Econ 371: Answer Key for Problem Set 1 (Chapter 1213)


 Alicia Cain
 1 years ago
 Views:
Transcription
1 con 37: Answr Ky for Problm St (Chaptr 23) Instructor: Kanda Naknoi Sptmbr 4, (2 points) Is it possibl for a country to hav a currnt account dficit at th sam tim and has a surplus in its balanc of paymnts? xplain your answr using hypothtical figurs. ANSW: ( point) Ys. Th balanc of paymnts (BoP) is th sum of currnt account (CA), capital account (KA) and financial account (FA). Thortically, bcaus of th doublntry bookkping practic, th sum is supposd to b zro. BoP = CA KA FA = 0 ( point) Givn a currnt account dficit, th thory prdicts that th sum of th capital account and th financial account must b surplus. Howvr, in practic, th balanc of paymnts may dviat from zro bcaus of statistical discrpancy, particularly in rcording financial transactions in th financial account. Suppos th currnt account dficit is 00 billion dollars, a combind surplus of th capital account and th financial account must b gratr than 00 billion dollars to produc a surplus in th balanc of paymnts. (Optional not) Somtims th trm balanc of paymnts is usd to dscrib th official sttlmnts balanc with th opposit sign. This balanc indicats th paymnts gap covrd by th official rsrv transactions. For xampl, th U.S. official sttlmnts balanc in 2003 is 250 billion dollars. In this cas, som nwspaprs may say that th U.S. balanc of paymnts in 2003 is 250 billion dollars. Whn it is a larg ngativ numbr, it is oftn a subjct of concrn bcaus it indicats an xcssiv rol of th cntral bank in financing th currnt account dficit. 2. (2 points) Suppos that th U.S. nt forign dbt is 25 prcnt of U.S. GDP and that forign assts and liabilitis alik pay an intrst rat of 5 prcnt pr yar. What would b th drain on U.S. GDP (as a prcntag) from paying intrst on th nt forign dbt? What if th nt forign dbt wr 00 prcnt of GDP? At what point do you think a country s govrnmnt should bcom worrid about th
2 siz of its forign dbt? ANSW: ( point) 25 prcnt dbttogdp ratio and 5 prcnt intrst rat implis that th intrst paymnt as th ratio to GDP is 0.25x0.05 = =.25 prcnt of GDP. If th dbttogdp ratio is 00 prcnt, thn th intrst paymnt willl bcom x0.05 = 0.05 = 5 prcnt of GDP. ( point) Intuitivly, th govrnmnt should b concrnd about th nt forign dbt whn paying back th dbt bcoms difficult. W can us th balanc of paymnts accounting to find out how much output ndd to pay back th dbt. CA = savings  invstmnt Whn a country run a currnt account surplus, thir rsidnts hav mor savings than th domstic invstmnt and so thy also invst ovrsas. That is how a country with a currnt account surplus can accumulat nt forign assts. In contrast, a country that runs a currnt account dficit dos not hav nough savings for its domstic invstmnt, so it must borrow from abroad and accumulat nt forign dbts. In othr words, th stock of nt forign dbts ar a rsult of past capital inflows triggrd by currnt account dficits. Th only way to rduc th forign dbt is to rvrs th dirction of capital flows. So, w must run a currnt account surplus from now, and us th surplus to pay back th dbt. Th siz of forign dbt coms to play a rol bcaus th largr it is, th largr th intrst paymnt and th largr futur currnt account surpluss nd to b. This can also b xplaind using anothr currnt account accounting. (S Tabl 22 for an xampl.) CA = xport  import nt incom transfr from abroad In this cas, th nt incom transfr is th ngativ valu of th intrst paymnt w calculatd abov. In ordr to run a currnt account surplus in th futur, th U.S. will hav to run a trad balanc surplus which is gratr than th amount of th intrst paymnt. Whn th dbttogdp ratio is 25 prcnt, to rduc and pay back th dbt, th U.S. will hav to run th trad surplus of mor than.25 prcnt of GDP for a numbr of yars in th futur. But whn th dbttogdp ratio is 00 prcnt, th trad surplus has to b mor than 5 prcnt of GDP. This cannot happn without strong xport growth. So, a country s govrnmnt should bcom worrid whn its forign dbt is so larg that it rquirs unralistically high xport growth in th futur. (Optional not) W can also considr th rlationship of nt forign assts (NFA) and currnt account (CA). 2
3 CA this priod = chang in NFA = NFA nxt priod  NFA this priod Currnt account rflcts th dirction of capital flows and as a rsult indicats whthr a country is accumulating mor dbts or assts in a particular priod. It is a flow concpt. Howvr, NFA is a stock concpt, maning it is th accumulatd balanc of a flow variabls. Whn NFA is ngativ, it indicats that th nation is a nt dbtor country. Whn it is positiv, it indicats that th nation is a nt crditor country. W can also us this rlationship to track th path of NFA. NFA nxt priod = NFA this priod CA this priod Considr a cas whr w start out with a ngativ numbr of NFA. So, this rlationship tlls us that th only way to rduc and vntually pay back th forign dbt is to kp running currnt account surplus in th futur. 3. (2 points) Calculat th dollar rats of rturn on a dposit 0,000 pounds in a London bank in a yar whn th intrst rat on pounds is 0 prcnt and th dollar/pound xchang rat movs from.50 dollars pr pound to.38 dollars pr pound. What is th intrst rat a U.S. bank nds to offr to attract capital flows from London? ANSW: ( point) Today dollar givs us /.50 pounds. With 0 prcnt intrst rat, th nxt priod gross rturn is (0.0) x /.50 pounds. Thn convrt this back to th U.S. dollar with th rat.50 dollar pr pound. So, th th gross rturn bcoms (0.0) x /.50 x.38 dollars. Subtracting dollar from this will giv th nt dollar rturn on th London dposit of 0.02 or.2 prcnt. Not that th total of 0,000 pounds is irrlvant, bcaus th intrst rat is in prcnt. W can us th uncovrd intrst parity to approximat th rturn. Th dollar rturn on th London dposit = th pound intrst rat th dprciation of U.S. dollar. Th dprciation of U.S. dollar = ( )/.50 = = 8 prcnt apprciation. Th ngativ sign indicats that th U.S. dollar dos not dprciat but apprciats. Th dollar rturn on th London dposit = = 0.02 = 2 prcnt. ( point) A U.S. bank nds to offr mor than.2 (2 if w us th approximation mthod) prcnt intrst rat to attract capital flows from London. A U.S. bank dos not nd to pay as much as th London bank bcaus of th futur apprciation or capital gain of th U.S. dollar. 4. (2 points) Suppos tradrs in asst markts suddnly larn that th intrst rat on dollars will dclin in th nar futur. Us th diagrammatic analysis of Chaptr 3 to dtrmin th ffcts on th currnt dollar/uro xchang rat, assuming currnt intrst rats on dollar and uro dposits do not chang. 3
4 ANSW: ( point) Figur 4. indicats th tradrs anticipation aftr thy hard th nws. If th intrst rat dclins in th futur from to, thy fors that th dollar will dprciats from to 2. Givn this anticipation, th tradrs adjust thir xpctation right away. Such an xpctation shift will chang th currnt xchang rat as dpictd in Figur 4.2. ( point) In Figur 4.2, th initial quilibrium is at Point. Th nw xpctd dprciation is highr than th original. Such an xpctation shift raiss th dollar rturn of uro dposits, and causs th dollar/uro rat to dprciat as popl incras thir dmand for th uro dposits. Th forign xchang markt will obsrv 3, which is highr than. If th tradrs hav prfct forsight, thn 3 = (2 points) Suppos th U.S. congrss is concrnd with th dollaruro xchang rats and wishs to prvnt tradrs from affcting th xchang rat in Qustion 4. xplain how th congrss can achiv its goal using a tax policy. ANSW: Th congrss can do many things. You gt points for discussing only on cas. First, th congrss can incras th rat of rturn on U.S. dollar assts today by subsidizing dollar savings. If thr is currntly a tax on intrst arnings, th congrss can cut th tax. This policy chang will shift in th schdul to th right today, so that th xchang rat rmains unchangd at Point 4 in Figur 5. Altrnativly, th congrss can announc th nws of a futur subsidy or tax cut on intrst arnings. Such an announcmnt will shift th xpctation among th tradrs back from in Figur 4.2 to th original. This is bcaus th tradrs anticipat Figur 5 right away, vn if th congrss dos not actually implmnt th policy today. Such a shift will bring back th original dollar rturn on uro dposits and kp th xchang rat unchangd. In this cas, w will obsrv Point instad of Point 4 today. Or, th congrss can also tax on forign xchang transactions to prvnt th U.S. rsidnts from moving thir funds to uro dposit accounts. If th tax is so high that it prohibits forign xchang transactions, it will prvnt th xpctation among tradrs from shifting in Figur 4.2. This works in th sam way as capital controls dsignd to limit fr flows of funds so that th quilibrium stays at Point. 4
5 Figur 4.: Tradrs anticipation $/ 2 2 $ $ xpctd $ rturn on dposits
6 Figur 4.2: Today forign xchang markt quilibrium $/ 3 3 ' $ xpctd $ rturn on dposits
7 Figur 5: ffcts of a subsidy for savings on xchang rat $/ 3 3 ' 4 = 4 $ '' = $ $ xpctd $ rturn on dposits
Long run: Law of one price Purchasing Power Parity. Short run: Market for foreign exchange Factors affecting the market for foreign exchange
Lctur 6: Th Forign xchang Markt xchang Rats in th long run CON 34 Mony and Banking Profssor Yamin Ahmad xchang Rats in th Short Run Intrst Parity Big Concpts Long run: Law of on pric Purchasing Powr Parity
More informationIntermediate Macroeconomic Theory / Macroeconomic Analysis (ECON 3560/5040) Final Exam (Answers)
Intrmdiat Macroconomic Thory / Macroconomic Analysis (ECON 3560/5040) Final Exam (Answrs) Part A (5 points) Stat whthr you think ach of th following qustions is tru (T), fals (F), or uncrtain (U) and brifly
More informationForeign Exchange Markets and Exchange Rates
Microconomics Topic 1: Explain why xchang rats indicat th pric of intrnational currncis and how xchang rats ar dtrmind by supply and dmand for currncis in intrnational markts. Rfrnc: Grgory Mankiw s Principls
More informationLecture notes: 160B revised 9/28/06 Lecture 1: Exchange Rates and the Foreign Exchange Market FT chapter 13
Lctur nots: 160B rvisd 9/28/06 Lctur 1: xchang Rats and th Forign xchang Markt FT chaptr 13 Topics: xchang Rats Forign xchang markt Asst approach to xchang rats Intrst Rat Parity Conditions 1) Dfinitions
More informationBasis risk. When speaking about forward or futures contracts, basis risk is the market
Basis risk Whn spaking about forward or futurs contracts, basis risk is th markt risk mismatch btwn a position in th spot asst and th corrsponding futurs contract. Mor broadly spaking, basis risk (also
More informationIn the first years of the millennium, Americans flocked to Paris to enjoy French
14 chaptr Exchang Rats and th Forign Exchang Markt: An Asst Approach 320 In th first yars of th millnnium, Amricans flockd to Paris to njoy Frnch cuisin whil shopping for dsignr clothing and othr spcialtis.
More informationAdverse Selection and Moral Hazard in a Model With 2 States of the World
Advrs Slction and Moral Hazard in a Modl With 2 Stats of th World A modl of a risky situation with two discrt stats of th world has th advantag that it can b natly rprsntd using indiffrnc curv diagrams,
More informationby John Donald, Lecturer, School of Accounting, Economics and Finance, Deakin University, Australia
Studnt Nots Cost Volum Profit Analysis by John Donald, Lcturr, School of Accounting, Economics and Financ, Dakin Univrsity, Australia As mntiond in th last st of Studnt Nots, th ability to catgoris costs
More informationNonHomogeneous Systems, Euler s Method, and Exponential Matrix
NonHomognous Systms, Eulr s Mthod, and Exponntial Matrix W carry on nonhomognous firstordr linar systm of diffrntial quations. W will show how Eulr s mthod gnralizs to systms, giving us a numrical approach
More informationFinancial Mathematics
Financial Mathatics A ractical Guid for Actuaris and othr Businss rofssionals B Chris Ruckan, FSA & Jo Francis, FSA, CFA ublishd b B rofssional Education Solutions to practic qustions Chaptr 7 Solution
More informationHigh Interest Rates In Ghana,
NO. 27 IEA MONOGRAPH High Intrst Rats In Ghana, A Critical Analysis IEA Ghana THE INSTITUTE OF ECONOMIC AFFAIRS A Public Policy Institut High Intrst Rats In Ghana, A Critical Analysis 1 by DR. J. K. KWAKYE
More informationQuestion 3: How do you find the relative extrema of a function?
ustion 3: How do you find th rlativ trma of a function? Th stratgy for tracking th sign of th drivativ is usful for mor than dtrmining whr a function is incrasing or dcrasing. It is also usful for locating
More informationQUANTITATIVE METHODS CLASSES WEEK SEVEN
QUANTITATIVE METHODS CLASSES WEEK SEVEN Th rgrssion modls studid in prvious classs assum that th rspons variabl is quantitativ. Oftn, howvr, w wish to study social procsss that lad to two diffrnt outcoms.
More informationThe example is taken from Sect. 1.2 of Vol. 1 of the CPN book.
Rsourc Allocation Abstract This is a small toy xampl which is wllsuitd as a first introduction to Cnts. Th CN modl is dscribd in grat dtail, xplaining th basic concpts of Cnts. Hnc, it can b rad by popl
More information7 Timetable test 1 The Combing Chart
7 Timtabl tst 1 Th Combing Chart 7.1 Introduction 7.2 Tachr tams two workd xampls 7.3 Th Principl of Compatibility 7.4 Choosing tachr tams workd xampl 7.5 Ruls for drawing a Combing Chart 7.6 Th Combing
More informationLecture 3: Diffusion: Fick s first law
Lctur 3: Diffusion: Fick s first law Today s topics What is diffusion? What drivs diffusion to occur? Undrstand why diffusion can surprisingly occur against th concntration gradint? Larn how to dduc th
More informationEconomic Analysis of Floating Exchange Rate Systems
Economic Analysis of Floating Rat Systms Th businss sction of any nwspapr will hav a tabl of spot s. Ths ar th s at which a prson could hav bought othr currncis or forign, such as th English Pound, Frnch
More informationAP Calculus AB 2008 Scoring Guidelines
AP Calculus AB 8 Scoring Guidlins Th Collg Board: Conncting Studnts to Collg Succss Th Collg Board is a notforprofit mmbrship association whos mission is to connct studnts to collg succss and opportunity.
More information5 2 index. e e. Prime numbers. Prime factors and factor trees. Powers. worked example 10. base. power
Prim numbrs W giv spcial nams to numbrs dpnding on how many factors thy hav. A prim numbr has xactly two factors: itslf and 1. A composit numbr has mor than two factors. 1 is a spcial numbr nithr prim
More informationNew Basis Functions. Section 8. Complex Fourier Series
Nw Basis Functions Sction 8 Complx Fourir Sris Th complx Fourir sris is prsntd first with priod 2, thn with gnral priod. Th connction with th ralvalud Fourir sris is xplaind and formula ar givn for convrting
More informationCategory 7: Employee Commuting
7 Catgory 7: Employ Commuting Catgory dscription This catgory includs missions from th transportation of mploys 4 btwn thir homs and thir worksits. Emissions from mploy commuting may aris from: Automobil
More informationMathematics. Mathematics 3. hsn.uk.net. Higher HSN23000
hsn uknt Highr Mathmatics UNIT Mathmatics HSN000 This documnt was producd spcially for th HSNuknt wbsit, and w rquir that any copis or drivativ works attribut th work to Highr Still Nots For mor dtails
More informationDeer: Predation or Starvation
: Prdation or Starvation National Scinc Contnt Standards: Lif Scinc: s and cosystms Rgulation and Bhavior Scinc in Prsonal and Social Prspctiv s, rsourcs and nvironmnts Unifying Concpts and Procsss Systms,
More informationCostVolumeProfit Analysis
ch03.qxd 9/7/04 4:06 PM Pag 86 CHAPTER CostVolumProfit Analysis In Brif Managrs nd to stimat futur rvnus, costs, and profits to hlp thm plan and monitor oprations. Thy us costvolumprofit (CVP) analysis
More informationFree ACA SOLUTION (IRS 1094&1095 Reporting)
Fr ACA SOLUTION (IRS 1094&1095 Rporting) Th Insuranc Exchang (301) 2791062 ACA Srvics Transmit IRS Form 1094 C for mployrs Print & mail IRS Form 1095C to mploys HR Assist 360 will gnrat th 1095 s for
More informationGold versus stock investment: An econometric analysis
Intrnational Journal of Dvlopmnt and Sustainability Onlin ISSN: 2688662 www.isdsnt.com/ijds Volum Numbr, Jun 202, Pag 7 ISDS Articl ID: IJDS20300 Gold vrsus stock invstmnt: An conomtric analysis Martin
More informationTheoretical aspects of investment demand for gold
Victor Sazonov (Russia), Dmitry Nikolav (Russia) Thortical aspcts of invstmnt dmand for gold Abstract Th main objctiv of this articl is construction of a thortical modl of invstmnt in gold. Our modl is
More informationSection 7.4: Exponential Growth and Decay
1 Sction 7.4: Exponntial Growth and Dcay Practic HW from Stwart Txtbook (not to hand in) p. 532 # 117 odd In th nxt two ction, w xamin how population growth can b modld uing diffrntial quation. W tart
More informationFundamentals: NATURE OF HEAT, TEMPERATURE, AND ENERGY
Fundamntals: NATURE OF HEAT, TEMPERATURE, AND ENERGY DEFINITIONS: Quantum Mchanics study of individual intractions within atoms and molculs of particl associatd with occupid quantum stat of a singl particl
More informationAnalysis of Trade Before and After the WTO: A Case Study of India
Global Journal of Financ and Managmnt. ISSN 09756477 Volum 6, Numbr 8 (2014), pp. 801808 Rsarch India Publications http://www.ripublication.com Analysis of Trad Bfor and Aftr th WTO: A Cas Study of India
More informationThe Matrix Exponential
Th Matrix Exponntial (with xrciss) 92.222  Linar Algbra II  Spring 2006 by D. Klain prliminary vrsion Corrctions and commnts ar wlcom! Th Matrix Exponntial For ach n n complx matrix A, dfin th xponntial
More informationPerformance Evaluation
Prformanc Evaluation ( ) Contnts lists availabl at ScincDirct Prformanc Evaluation journal hompag: www.lsvir.com/locat/pva Modling Baylik rputation systms: Analysis, charactrization and insuranc mchanism
More informationB285141. April 21, 2000. The Honorable Charles B. Rangel Ranking Minority Member Committee on Ways and Means House of Representatives
Unit Stats Gnral Accounting Offic Washington, DC 20548 Halth, Eucation, an Human Srvics Division B285141 April 21, 2000 Th Honorabl Charls B. Rangl Ranking Minority Mmbr Committ on Ways an Mans Hous of
More informationIMES DISCUSSION PAPER SERIES
IMES DISCUSSIN PAPER SERIES Th Choic of Invoic Currncy in Intrnational Trad: Implications for th Intrnationalization of th Yn Hiroyuki I, Akira TANI, and Toyoichirou SHIRTA Discussion Papr No. 003E13
More informationHSBC Bank International Expat Explorer Survey 08
HSBC Bank Intrnational Expat Explorr Survy 08 Rport On: Expat Existnc Th Survy Th Expat Explorr survy qustiond 2,155 xpatriats across four continnts about th opportunitis and challngs thy fac. Th survy
More informationImproving Managerial Accounting and Calculation of Labor Costs in the Context of Using Standard Cost
Economy Transdisciplinarity Cognition www.ugb.ro/tc Vol. 16, Issu 1/2013 5054 Improving Managrial Accounting and Calculation of Labor Costs in th Contxt of Using Standard Cost Lucian OCNEANU, Constantin
More informationhttp://www.wwnorton.com/chemistry/tutorials/ch14.htm Repulsive Force
ctivation nrgis http://www.wwnorton.com/chmistry/tutorials/ch14.htm (back to collision thory...) Potntial and Kintic nrgy during a collision + + ngativly chargd lctron cloud Rpulsiv Forc ngativly chargd
More informationModern Portfolio Theory (MPT) Statistics
Modrn Portfolio Thory (MPT) Statistics Morningstar Mthodology Papr May 9, 009 009 Morningstar, Inc. All rights rsrvd. Th information in this documnt is th proprty of Morningstar, Inc. Rproduction or transcription
More informationAsset set Liability Management for
KSD larning and rfrnc products for th global financ profssional Highlights Library of 29 Courss Availabl Products Upcoming Products Rply Form Asst st Liability Managmnt for Insuranc Companis A comprhnsiv
More informationPlanning and Managing Copper Cable Maintenance through Cost Benefit Modeling
Planning and Managing Coppr Cabl Maintnanc through Cost Bnfit Modling Jason W. Rup U S WEST Advancd Tchnologis Bouldr Ky Words: Maintnanc, Managmnt Stratgy, Rhabilitation, Costbnfit Analysis, Rliability
More informationDefining Retirement Success for Defined Contribution Plan Sponsors: Begin with the End in Mind
Dfining Rtirmnt Succss for Dfind Contribution Plan Sponsors: Bgin with th End in Mind David Blanchtt, CFA, CFP, AIFA Had of Rtirmnt Rsarch Morningstar Invstmnt Managmnt david.blanchtt@morningstar.com Nathan
More information1 Walrasian Equilibria and Market E ciency
1 Walrasian Equilibria and Markt E cincy Rading in Txtbook: Chaptr 3 in Stiglitz. 1.1 Motivation Whn thinking about th rol of govrnmnt w hav to considr a numbr of rathr fundamntal qustions, such as: What
More informationPaper P4. Advanced Financial Management. Tuesday 4 June 2013. Professional Level Options Module. The Association of Chartered Certified Accountants
Profssional Lvl Options Modul Advancd Financial Managmnt Tusday 4 Jun 2013 Tim allowd Rading and planning: Writing: 15 minuts 3 hours This papr is dividd into two sctions: Sction A This ONE qustion is
More informationPaper P4. Advanced Financial Management. Tuesday 12 June Professional Level Options Module. The Association of Chartered Certified Accountants
Profssional Lvl Options Modul Advancd Financial Managmnt Tusday 12 Jun 2012 Tim allowd Rading and planning: Writing: 15 minuts 3 hours This papr is dividd into two sctions: Sction A BOTH qustions ar compulsory
More informationIncreasing Net Debt as a percentage of Average Equalized ValuaOon
City of Orang Township Warning Trnd: Incrasing Nt Dbt as a prcntag of avrag qualizd valuation Nt Dbt 3 yr. Avg. qualizd Valuation Incrasing Nt Dbt as a prcntag of Avrag Equalizd ValuaOon rc 1.20% 1.00%
More informationCPS 220 Theory of Computation REGULAR LANGUAGES. Regular expressions
CPS 22 Thory of Computation REGULAR LANGUAGES Rgular xprssions Lik mathmatical xprssion (5+3) * 4. Rgular xprssion ar built using rgular oprations. (By th way, rgular xprssions show up in various languags:
More informationLecture 20: Emitter Follower and Differential Amplifiers
Whits, EE 3 Lctur 0 Pag of 8 Lctur 0: Emittr Followr and Diffrntial Amplifirs Th nxt two amplifir circuits w will discuss ar ry important to lctrical nginring in gnral, and to th NorCal 40A spcifically.
More informationStandard errors for regression coefficients; Multicollinearity
Standard rror for rgrion cofficint; Multicollinarit Standard rror. Rcall that b k i a point timat of β k. Bcau of ampling variabilit, thi timat ma b too high or too low. bk, th tandard rror of b k, giv
More informationMedia Considerations Related to Puerto Rico s Fiscal Situation
CUNY Graduat School of Journalism Jun, Mdia Considrations Rlatd to Purto Rico s Fiscal Situation Alan Schankl Managing Dirctor Municial Stratgy and Rsarch Economy is Stagnant and Dbt Continus to Grow.%.%.%
More informationRural and Remote Broadband Access: Issues and Solutions in Australia
Rural and Rmot Broadband Accss: Issus and Solutions in Australia Dr Tony Warrn Group Managr Rgulatory Stratgy Tlstra Corp Pag 1 Tlstra in confidnc Ovrviw Australia s gographical siz and population dnsity
More informationFACULTY SALARIES FALL 2004. NKU CUPA Data Compared To Published National Data
FACULTY SALARIES FALL 2004 NKU CUPA Data Compard To Publishd National Data May 2005 Fall 2004 NKU Faculty Salaris Compard To Fall 2004 Publishd CUPA Data In th fall 2004 Northrn Kntucky Univrsity was among
More information(Analytic Formula for the European Normal Black Scholes Formula)
(Analytic Formula for th Europan Normal Black Schols Formula) by Kazuhiro Iwasawa Dcmbr 2, 2001 In this short summary papr, a brif summary of Black Schols typ formula for Normal modl will b givn. Usually
More informationEconomic Insecurity, Individual Behavior and Social Policy
Economic Inscurity, Individual Bhavior and Social Policy By Indrmit S. Gill igill@worldbank.org and Nadm Ilahi nilahi@worldbank.org Th World Bank Washington, DC 20433 First Draft: March 27, 2000 Papr writtn
More informationElectronic Commerce. and. Competitive FirstDegree Price Discrimination
Elctronic Commrc and Comptitiv FirstDgr Pric Discrimination David Ulph* and Nir Vulkan ** Fbruary 000 * ESRC Cntr for Economic arning and Social Evolution (ESE), Dpartmnt of Economics, Univrsity Collg
More informationTest of a VShaped Relationship between the Expected Real Effective Exchange Rate and Real Output: The Case of France
Journal of Economics and Businss Vol. II 2009, No 2 Tst of a VShapd lationship btwn th Expctd al Effctiv Exchang at and al Output: Th Cas of Franc u Hsing, SOUTHEASTEN LOUISIANA UNIVESIT Abstract Applying
More informationPaper P4. Advanced Financial Management. Tuesday 2 June Professional Level Options Module. The Association of Chartered Certified Accountants
Profssional Lvl Options Modul Advancd Financial Managmnt Tusday 2 Jun 2015 Tim allowd Rading and planning: Writing: 15 minuts 3 hours This papr is dividd into two sctions: Sction A This ONE qustion is
More informationParallel and Distributed Programming. Performance Metrics
Paralll and Distributd Programming Prformanc! wo main goals to b achivd with th dsign of aralll alications ar:! Prformanc: th caacity to rduc th tim to solv th roblm whn th comuting rsourcs incras;! Scalability:
More informationSTATEMENT OF INSOLVENCY PRACTICE 3.2
STATEMENT OF INSOLVENCY PRACTICE 3.2 COMPANY VOLUNTARY ARRANGEMENTS INTRODUCTION 1 A Company Voluntary Arrangmnt (CVA) is a statutory contract twn a company and its crditors undr which an insolvncy practitionr
More informationOPTIONS AND FUTURES: A TECHNICAL APPRAISAL
Pag 15 OPTIONS AND FUTURES: A TECHNICAL APPRAISAL by David J.S. Rutldg Papr prsntd to Sminar on Trading in Options: Opportunitis in th Intrnational Markt sponsord by Th Sydny Stock Exchang and Th Scuritis
More informationGlobal Financial Management
Global Financial Managmnt Valuation of Stocks Copyright 999 by Alon Brav, Stphn Gray, Campbll R Harvy and Ernst Maug. All rights rsrvd. No part of this lctur may b rproducd without th prmission of th authors.
More informationInstallation Saving Spaceefficient Panel Enhanced Physical Durability Enhanced Performance Warranty The IRR Comparison
Contnts Tchnology Nwly Dvlopd Cllo Tchnology Cllo Tchnology : Improvd Absorption of Light Doublsidd Cll Structur Cllo Tchnology : Lss Powr Gnration Loss Extrmly Low LID Clls 3 3 4 4 4 Advantag Installation
More informationcontent Fresh thinking for decision makers
Roland Brgr Stratgy Consultants contnt Frsh thinking for dcision makrs Think your bank can maintain its liquidity vn undr xtrm strss? Fin, but thr's mor to stratgic liquidity managmnt than that Th prcis
More informationTraffic Flow Analysis (2)
Traffic Flow Analysis () Statistical Proprtis. Flow rat distributions. Hadway distributions. Spd distributions by Dr. GangLn Chang, Profssor Dirctor of Traffic safty and Oprations Lab. Univrsity of Maryland,
More informationPaper P4. Advanced Financial Management. March/June 2016 Sample Questions. Professional Level Options Module
Profssional Lvl Options Modul Advancd Financial Managmnt March/Jun 2016 Sampl Qustions Tim allowd Rading and planning: Writing: 15 minuts 3 hours This qustion papr is dividd into two sctions: Sction A
More informationRemember you can apply online. It s quick and easy. Go to www.gov.uk/advancedlearningloans. Title. Forename(s) Surname. Sex. Male Date of birth D
24+ Advancd Larning Loan Application form Rmmbr you can apply onlin. It s quick and asy. Go to www.gov.uk/advancdlarningloans About this form Complt this form if: you r studying an ligibl cours at an approvd
More informationAN ACTUARIAL BALANCE SHEET FOR PAYASYOU GO FINANCE: SOLVENCY INDICATORS FOR SPAIN *
CTURIL BLCE SHEET FOR PYSYOU GO FICE: SOLVECY IDICTORS FOR SPI * MRÍ DEL CRME BODOPES SLVDOR VLDÉSPRIETO CRLOS VIDLMELIÁ BSTRCT 24/4/7 Th solvncy and sustainability of pnsion systms financd by th
More informationVersion Issue Date Reason / Description of Change Author Draft February, N/A 2009
Appndix A: CNS Managmnt Procss: OTRS POC Documnt Control Titl : CNS Managmnt Procss Documnt : (Location of Documnt and Documnt numbr) Author : Ettin Vrmuln (EV) Ownr : ICT Stratgic Srvics Vrsion : Draft
More informationCHAPTER 4c. ROOTS OF EQUATIONS
CHAPTER c. ROOTS OF EQUATIONS A. J. Clark School o Enginring Dpartmnt o Civil and Environmntal Enginring by Dr. Ibrahim A. Aakka Spring 00 ENCE 03  Computation Mthod in Civil Enginring II Dpartmnt o Civil
More informationFactorials! Stirling s formula
Author s not: This articl may us idas you havn t larnd yt, and might sm ovrly complicatd. It is not. Undrstanding Stirling s formula is not for th faint of hart, and rquirs concntrating on a sustaind mathmatical
More informationProblem Set 6 Solutions
6.04/18.06J Mathmatics for Computr Scic March 15, 005 Srii Dvadas ad Eric Lhma Problm St 6 Solutios Du: Moday, March 8 at 9 PM Problm 1. Sammy th Shar is a fiacial srvic providr who offrs loas o th followig
More informationProduction Costing (Chapter 8 of W&W)
Production Costing (Chaptr 8 of W&W).0 Introduction Production costs rfr to th oprational costs associatd with producing lctric nrgy. Th most significant componnt of production costs ar th ful costs ncssary
More informationSUBATOMIC PARTICLES AND ANTIPARTICLES AS DIFFERENT STATES OF THE SAME MICROCOSM OBJECT. Eduard N. Klenov* RostovonDon. Russia
SUBATOMIC PARTICLES AND ANTIPARTICLES AS DIFFERENT STATES OF THE SAME MICROCOSM OBJECT Eduard N. Klnov* RostovonDon. Russia Th distribution law for th valus of pairs of th consrvd additiv quantum numbrs
More informationNoble gas configuration. Atoms of other elements seek to attain a noble gas electron configuration. Electron configuration of ions
Valnc lctron configuration dtrmins th charactristics of lmnts in a group Nobl gas configuration Th nobl gass (last column in th priodic tabl) ar charactrizd by compltly filld s and p orbitals this is a
More informationNAVAL POSTGRADUATE SCHOOL
NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT Th Survivor Bnfit Plan: A CostBnfit Analysis By: Advisors: Scott E. Batty, and Tho Kang Dcmbr 2007 William R. Gats, Raymond E. Franck
More informationFraud, Investments and Liability Regimes in Payment. Platforms
Fraud, Invstmnts and Liability Rgims in Paymnt Platforms Anna Crti and Mariann Vrdir y ptmbr 25, 2011 Abstract In this papr, w discuss how fraud liability rgims impact th pric structur that is chosn by
More informationCloud and Big Data Summer School, Stockholm, Aug., 2015 Jeffrey D. Ullman
Cloud and Big Data Summr Scool, Stockolm, Aug., 2015 Jffry D. Ullman Givn a st of points, wit a notion of distanc btwn points, group t points into som numbr of clustrs, so tat mmbrs of a clustr ar clos
More informationA copy of the Consultation Paper is in the Members Library and further details are available at www.scotland~qov.umpublications/2012/12/5980
To: CORPORATE SERVICES COMMITTEE NORTH LANARKSHIRE COUNCIL REPORT Subjct: CONSULTATION: CIVIL LAW OF DAMAGES  ISSUES IN PERSONAL INJURY From: HEAD OF LEGAL SERVICES Dat: 30 JANUARY 2013 Rf: AL LE CSN
More informationME 612 Metal Forming and Theory of Plasticity. 6. Strain
Mtal Forming and Thory of Plasticity mail: azsnalp@gyt.du.tr Makin Mühndisliği Bölümü Gbz Yüksk Tknoloji Enstitüsü 6.1. Uniaxial Strain Figur 6.1 Dfinition of th uniaxial strain (a) Tnsil and (b) Comprssiv.
More informationPaper P4. Advanced Financial Management. Tuesday 3 June 2014. Professional Level Options Module. The Association of Chartered Certified Accountants
Profssional Lvl Options Modul Advancd Financial Managmnt Tusday 3 Jun 2014 Tim allowd Rading and planning: Writing: 15 minuts 3 hours This papr is dividd into two sctions: Sction A This ONE qustion is
More informationA Theoretical Model of Public Response to the Homeland Security Advisory System
A Thortical Modl of Public Rspons to th Homland Scurity Advisory Systm Amy (Wnxuan) Ding Dpartmnt of Information and Dcision Scincs Univrsity of Illinois Chicago, IL 60607 wxding@uicdu Using a diffrntial
More informationITIL & Service Predictability/Modeling. 2006 Plexent
ITIL & Srvic Prdictability/Modling 1 2 Plxnt Th Company 2001 Foundd Plxnt basd on an Expandd ITIL Architctur, CMMI, ISO, and BS15000  itdna 2003 Launchd itdna Srvic Offring 2003 John Groom, past Dirctor
More informationSystems of Equations and Inequalities
CHAPTER CONNECTIONS Systms of Equations and Inqualitis CHAPTER OUTLINE.1 Linar Systms in Two Variabls with Applications 04. Linar Systms in Thr Variabls with Applications 16.3 Nonlinar Systms of Equations
More informationOverinvestment of free cash flow
Rv Acc Stud (2006) 11:159 189 DOI 10.1007/s1114200690121 Ovrinvstmnt of fr cash flow Scott Richardson Publishd onlin: 23 Jun 2006 Ó Springr Scinc+Businss Mdia, LLC 2006 Abstract This papr xamins th
More informationAnalyzing the Economic Efficiency of ebaylike Online Reputation Reporting Mechanisms
A rsarch and ducation initiativ at th MIT Sloan School of Managmnt Analyzing th Economic Efficincy of Baylik Onlin Rputation Rporting Mchanisms Papr Chrysanthos Dllarocas July For mor information, plas
More informationHOMEWORK FOR UNIT 51: FORCE AND MOTION
Nam Dat Partnrs HOMEWORK FOR UNIT 51: FORCE AND MOTION 1. You ar givn tn idntial springs. Dsrib how you would dvlop a sal of for (i., a mans of produing rpatabl fors of a varity of sizs) using ths springs.
More informationArchitecture of the proposed standard
Architctur of th proposd standard Introduction Th goal of th nw standardisation projct is th dvlopmnt of a standard dscribing building srvics (.g.hvac) product catalogus basd on th xprincs mad with th
More informationTIME MANAGEMENT. 1 The Process for Effective Time Management 2 Barriers to Time Management 3 SMART Goals 4 The POWER Model e. Section 1.
Prsonal Dvlopmnt Track Sction 1 TIME MANAGEMENT Ky Points 1 Th Procss for Effctiv Tim Managmnt 2 Barrirs to Tim Managmnt 3 SMART Goals 4 Th POWER Modl In th Army, w spak of rsourcs in trms of th thr M
More informationA Project Management framework for Software Implementation Planning and Management
PPM02 A Projct Managmnt framwork for Softwar Implmntation Planning and Managmnt Kith Lancastr Lancastr Stratgis Kith.Lancastr@LancastrStratgis.com Th goal of introducing nw tchnologis into your company
More informationThe fitness value of information
Oikos 119: 219230, 2010 doi: 10.1111/j.16000706.2009.17781.x, # 2009 Th Authors. Journal compilation # 2009 Oikos Subjct Editor: Knnth Schmidt. Accptd 1 Sptmbr 2009 Th fitnss valu of information Matina
More informationExpertMediated Search
ExprtMdiatd Sarch Mnal Chhabra Rnsslar Polytchnic Inst. Dpt. of Computr Scinc Troy, NY, USA chhabm@cs.rpi.du Sanmay Das Rnsslar Polytchnic Inst. Dpt. of Computr Scinc Troy, NY, USA sanmay@cs.rpi.du David
More informationA Study of Budget Deficits and Interest Rates for Japan: Evidence from an Extended Loanable Funds Model
Chn, Journal of Intrnational and Global Economic Studis, 4(1), Jun 2011, 1127 11 A Study of Budgt Dficits and Intrst Rats for Japan: Evidnc from an Extndd Loanabl Funds Modl YiChi Chn National Chng Kung
More information5.4 Exponential Functions: Differentiation and Integration TOOTLIFTST:
.4 Eponntial Functions: Diffrntiation an Intgration TOOTLIFTST: Eponntial functions ar of th form f ( ) Ab. W will, in this sction, look at a spcific typ of ponntial function whr th bas, b, is.78.... This
More informationNorthern Ireland Petrol and Diesel prices data analysis
Rsarch and Information Srvic Papr 163/12 04 Octobr 2012 NIAR 72012 Aidan Stnntt and Barbara Lov Northrn Irland Ptrol and Disl prics data analysis 1 Background On th 5 Sptmbr 2012, th Offic of Fair Trading
More informationWORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769
081685 WORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769 Summary of Dutis : Dtrmins City accptanc of workrs' compnsation cass for injurd mploys; authorizs appropriat tratmnt
More informationCurrent and Resistance
Chaptr 6 Currnt and Rsistanc 6.1 Elctric Currnt...66.1.1 Currnt Dnsity...66. Ohm s Law...64 6.3 Elctrical Enrgy and Powr...67 6.4 Summary...68 6.5 Solvd Problms...69 6.5.1 Rsistivity of a Cabl...69
More informationRelationship between Cost of Equity Capital And Voluntary Corporate Disclosures
Rlationship btwn Cost of Equity Capital And Voluntary Corporat Disclosurs Elna Ptrova Eli Lilly & Co, Sofia, Bulgaria Email: ptrova.lnaa@gmail.com Gorgios Gorgakopoulos (Corrsponding author) Amstrdam
More informationSPECIAL VOWEL SOUNDS
SPECIAL VOWEL SOUNDS Plas consult th appropriat supplmnt for th corrsponding computr softwar lsson. Rfr to th 42 Sounds Postr for ach of th Spcial Vowl Sounds. TEACHER INFORMATION: Spcial Vowl Sounds (SVS)
More informationSPECIFIC HEAT AND HEAT OF FUSION
PURPOSE This laboratory consists of to sparat xprimnts. Th purpos of th first xprimnt is to masur th spcific hat of to solids, coppr and rock, ith a tchniqu knon as th mthod of mixturs. Th purpos of th
More informationA Note on Approximating. the Normal Distribution Function
Applid Mathmatical Scincs, Vol, 00, no 9, 4549 A Not on Approimating th Normal Distribution Function K M Aludaat and M T Alodat Dpartmnt of Statistics Yarmouk Univrsity, Jordan Aludaatkm@hotmailcom and
More information