realoptionsvaluation.com
More informationCredit Card Business in Macao and Its Credit Risk Management
Credit Card Business in Macao and Its Credit Risk Management P.S. Un Research and Statistics Department, Monetary Authority of Macao Abstract Credit card holdings and loans have experienced rapid growth
More informationijcrb.com INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS AUGUST 2014 VOL 6, NO 4
RELATIONSHIP AND CAUSALITY BETWEEN INTEREST RATE AND INFLATION RATE CASE OF JORDAN Dr. Mahmoud A. Jaradat Saleh A. AI-Hhosban Al al-bayt University, Jordan ABSTRACT This study attempts to examine and study
More informationING Vysya Bank Forex Travel Card is a pre-paid foreign currency card that offers you a safe, secure and
Forex Travel Card FAQs: What is ING Vysya Bank Forex Travel Card? ING Vysya Bank Forex Travel Card is a pre-paid foreign currency card that offers you a safe, secure and convenient way to meet all expenses
More informationSTATE OF GLOBAL E-COMMERCE REPORT (Preview) February 2013
STATE OF GLOBAL E-COMMERCE REPORT (Preview) February 2013 THE E-COMMERCE REPORT WHAT IS THE E-COMMERCE REPORT? It is an annual investigation into the global uptake and impact of e- commerce. The report
More informationChapter 6: Multivariate Cointegration Analysis
Chapter 6: Multivariate Cointegration Analysis 1 Contents: Lehrstuhl für Department Empirische of Wirtschaftsforschung Empirical Research and und Econometrics Ökonometrie VI. Multivariate Cointegration
More informationMidterm Exam 1. 1. (20 points) Determine whether each of the statements below is True or False:
Econ 353 Money, Banking, and Financial Institutions Spring 2006 Midterm Exam 1 Name The duration of the exam is 1 hour 20 minutes. The exam consists of 11 problems and it is worth 100 points. Please write
More informationMobile Banking Adoption: Where Is the Revenue for Financial Institutions? Understanding the Value of Engaging Consumers in the Mobile Channel
Mobile Banking Adoption: Where Is the Revenue for Financial Institutions? Understanding the Value of Engaging Consumers in the Mobile Channel It goes without saying that mobile is an important channel
More informationThe Influence of Crude Oil Price on Chinese Stock Market
The Influence of Crude Oil Price on Chinese Stock Market Xiao Yun, Department of Economics Pusan National University 2,Busandaehak-ro 63beon-gil, Geumjeong-gu, Busan 609-735 REPUBLIC OF KOREA a101506e@nate.com
More informationA layperson s guide to monetary policy
1999/8 17 December 1999 A layperson s guide to Executive Summary Monetary policy refers to those actions by the Reserve Bank which affect interest rates, the exchange rate and the money supply. The objective
More informationMerchant Services Payment Solutions for Your Business
Merchant Services Payment Solutions for Your Business Products & Services Highlights Processing Solutions VISA, MC, Discover, JCB, Diners, American Express, China UnionPay Multi Currency Cross Border Dynamic
More informationUnionPay, Your access to China & Asia. June 2015
UnionPay, Your access to China & Asia June 2015 UnionPay Updates Chinese equivalent of VISA/Master/AMEX + EFTPOS Funded in 2002 in Shanghai, China Card usage on purchase from 4% to 47% Card issued from
More informationTAP INTO THE BUYING POWER OF MILLIONS OF CHINESE CONSUMERS
COMPLETE AND SECURE PAYMENT SOLUTION PROVIDER TAP INTO THE BUYING POWER OF MILLIONS OF CHINESE CONSUMERS OVER 700 MILLION CARD HOLDERS MoneySwap All Rights Reserved Page 1 CHINA S ONLINE RETAIL MARKET
More informationChapter 9: Univariate Time Series Analysis
Chapter 9: Univariate Time Series Analysis In the last chapter we discussed models with only lags of explanatory variables. These can be misleading if: 1. The dependent variable Y t depends on lags of
More informationPREDICT MARKET SHARE WITH USERS ONLINE ACTIVITIES DATA: AN INITIAL STUDY ON MARKET SHARE AND SEARCH INDEX OF MOBILE PHONE
PREDICT MARKET SHARE WITH USERS ONLINE ACTIVITIES DATA: AN INITIAL STUDY ON MARKET SHARE AND SEARCH INDEX OF MOBILE PHONE Kaiquan Xu, Department of Information Systems, City University of Hong Kong, Hong
More informationTEMPORAL CAUSAL RELATIONSHIP BETWEEN STOCK MARKET CAPITALIZATION, TRADE OPENNESS AND REAL GDP: EVIDENCE FROM THAILAND
I J A B E R, Vol. 13, No. 4, (2015): 1525-1534 TEMPORAL CAUSAL RELATIONSHIP BETWEEN STOCK MARKET CAPITALIZATION, TRADE OPENNESS AND REAL GDP: EVIDENCE FROM THAILAND Komain Jiranyakul * Abstract: This study
More informationTesting for Granger causality between stock prices and economic growth
MPRA Munich Personal RePEc Archive Testing for Granger causality between stock prices and economic growth Pasquale Foresti 2006 Online at http://mpra.ub.uni-muenchen.de/2962/ MPRA Paper No. 2962, posted
More informationFrequently Asked Questions (FAQ) on HSBC Chip Credit Cards
Frequently Asked Questions (FAQ) on HSBC Chip Credit Cards Cards issued by The HongKong and Shanghai Banking Corporation Limited, India (HSBC) 1. What is EMV Chip Card? EMV (Europay MasterCard Visa) is
More informationFREQUENTLY ASKED QUESTIONS ABOUT SEPA
FREQUENTLY ASKED QUESTIONS ABOUT SEPA 1. What does SEPA mean? SEPA stands for Single Euro Payments Area. 2. What countries are part of SEPA? The SEPA includes 31 countries: the 27 EU members plus Norway,
More informationThe relationships between stock market capitalization rate and interest rate: Evidence from Jordan
Peer-reviewed & Open access journal ISSN: 1804-1205 www.pieb.cz BEH - Business and Economic Horizons Volume 2 Issue 2 July 2010 pp. 60-66 The relationships between stock market capitalization rate and
More informationIN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER
Review of TD s businesses REVIEW OF TD S BUSINESSES PROFILES OF TD S BUSINESSES TODAY IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER BASES RETAIL AND WHOLESALE TO SHOW
More informationAlibaba s Practice on IPR protection as ISP
Alibaba s Practice on IPR protection as ISP 2014.9 Li Jiehua Catalog Introduction over Alibaba Group Overview of Alibaba IP Protection Measures and policy Difficulties and Challenges Catalog Introduction
More informationThe VAR models discussed so fare are appropriate for modeling I(0) data, like asset returns or growth rates of macroeconomic time series.
Cointegration The VAR models discussed so fare are appropriate for modeling I(0) data, like asset returns or growth rates of macroeconomic time series. Economic theory, however, often implies equilibrium
More informationNational Margin Lending. Make your investment portfolio work for you
National Margin Lending Make your investment portfolio work for you Contents What is Margin Lending? 3 Why choose National Margin lending? 5 Why gear? 6 How much can you borrow with National Margin Lending?
More informationFurther Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges
Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges Zhang Ying, Senior Economist In recent years, as the internationalization of the RMB has been steadily carrying out,
More informationConsumer Barometer. Country Report France
Consumer Barometer Country Report France Table of Content Where to find what The Multiscreen World - Internet usage 06-10 - Devices 11-15 The Smart Shopper - Research behavior 16-26 - Purchase behavior
More informationMETHODOLOGY THANKS TO CONNECTED DEVICES LIKE TABLETS AND SMARTPHONES, THE WAY PEOPLE SHOP IS CHANGING DRAMATICALLY.
METHODOLOGY THANKS TO CONNECTED DEVICES LIKE TABLETS AND SMARTPHONES, THE WAY PEOPLE SHOP IS CHANGING DRAMATICALLY. We aim to better prepare brands for the future of retail. So for the second consecutive
More informationQ: What types of businesses/industries can benefit from the SBA loan programs? A: Most small owner-operated business can benefit from SBA loans
Interview with Alan Thomes, President, SBA Loan Division State Bank and Trust Company For many new start-ups and small businesses, an SBA loan may be an appropriate form of financing. In this interview
More informationFor the year ended: 31 Mar 31 Mar (million ) 2011 2012 Change Net sales. 772.3 913.4 +18.3% Gross profit 637.0 755.5 +18.6%
Results highlights For the year ended: 31 Mar 31 Mar (million ) 2011 2012 Change Net sales 772.3 913.4 +18.3% Gross profit 637.0 755.5 +18.6% % of Net sales 82.5% 82.7% +0.2 pp Operating profit 132.1 152.3
More informationEnergy consumption and GDP: causality relationship in G-7 countries and emerging markets
Ž. Energy Economics 25 2003 33 37 Energy consumption and GDP: causality relationship in G-7 countries and emerging markets Ugur Soytas a,, Ramazan Sari b a Middle East Technical Uni ersity, Department
More informationChapter 1. Vector autoregressions. 1.1 VARs and the identi cation problem
Chapter Vector autoregressions We begin by taking a look at the data of macroeconomics. A way to summarize the dynamics of macroeconomic data is to make use of vector autoregressions. VAR models have become
More informationMoving to Australia? Choose the bank more Australians choose.
Moving to Australia? Choose the bank more Australians choose. Contents Welcome to the Commonwealth Bank of Australia 3 International service, local knowledge 3 Set up your banking before you arrive 4 Great
More informationState of Mobile Commerce.
State of Mobile Commerce. Apps and cross-device lead mobile business Q2 2015 JUNE 2015 Executive summary Consumer mobile behavior continues to advance faster than retailers ability to keep up. Key takeaways
More informationCredit card: permits consumers to purchase items while deferring payment
General Payment Systems Cash: portable, no authentication, instant purchasing power, allows for micropayments, no transaction fee for using it, anonymous But Easily stolen, no float time, can t easily
More informationA STUDY ON USAGE OF MOBILE APPS AS A IMPACTFUL TOOL OF MARKETING
A STUDY ON USAGE OF MOBILE APPS AS A IMPACTFUL TOOL OF MARKETING Dr. Deepali Bhatnagar Assistant Professor, Amity University, Rajasthan ABSTRACT: Mobile marketing perform two ways or multiple way communication
More informationExamining the Relationship between ETFS and Their Underlying Assets in Indian Capital Market
2012 2nd International Conference on Computer and Software Modeling (ICCSM 2012) IPCSIT vol. 54 (2012) (2012) IACSIT Press, Singapore DOI: 10.7763/IPCSIT.2012.V54.20 Examining the Relationship between
More informationWe believe First Data is well positioned to take advantage of all of these trends given the breadth of our solutions and our global operating
Given recent payment data breaches, clients are increasingly demanding robust security and fraud solutions; and Financial institutions continue to outsource and leverage technology providers given their
More informationBest practices for choosing and integrating a mobile payments platform. A GlobalOnePay White Paper
Best practices for choosing and integrating a mobile payments platform A GlobalOnePay White Paper Mobile commerce (mcommerce) purchases and in-app payments made on mobile devices are rapidly becoming just
More informationConsumer needs not being met by UK grocery market A British Brands Group research publication
Consumer needs not being met by UK grocery market A British Brands Group research publication INTRODUCTION The British Brands Group provides the voice for brand manufacturers in the UK. It is a membership
More informationFinancial Crisis and the fluctuations of the global crude oil prices and their impacts on the Iraqi Public Budget Special Study
Financial Crisis and the fluctuations of the global crude oil prices and their impacts on the Iraqi Public Budget Special Study Dr.Ahmed-Al-Huseiny* ABSTRACT The Iraqi economy is not isolated from the
More informationResearch Methods & Experimental Design
Research Methods & Experimental Design 16.422 Human Supervisory Control April 2004 Research Methods Qualitative vs. quantitative Understanding the relationship between objectives (research question) and
More informationInternational Travel Tips. Get the most from your Visa card
International Travel Tips Get the most from your Visa card Using Your Visa Card to Make Purchases Abroad Your Visa card is accepted at millions of places worldwide, making it a safe and convenient way
More informationMaking Leaders Successful Every Day
Making Leaders Successful Every Day Succeeding In Global ecommerce Forrester Research Benjamin Ensor Research Director, ebusiness & Channel Strategy March 13, 2013 For internal use only Agenda What s the
More informationAre there any special types of transactions I should know about before I shop with my ATIRAreload card?
Frequently Asked Questions about your ATIRAreload Card How does my ATIRAreload card work? Your ATIRAreload card is a Visa prepaid card. Money available for spending is determined by the amount of money
More informationDoes the Dividend Yield Predict International Equity Returns?
Does the Dividend Yield Predict International Equity Returns? Navid K. Choudhury 1 Spring 2003 Abstract The use of the dividend yield as a forecaster for stock market returns is examined by focusing on
More informationTHE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 HONG KONG REPORT
THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 HONG KONG REPORT 2 THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 HONG KONG REPORT LEGAL NOTICE CPA Australia Ltd ( CPA Australia )
More informationSmart Card Security Access Modules in VeriFone Omni 3350 Countertop and Omni 3600 Portable Terminals
Security Access Module White Paper Smart Card Security Access Modules in VeriFone Omni 3350 Countertop and Omni 3600 Portable Terminals With the proliferation of smart card solutions, VeriFone s use of
More informationPayments and Revenues. Do retail payments really matter to banks?
Payments and Revenues Do retail payments really matter to banks? by Dave Birch Consult Hyperion Opportunities Banks do lots of things, all of which
More informationInterpreting Market Responses to Economic Data
Interpreting Market Responses to Economic Data Patrick D Arcy and Emily Poole* This article discusses how bond, equity and foreign exchange markets have responded to the surprise component of Australian
More informationWhy Your Business Needs a Website: Ten Reasons. Contact Us: 727.542.3592 Info@intensiveonlinemarketers.com
Why Your Business Needs a Website: Ten Reasons Contact Us: 727.542.3592 Info@intensiveonlinemarketers.com Reason 1: Does Your Competition Have a Website? As the owner of a small business, you understand
More informationANNUAL REPORT FOR THE 2011/12 FINANCIAL YEAR
ANNUAL REPORT FOR THE 20 FINANCIAL YEAR 15 August 2012 1 AGENDA THE FULL YEAR AND FOURTH QUARTER HIGHLIGHTS Tue Mantoni, CEO THE FINANCIAL RESULT FOR THE FOURTH QUARTER OF 20 Henning Bejer Beck, CFO THE
More informationCopyright 2015 Criteo. State of Mobile Commerce Apps and cross-device lead mobile business Q2 2015
State of Mobile Commerce Apps and cross-device lead mobile business Q2 2015 Mobile Commerce Report Methodology Individual transaction data analyzed How can marketers use this data? Over 3,000 online retail
More informationInternet Appendix to Stock Market Liquidity and the Business Cycle
Internet Appendix to Stock Market Liquidity and the Business Cycle Randi Næs, Johannes A. Skjeltorp and Bernt Arne Ødegaard This Internet appendix contains additional material to the paper Stock Market
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The government agency that oversees the banking system and is responsible for the conduct
More informationSome Answers. a) If Y is 1000, M is 100, and the growth rate of nominal money is 1%, what must i and P be?
Some Answers 1) Suppose that real money demand is represented by the equation (M/P) d = 0.25*Y. Use the quantity equation to calculate the income velocity of money. V = 4. 2) Assume that the demand for
More information(AA12) QUANTITATIVE METHODS FOR BUSINESS
All Rights Reserved ASSCIATIN F ACCUNTING TECHNICIANS F SRI LANKA AA EXAMINATIN - JULY 20 (AA2) QUANTITATIVE METHDS FR BUSINESS Instructions to candidates (Please Read Carefully): () Time: 02 hours. (2)
More informationPostal Services & E-Commerce: Adjusting to Market Dynamics
Postal Services & E-Commerce: Adjusting to Market Dynamics Stelios Papadakis V Fórum Lusófono das Comunicações e IV Mostra 23 rd of April 2014 Executive Summary Postal services business model Effective
More informationAddress by CEO Karl-Johan Persson at H&M s AGM 2015
Address by CEO Karl-Johan Persson at H&M s AGM 2015 Good afternoon everybody, and a warm welcome to H&M s annual general meeting 2015. I am very pleased to see so many of you here today. As always, lots
More informationIntroduction Features Benefits Enhance Your Business. The Payeezy SM ecommerce Solution It pays to dream big.
Introduction Features Benefits Enhance Your Business The Payeezy SM ecommerce Solution It pays to dream big. Introducing the Payeezy SM ecommerce Solution Growing your business means continually reaching
More informationMULTIPLE REGRESSION WITH CATEGORICAL DATA
DEPARTMENT OF POLITICAL SCIENCE AND INTERNATIONAL RELATIONS Posc/Uapp 86 MULTIPLE REGRESSION WITH CATEGORICAL DATA I. AGENDA: A. Multiple regression with categorical variables. Coding schemes. Interpreting
More informationDeterminants of Stock Market Performance in Pakistan
Determinants of Stock Market Performance in Pakistan Mehwish Zafar Sr. Lecturer Bahria University, Karachi campus Abstract Stock market performance, economic and political condition of a country is interrelated
More informationResearch & Corporate Development DERIVATIVES MARKET TRANSACTION SURVEY 2009/10
Research & Corporate Development DERIVATIVES MARKET TRANSACTION SURVEY 2009/10 November 2010 CONTENTS Page 1. Introduction...1 2. Key findings... 3 3. Figures and tables... 7 3.1 Distribution of trading
More informationGlobal Consumer Bank. Manuel Medina-Mora CEO, Global Consumer Banking
Global Consumer Bank Manuel Medina-Mora CEO, Global Consumer Banking Bank of America Merrill Lynch Banking and Financial Services Conference November 16, 2011 Agenda Our Business & Results Investing in
More informationOne size does not fit all. Local buyer preferences are crucial to cross-border ecommerce success.
White paper Global Ecommerce The 2015 Pitney Bowes Global Online Shopping Study One size does not fit all. Local buyer preferences are crucial to cross-border ecommerce success. Page 2 The Internet offers
More informationECO209 MACROECONOMIC THEORY. Chapter 18
Prof. Gustavo Indart Department of Economics University of Toronto ECO209 MACROECONOMIC THEORY Chapter 18 THE MONEY SUPPLY AND MONETARY POLICY Discussion Questions: 1. Open market operations are the main
More informationFactors affecting the inbound tourism sector. - the impact and implications of the Australian dollar
Factors affecting the inbound tourism sector - the impact and implications of the Australian dollar 1 Factors affecting the inbound tourism sector - the impact and implications of the Australian dollar
More informationThe Impact of Economic Globalization on Income Distribution: Empirical Evidence in China. Abstract
The Impact of Economic Globalization on Income Distribution: Empirical Evidence in China Xiaofei Tian Hebei University Baotai Wang University of Northern BC Ajit Dayanandan University of Northern BC Abstract
More informationAdditionally, Samsung and Singtel will be exploring potential collaborations in the mobile payment space.
SAMSUNG PAY LAUNCHES IN SINGAPORE Singapore will be first in Southeast Asia, joins South Korea, U.S., China and Spain as countries that offer Samsung Pay Samsung introduces partners and merchants onboard
More informationchapter: Solution Money, Banking, and the Federal Reserve System
Money, Banking, and the Federal Reserve System 1. For each of the following transactions, what is the initial effect (increase or decrease) on M1? or M2? a. You sell a few shares of stock and put the proceeds
More informationT-test & factor analysis
Parametric tests T-test & factor analysis Better than non parametric tests Stringent assumptions More strings attached Assumes population distribution of sample is normal Major problem Alternatives Continue
More informationStudy Guide for the Final Exam
Study Guide for the Final Exam When studying, remember that the computational portion of the exam will only involve new material (covered after the second midterm), that material from Exam 1 will make
More informationUSES OF CONSUMER PRICE INDICES
USES OF CONSUMER PRICE INDICES 2 2.1 The consumer price index (CPI) is treated as a key indicator of economic performance in most countries. The purpose of this chapter is to explain why CPIs are compiled
More information5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands
Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)
More informationEmpirical Analysis on the impact of working capital management. Hong ming, Chen & Sha Liu
Empirical Analysis on the impact of working capital management Hong ming, Chen & Sha Liu (School Of Economics and Management in Changsha University of Science and Technology Changsha, Hunan, China 410076)
More informationRenminbi Depreciation and the Hong Kong Economy
Thomas Shik Acting Chief Economist thomasshik@hangseng.com Renminbi Depreciation and the Hong Kong Economy If the recent weakness of the renminbi persists, it is likely to have a positive direct impact
More informationInside the Mobile Wallet: What It Means for Merchants and Card Issuers
Inside the Mobile Wallet: What It Means for Merchants and Card Issuers Welcome to the age of Universal Commerce commerce that is integrated, personalized, secure, open, and smart. The lines between in-store
More informationComovements of the Korean, Chinese, Japanese and US Stock Markets.
World Review of Business Research Vol. 3. No. 4. November 2013 Issue. Pp. 146 156 Comovements of the Korean, Chinese, Japanese and US Stock Markets. 1. Introduction Sung-Ky Min * The paper examines Comovements
More informationFinance 581: Arbitrage and Purchasing Power Parity Conditions Module 5: Lecture 1 [Speaker: Sheen Liu] [On Screen]
Finance 581: Arbitrage and Purchasing Power Parity Conditions Module 5: Lecture 1 [Speaker: Sheen Liu] MODULE 5 Arbitrage and Purchasing Power Parity Conditions [Sheen Liu]: Managers of multinational firms,
More informationECONOMIC REVIEW(A Monthly Issue) March, April, 2015 2014
ECONOMIC REVIEW(A Monthly Issue) March, April, 2015 2014 Economics & Strategic Planning Department http://www.bochk.com Effects The of Reasons CNH Exchange Why the Rate Singapore on Offshore Economy RMB
More informationMVNO Affiliate Program. www.provenwireless.com
MVNO Affiliate Program Why Proven Wireless: Proven Wireless has created an MVNO Affiliate program for any company at any size to grow their distribution using their own private label brand. The Proven
More informationCopyright 2015 Criteo. State of Mobile Commerce Apps and cross-device lead mobile business Q2 2015
State of Mobile Commerce Apps and cross-device lead mobile business Q2 2015 Mobile Commerce Report Methodology Individual transaction data analyzed How can marketers use this data? Over 3,000 online retail
More informationHong Kong: Hub Globale per il Made in Italy
Hong Kong: Hub Globale per il Made in Italy Logistics as a support to Made in Italy distribution Riccardo Fuochi Milano June 2013 1 OMLOG Group Om Log Group, is a leading Italian supply Chain and 3PLWorldwide
More informationTOP RETAILERS TAKE ECOMMERCE GLOBAL
TOP RETAILERS TAKE ECOMMERCE GLOBAL Retailers are Driving Global Ecommerce Success THE GLOBAL ECOMMERCE MARKET CONTINUES TO GROW AT A RAPID PACE. AND DEMANDWARE CUSTOMERS ARE SEIZING THE OPPORTUNITY. Opportunity
More informationAPPENDIX 9B: ANNUALIZED RATES OF RETURN AND GROWTH
APPENDIX 9B: ANNUALIZED RATES OF RETURN AND GROWTH Suppose that Investment A provided a total return of 3.1% during a four-month holding period, and Investment B s total return over a seven-month period
More informationCiti Investor Relations. Credit Suisse Financial Services Forum. February 12, 2014. Jud Linville CEO, Citi Cards
Citi Investor Relations Credit Suisse Financial Services Forum February 12, 2014 Jud Linville CEO, Citi Cards Highlights Cards at Citi - World s largest card issuer - Unique global franchise Our Strategy
More informationCASHING UP ON PROGRESS: CUSTOMERS DEMAND NEW WAYS TO PAY
CASHING UP ON PROGRESS: CUSTOMERS DEMAND NEW WAYS TO PAY globalpaymentsinc.co.uk Page 2 3 FOREWORD The retail world is changing rapidly and those retailers who use modern payment technology across all
More informationStock Investor Survey
Stock Investor Survey Hong Kong June 2006 CONTENTS 1. Executive Summary 1 2. Retail Participation and Demographic Profile of Stock Investors 6 3. Choice of Intermediary 7 Ways to Improve Securities Trading
More information