High Interest Rates In Ghana,

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "High Interest Rates In Ghana,"

Transcription

1 NO. 27 IEA MONOGRAPH High Intrst Rats In Ghana, A Critical Analysis IEA Ghana THE INSTITUTE OF ECONOMIC AFFAIRS A Public Policy Institut

2 High Intrst Rats In Ghana, A Critical Analysis 1 by DR. J. K. KWAKYE 1 Dr. Kwaky workd with th Bank of Ghana for twnty yars until 2, prdominantly in th Rsarch Dpartmnt. For th following tn yars, h workd at th Intrnational Montary Fund in Washington, D.C., as Advisor to th Excutiv Dirctor Rsponsibl for Ghana. Dr. Kwaky is currntly a Snior Fllow at th Institut of Economic Affairs.

3 About Us Th Institut of Economic Affairs

4 21 Copyright

5 Prfac

6

7 1 Introduction Th high lvl of Ghana's intrst rats has continud to b a sourc of concrn in th country. Evn as som masur of macroconomic stability has bn achivd in th past and rcntly, intrst rats hav gnrally rmaind stubbornly high. Th importanc of th subjct and th nd to fill an obvious public information gap motivatd this papr. Th first to b xplaind is th xistnc of diffrnt intrst rats and point out how thy may b rlatd. This will b followd by a discussion of th principal actors in th markts and how thy influnc intrst rats. Th nxt sction will numrat th conomic costs of high intrst rats, followd finally by suggstions as to how to addrss th high lvl of intrst rats. 1. Diffrnt Intrst Rats in Diffrnt Financial Sgmnts Whil high bank lnding rats may hav bn th focus of attntion and angr, w hav to rcogniz that thr ar svral intrst rats out thr that ar dtrmind in svral sgmnts of th financial systm. Among thm ar th Policy Rat, intrbank rat(s), govrnmnt scuritis rats and banks' lnding and dposit rats. At th apx of th intrst rat rgim is th Policy Rat, Bank Rat, or Prim Rat as it is 2 variously calld. This is th rat st by th montary authoritis and chargd on (ovrnight) short-trm crdit it xtnds to banks to rplnish thir liquidity shortfalls. In this rgard, th Cntral Bank xrciss its rol as lndr of last rsort. Th Policy Rat (PR) plays th rol of a bnchmark that is usd to signal th cost of funds. As such, it is xpctd to b transmittd throughout th financial systm, as banks rflct it in transactions among thmslvs and with th public. Th dgr of transmission of th PR, howvr, dpnds on th dgr of dvlopmnt of and comptition in th financial systm. In Ghana, th rflction of th PR in particular banks' lnding rats has bn xtrmly tardy. Th nxt rat of intrst is th intrbank rat, which banks us for financial transactions among thmslvs. As such, ths rats may not b quit visibl to th gnral public. Thr is also a st of rats on govrnmnt scuritis that typically rang from 91 days to 5 yars. Nxt ar banks' lnding and dposit 2 Th Ghanaian montary authoritis hav dcidd to call thirs th Policy Rat, that nam is usd in th papr.

8 2 Th Institut of Economic Affairs rats. Ths ar probably th most visibl rats to th public and which, arguably, ar th primary subjct mattr of th dbat rgarding high intrst rats, at last on th lnding sid. Thr is much about th lvls and sprads of ths rats latr on in th papr. Whil thy diffr, th intrst rats in th diffrnt sgmnts of th financial systm tnd to b rlatd somwhat, rflcting th cost of funds as signald by th PR. Thir rlationship also drivs from th principl of arbitrag which argus that funds will flow, within cost margins, from markts whr thy rciv lowr rturns to othrs whr thy rciv highr rturns. In thory, som quilibrium lvl of intrst rats will b rachd in ach sgmnt of th loanabl funds markt, rflcting th point whr availabl supply of funds is qual to dmand for thm. That said, thr ar svral layrs of influnc and actors in th markts 3 that affct th flow of funds that go to dtrmin intrst rat lvls. 2. Th Principal Markt Actors and Factors That Influnc Intrst Rats Thr ar svral actors in th markts whos actions and prfrncs influnc th lvl of intrst rats. Th ky actors ar borrowrs, lndrs, banks and th montary authoritis. 2.1 Borrowrs Lt s first tak th dmand sid of th loanabl funds markt. Th usrs of funds ar th govrnmnt, companis and individuals. Th govrnmnt dmands funds to financ th gap btwn its rvnu and xpnditur or th budgt dficit. Th govrnmnt is oftn a big playr in th markts whr it compts with othr usrs of funds. In that sns, th public sctor borrowing rquirmnt (PSBR) has a big influnc on th pric of funds or th intrst rat. Companis and individuals also borrow for consumption and invstmnt purposs. Thir dmand for funds will also influnc th pric or intrst rat. Govrnmnt borrowing to financ budgt dficits has bn on of th major factors that hav sustaind th high lvl of intrst rats in Ghana. Th immdiat ffct is on th Trasury Bills and Nots/Bonds markt. But, as notd, intrst rats across markt sgmnts tnd to b linkd somwhat through arbitrag and also bcaus of limitd 3 Rcognition is takn of th xistnc of informal markts lik th susu schms and lon-lndr systms, which could nrich th discussion if appropriatly analyzd. For now, howvr, th discussion is kpt simpl and attntion is focusd on th formal financial markts.

9 rsourcs govrnmnt borrowing has an ffct on all intrst rats. Whn govrnmnt issus high lvls of its scuritis, it has to pay a high pric in th form of intrst to b abl to rais its financing targt, bcaus of rsourc limitations. By compting with othr usrs of funds, govrnmnt borrowing may put prssur on intrst rats in othr markt sgmnts as wll as crowd out privat borrowrs. That is th rason why high dficits and xcssiv govrnmnt borrowing may b bad for th conomy. 2.2 Lndrs/Invstors In a world of limitd rsourcs, lndrs both domstic and forign hav a grat dal of influnc on th pric of funds or th intrst rat. In gnral, lndrs will dmand highr intrst rats th gratr thy prciv th risks associatd with thir lnding. Ths risks ar both conomic and political. Economic risks includ xpctd currncy dprciation and 4 inflation. Both factors rod savings/invstmnts and, thrfor, hav to b compnsatd for. Othr conomic risks ar high xtrnal account dficits, budgt dficits, and public dbt, which signify that th capacity of a borrowing govrnmnt to srvic its dbt may b compromisd and th risk of dfault is high. Political risks, on th othr hand, includ political instability, corruption, and lack of ffctiv institutional mchanisms for protction of invstd funds. Th markt will sk compnsation for ths risks by dmanding highr intrst. Whn Ghana's intrst rats ar considrd high, it is bing rlatd to rats in othr countris, spcially our prs in Africa and in othr parts of th dvloping world. Thory postulats that domstic intrst rats rflct a markup ovr forign ons, th markup rprsnting prcivd risks. Thus, in gnral i d = i f + risks Equation(1) whr, i d is domstic intrst rat, i f is forign intrst rat, and 'risks' rprsnt all risks associatd with lnding to th country. As notd abov, on important risk is currncy dprciation, which rods th valu of invstmnts in forign currncy trms, for which th markt will dmand compnsation. Forign lndrs will b mor concrnd with this typ of risk, givn that thy hav to rpatriat thir funds in th futur in forign currncy. Th markt markup basd on currncy dprciation is rprsntd by th classical Intrst Rat Parity Thorm (IRPT). Th IRPT 3

10 4 Th Institut of Economic Affairs stats that th markt will dmand an intrst rat prmium basd on xpctd dprciation of th domstic currncy. Thus, domstic intrst rats will b qual to forign intrst rats plus a markup basd on prcivd dprciation of th domstic currncy. In an quation form, th IRPT can b statd as: i = i + E Equation(2) d f whr, i d, i f ar as statd abov, and E is xpctd chang in th domstic currncy. Thus, vn basd on xpctd currncy dprciation alon, domstic intrst rats will b highr than forign ons. Givn that th cdi has bn dprciating for most of its history, it should thrfor not b surprising that th markt has continud to dmand a prmium on Ghana's intrst rats. Evn whr th xchang rat has bn stabl d facto, as w ar xprincing currntly, th markt may still dmand a prmium if it dos not bliv that th stability is ral or will last, and that futur dprciation is a crtainty. Th risk hr is a mattr of prcption rathr than of fact. 2.3 Commrcial Banks Most of th ir about high intrst rats has bn dirctd at commrcial banks and may b rightly so. As w know, th banks st rats at which thy lnd funds to borrowrs and rats thy pay on dposits lodgd by customrs with thm. It is thn lft to borrowrs and savrs to dcid which banks thy want to dal with and in what amounts. In a situation whr th financial systm is not wll-dvlopd and is infficint and uncomptitiv, howvr, banks' lnding rats could b artificially high and dposit rats artificially low, with borrowrs and savrs rducd ssntially to prictakrs in th markts. This is to say that th markt has to accpt rats thrown up by an uncomptitiv and infficint banking systm. Not surprisingly, banks' lnding rats hav rmaind stubbornly high in Ghana, vn as th bnchmark PR has bn rcntly rducd. Svral indicators ar usd to buttrss this point. As Tabl 1 and Chart 1 indicat, during Jun 29-Jun 21, banks avrag lnding rat dclind by 2.12 prcntag points. This compars unfavorably with dclins of 3.5 and prcntag points rspctivly in th Policy Rat and th 91-day Trasury Bill rat. Official information obtaind indicats that as at nd-jun, lnding rats in th industry rangd from 23.5 prcnt to 37.5 prcnt, with an industry avrag of 3.63 prcnt. On th othr hand, savings dposit rats rangd from 2. prcnt to 11.5 prcnt, with an industry avrag of 7.25 prcnt. This lavs an unaccptably larg sprad, a point takn up latr. Apart from nominal rats, banks ral lnding rats hav bn qually high. Rfrring to Tabl 2 and Chart 2, banks avrag ral lnding rat narly doubld from 12.1 prcnt in Jun 29 to prcnt in Jun 21. During th sam priod, th ral 91-day Trasury Bill rat

11 dclind from 5.8 prcnt to 3.37 prcnt (although it ros through Novmbr 29). This trnd mant that govrnmnt bnfitd from dcrasing cost of crdit through Trasury Bill issus. Throughout th ntir priod, th banks' avrag ral savings rat rmaind, albit dcrasingly, ngativ. This shows th xtnt to which savrs hav born th brunt of banks' policis. Th situation is not conduciv for mobilizing savings and dvloping a savings cultur in this country. It is notd hr that th ral PR also incrasd stadily throughout th priod, transitioning from ngativ trritory arlir to positiv trritory latr. This issu is takn up in Sction 2.4 blow. Nxt, a look at banks' intrst rat sprads buttrsss th problm of thir high lnding rats alongsid dprssd savings rats. During th rviw priod, banks avrag lnding ratsavings rat sprad stayd within a rang of prcntag points, dclining by a mr.87 prcntag points (S Tabl 3 and Chart 3). Furthr, th lnding rat-pr sprad showd a gnral rising trnd in th rang of prcntag points. Also, th lnding rat-t'bill rat sprad widnd sharply from 6.93 prcntag points to prcntag points. Thrfor, by vry masur, banks' lnding rats rmaind mils abov comparabl rats in th financial systm. Th Cntral Bank, govrnmnt officials, and concrnd privat groups and individuals hav 5 rpatdly urgd banks to rduc thir lnding rats (s blow). Ths appals, howvr, sm to hav largly falln on daf ars. It would appar that moral suasion alon may not b nough and that th montary authoritis would hav to find mor ffctiv mans of gtting thir mssag across. Thy hav a duty to nsur that banks conform to accptabl ruls of bhavior vn in th contxt of a libralizd financial rgim or fr markt conomy. Th high lvl of lnding rats or th cost of crdit is consistntly citd by businssmn to b on of th important impdimnts to invstmnt, privat sctor dvlopmnt, and conomic growth in Ghana. As notd abov, dposit rats, on th othr hand, hav bn prsistntly pggd low, laving larg sprads btwn th two rats. Larg sprads ar usually symptomatic of undrdvlopd, infficint, and uncomptitiv financial systms. Banks try to justify ths sprads in trms of thir high cost of funds and lnding risks. Among th costs thy cit ar oprational costs, costs associatd with macroconomic instability, and costs rlatd to th unrmunratd cash rsrv rquirmnt imposd by th montary authoritis. Th banks may also argu that lnding to sctors lik shock-pron agricultur and to customrs who lack crdit rfrnc, incras th dangr of loan dlinquncy, thrby incrasing risks for th banks. Whthr ths factors justify th larg sprads, is, howvr, 5

12 6 Th Institut of Economic Affairs TABLE 1 : KEY INTEREST RATES, JUNE 29-JUNE 21 Priod 29:Jun Jul Aug Sp Oct Nov Dc 21: Jan Fb Mar Apr May Jun Jun'9-Jun'1 Chang Policy Rat Day T- Bill Rat Av. Lnding Rat Av. Savings Rat Inflation Rat

13 7 CHART 1: KEY INTEREST RATES, JUNE 29-JUNE 21 P r c n t Ky Ky Intrst Rats, Jun, Jun 29-Jun 21 n Ju J u l : A ug S p O ct N ov D c n Ja 2 9 : 1 2 Priod b F a r M p r A a y M J u n Policy Rat 91-Day T-Bill Rat Av. Lnding Rat Av. Savings Rat Inflation Rat P r c n t Ky Intrst Rats, Jun 29-July 21 Policy Rat 91-Day T-Bill Rat Av. Lnding Rat Av. Savings Rat n Ju J u l : A ug S p O ct N ov D c n Ja : F b M ar A pr M ay J un Inflation Rat Priod

14 8 Th Institut of Economic Affairs Tabl 2 & Chart 2 Ral Intrst Rats, Jun 29 - Jun 21 Priod 29:Jun Jul Aug Sp Oct Nov Dc 21: Jan Fb Mar Apr May Jun Jun'9-Jun'1 Chang Ral Lnding Rat Ral Savings Rat Ral T-bill Rat Ral Policy Rat Ral Intrst Rats, Jun 29-Jun 21 P r c n t :Jun Jul Aug Sp Oct Nov Dc 21: Jan Fb Mar Apr May Jun Ral Lnd. Lnding Rat Rat Ral Savings Rat Ral T'Bill Rat Ral Policy Rat -15. Priod

15 9 25. Ral Intrst Rats, Jun 29-Jun P r c n t :Jun Jul Aug Sp Oct Nov Dc 21: Jan Priod Fb Mar Apr May Jun Ral Lnding Lnd. Rat Rat Ral Savings Rat Ral T'Bill Rat Ral Policy Rat TABLE 3 & CHART 3 INTEREST RATE SPREADS, JUNE 29-JUNE 21 Priod Lnd-Sav. Sprad Lnd-PR Sprad Lnd-T Bill Sprad 29:Jun Jul Aug Sp Oct Nov Dc 21: Jan Fb Mar Apr May Jun Jun'9-Jun'1 Chang

16 1 Th Institut of Economic Affairs P r c n t :Jun Intrst Rat Sprads, Jun 29-Jun 21 Lnd-Sav. Sprad Lnd-PR Sprad Lnd.-T'Bill n 9 : Ju J u l Lnd-T Bill Sprad A ug S p O ct N ov D c n : Ja F b M ar A pr M ay J un Priod Jul Aug Sp Oct Nov Dc 21: Jan Fb Mar Apr May Jun 3. Intrst Rat Sprads, Jun 29-July 21 P r c n t :Jun n 9 : Ju 2 Jul l Ju Aug g u A Sp S p Oct c t O Nov Dc 21: Jan v c o n N D : Ja 1 2 Priod Fb F b Mar a r M Apr p r A May a y M Jun n Ju Lnd-Sav. Sprad Sprad Lnd-PR Sprad Lnd-T Bill Lnd.-T'Bill Sprad

17 Th Montary Authoritis Whil commrcial banks may hav to tak considrabl flack for high intrst rats in th country, th policy actions of th montary authoritis could also contribut to th problm. Th montary authoritis us intrst rat policy as a tool for managing inflation, somtims th xchang rat, and conomic activity. Whn inflation is high and if this is considrd a gratr risk than a slowing conomy th authoritis will rais th PR to signal a highr cost of funds that it lnds primarily to banks. This mssag is supposd to b passd on by banks in th form of highr lnding and dposit rats, which, in thory should rduc crdit dmand and attract savings. Th rsult is to rduc mony supply and aggrgat dmand in th conomy and thrby hlp dampn inflation prssur. On th othr hand, if th authoritis considr th balanc of risk to li mor with a slowing conomy than with inflation, thn thy will rduc th PR to stimulat crdit dmand in ordr to bolstr conomic activity. In Ghana, inflation has bn a prsistnt problm, drivn, primarily, by dmand prssurs associatd with high govrnmnt xpnditur and dficit financing, costpush ffcts manating from cyclical food supply shocks, and th impact of a dprciating currncy on import prics. Facd with prsistnt inflation, th montary authoritis had to pg th PR high for a considrabl lngth of tim. In rcnt months, howvr, th PR has bn rducd rpatdly in lin with falling inflation. Th PR may also b usd as a tool to support th domstic currncy. Kping th PR and, in sympathy, othr rats high incrass th attractivnss of domstic currncy-dnominatd assts. Th dampning ffct of high intrst rats on domstic crdit and mony supply also rducs dmand for forign xchang. In th nd, high domstic intrst rats hlp to attract forign currncy into th conomy and to rduc outflows, thrby strngthning th xchang rat. It will b saf to infr that th PR has bn usd as a tool not only for fighting 8 inflation but also for protcting th xchang rat. It follows, thrfor, that if th Ghanaian montary authoritis had long bn proccupid with fighting inflation and also protcting th currncy, thn it could b infrrd that thy might hav bn contributing to th prvalnc of high intrst rats in th country. Th qustion of whthr th PR has bn xcssivly high or not, howvr, cannot b considrd in isolation, bcaus that is a mattr of rlativity. A rlvant masur in this rgard is th ral rat, i.. th nominal rat discountd for inflation. As Tabl1and Chart 1 show, th ral PR was ngativ btwn Jun-August 29, bfor turning positiv thraftr. Th ngativ or low positiv ral PR would suggst that montary policy was not sufficintly tight during th priod. Also, to th xtnt that th PR is chargd on lnding to banks, it implis that th banks 8 This is not information that is normally put out in th public domain but rquirs a carful rading of th montary authoritis' intrvntion actions to discrn. For instanc, if against th run of conomic fundamntals, th currncy holds stady or vn apprciats, th chancs ar that th authoritis may b intrvning havily in th forign xchang markt, which may show in falling intrnational rsrvs.

18 12 Th Institut of Economic Affairs wr rciving rlativly chap funds from th Cntral Bank. This is spcially th cas sinc it was happning at a tim whn th banks wr charging much highr ral rats on thir lnding to th public (S th attachd Tabls and Charts). It is also obsrvd that from Jun 29 through Fbruary 21, th PR was lowr than th (intrst quivalnt of) 91-day Trasury Bill rat. Could this not hav pavd th way for th banks to roundtrip to th xtnt that thy could purchas T-Bills at highr rturns and us thm to collatraliz thir borrowing from th Cntral Bank at th lowr PR? Whil still on th PR, th MPC communiqués indicat that th montary authoritis hav bn asing policy from Octobr 29 consistnt with falling inflation by rducing th PR. Ironically howvr, th fact that th ral PR has bn incrasing sms to suggst, rathr, a procss of policy tightning in th ral sns. Th infrnc from all this is that, on th on hand, th montary authoritis did not sm to hav had in plac a PR that was sufficintly high in th arlir priod whn it was ndd to stm inflation, whil, on th othr hand, in th lattr priod, th authoritis might hav bn tightning policy in a ral sns rathr than asing it, which is currntly ndd. Th two rsults appar to suggst som kind of instrumnt-goal inconsistncis. Th montary authoritis' commnts on ths obsrvations would, of cours, b wlcom. 3. Effcts of High Intrst Rats Probably, nobody has a bttr apprciation of th ffcts of high intrst rats than industrialists who ar at th forfront of production in th country. It is not surprising, thrfor, that th Association of Ghanaian Industris (AGI) along with th Unitd Tradrs Association of Ghana (UTAG) and th Ghana Chambr of Commrc (GCC), has bn th most vocal in dcrying th high lvl of intrst rats. As ths various bodis will tll you, high intrst rats rduc th incntiv to invst and thrby slow down not only industrial growth but also conomic growth. Indd, Ghana's rlativly high intrst rats and high cost of crdit mak th country lss comptitiv in attracting invstmnts, which inhibits its growth. High cost of crdit ranks among th top concrns oftn citd by invstors as impding businss in Ghana. If intrst rats, and th cost of crdit, ar brought down significantly, Ghana would b abl to attract highr lvls of invstmnts which would add svral notchs to its growth rat. By incrasing th cost of crdit and production, high intrst rats also rsult in high prics of goods and srvics that consumrs hav to pay. It is known that th montary authoritis tnd

19 to rais intrst rats to try and dampn dmand prssurs in fighting inflation. Howvr, th irony of such action is that it may also caus mor inflation if production costs incras significantly as a rsult of th high cost of crdit. Such an outcom is mor likly in an conomy lik ours whr production constraints ar substantial. High intrst rats can, thrfor, both inhibit conomic growth and caus inflation. Ghana's conomy has probably long bn caught up in this undsirabl scnario. Whil growth rats of 5-6 prcnt achivd in th past lookd rspctabl to us, to achiv th Millnnium Dvlopmnt Goals (MDGs) would rquir much highr growth rats of 8-1 prcnt. This is, howvr, not possibl whn ral intrst rats, at last on bank loans, ar so high. Similarly, th prsistnc of th stubbornly high inflation in this country could not b unrlatd to th cost-push ffct of highr production costs associatd with high intrst rats. Lowring intrst rats should thrfor b a top national priority Rmdial Masurs Masurs rquird to rduc intrst rats follow dirctly from th causal factors numratd abov. Primarily, macroconomic stability is critical to rducing th markt's prcivd risks for which it sks compnsation in high intrst rats. As a principal dtrminant of macroconomic stability, fiscal policy has a ky rol to play in rducing risks. In th sam vin, govrnmnt must curb its spnding and borrowing to rduc th prssur on intrst rats and crowding out of th privat sctor. Political risks, including thos rlatd to policy uncrtaintis, corruption, and lack of institutional protction for invstmnts and privat proprty, should also b minimizd in ordr to improv invstor confidnc and trust. Rducing intrst rats will rquir addrssing som structural waknsss in th banking industry. Dspit th fast growth of th industry, comptition rmains low, an indication that siz alon may not b sufficint in gnrating comptition. Primary among th structural waknsss is th domination of th industry by th Ghana Commrcial Bank (GCB) along with th National Invstmnt Bank (NIB) and Agricultural Dvlopmnt Bank (ADB) which dos not oprat indpndntly and fficintly. It is as if ovr 3 prcnt of th banking industry is not contributing to th xpctd comptition and fficincy. This calls for privatization and/or rstructuring in a mannr that rmovs official intrfrnc in th running of ths banks such that thy can oprat comptitivly and fficintly. This will b bnficial to th industry as a whol. For xampl, th dcision by

20 14 Th Institut of Economic Affairs GCB to lnd to TOR, or othr parastatals, should b motivatd by commrcial considrations and not by political prssur ovrt or covrt. Banks lik NIB and ADB hav a rol to play in supporting th stratgic sctors of industry and agricultur. But thy should b mad to oprat fficintly in ordr to limit fiscal risks and risks to th ntir financial systm. Coupld with low comptition in th banking industry is th problm of banks' own high oprational costs, including administrativ costs, th costs associatd with inadquat financial infrastructur, and th high costs of administring numrous small dposits and borrowrs who lack sufficint idntity and crdit rfrnc. Thr ar also costs to th industry associatd with montary policy. In particular, whil th obligation to kp 9 prcnt of banks' dposits in th form of rsrvs at th Cntral Bank srvs an important prudntial objctiv, spcially in our systm whr thr is no dposit insuranc, th fact that th rsrvs ar unrmunratd constituts a cost to th banks, as thy hav to pay intrst to 9 customrs howvr low that may b. This is not to say, howvr, that th rsrv rquirmnt alon can b usd to justify banks' larg sprads. In fact, if Ghana did hav a dposit insuranc schm, th banks would b askd to mak financial contributions to it. That said, a rduction of th primary rsrv ratio to svn prcnt(7%) initially and furthr to fiv prcnt (5%) subsquntly is rcommndd. On th othr hand, th Cntral Bank may dcid to pay a minimal rturn on th rsrvs to hlp banks offst part of thir costs. Th Cntral Bank must act dcisivly to curb th high lvl of banks' lnding rats and sprads, which cannot b justifid on th basis of thir costs, spcially in light of thir continud high profitability. Th us of moral suasion by th Bank has nvr workd and a nw approach is warrantd. An option will b to cap intrst rat sprads at 1 prcnt initially, to b rviwd aftr a yar or two. Th banks should b allowd to continu to st th lvls of thir lnding and dposit rats. Sinc dposits rprsnt banks principal sourc of funds for lnding, imposing a limitd markup of lnding rats ovr dposit rats would not appar to b out of ordr. If this masur vn rsults in both lnding and dposit rats rmaining high, it will at last achiv th usful purpos of nsuring that du rturn is paid on savings. It should b known that capping th sprad is in no way intndd to rturn to th old systm of controlld intrst rats. Such intrvntion can b justifid as ncssary in corrcting an obvious markt failur in th crdit systm, somthing that is don vn in th most capitalist conomis. This cas should b mad strongly to our multilatral partnrs th IMF and World Bank who ar likly to b th first to rais th issu of a rturn to controls, which

21 15 1 thy considr an anathma to thir fr markt conomic philosophy. It is worth mphasizing that it is th collctiv rsponsibility of all rlvant partis, in particular govrnmnt, banks, and th montary authoritis, to bring intrst rats down. This will b mutually bnficial. It is in this vin that th rcnt indication by banks that thy will rduc thir lnding rats following rductions in thir bas rats, which wr considrd by many popl to b inadquat, is a vry wlcom dvlopmnt. In fact, thr ar ampl 11 rsourcs in this country to tap for dvlopmnt. But somtims a cas is mad for looking 12 to th outsid bcaus of th high cost of crdit in this country. Bringing intrst rats down should mak domstic rsourcs affordabl for th govrnmnt, municipalitis, utility companis, housing providrs, tc. to tap for conomic and social projcts.

22 IEA Ghana THE INSTITUTE OF ECONOMIC AFFAIRS A Public Policy Institut P. O. Box OSI936, Osu, Accra, Ghana. Tl: / , Fax:

Econ 371: Answer Key for Problem Set 1 (Chapter 12-13)

Econ 371: Answer Key for Problem Set 1 (Chapter 12-13) con 37: Answr Ky for Problm St (Chaptr 2-3) Instructor: Kanda Naknoi Sptmbr 4, 2005. (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

More information

Intermediate Macroeconomic Theory / Macroeconomic Analysis (ECON 3560/5040) Final Exam (Answers)

Intermediate 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 information

Long run: Law of one price Purchasing Power Parity. Short run: Market for foreign exchange Factors affecting the market for foreign exchange

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 information

Lecture notes: 160B revised 9/28/06 Lecture 1: Exchange Rates and the Foreign Exchange Market FT chapter 13

Lecture 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 information

Rural and Remote Broadband Access: Issues and Solutions in Australia

Rural 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 information

Increasing Net Debt as a percentage of Average Equalized ValuaOon

Increasing 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 information

Adverse Selection and Moral Hazard in a Model With 2 States of the World

Adverse 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 information

Foreign Exchange Markets and Exchange Rates

Foreign 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 information

by John Donald, Lecturer, School of Accounting, Economics and Finance, Deakin University, Australia

by 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 information

Theoretical aspects of investment demand for gold

Theoretical 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 information

In the first years of the millennium, Americans flocked to Paris to enjoy French

In 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 information

Remember 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

Remember 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 information

Economic Analysis of Floating Exchange Rate Systems

Economic 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 information

Gold versus stock investment: An econometric analysis

Gold versus stock investment: An econometric analysis Intrnational Journal of Dvlopmnt and Sustainability Onlin ISSN: 268-8662 www.isdsnt.com/ijds Volum Numbr, Jun 202, Pag -7 ISDS Articl ID: IJDS20300 Gold vrsus stock invstmnt: An conomtric analysis Martin

More information

FACULTY SALARIES FALL 2004. NKU CUPA Data Compared To Published National Data

FACULTY 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

Economic Insecurity, Individual Behavior and Social Policy

Economic 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 information

IMES DISCUSSION PAPER SERIES

IMES 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. 003-E-13

More information

Basis risk. When speaking about forward or futures contracts, basis risk is the market

Basis 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 information

Free ACA SOLUTION (IRS 1094&1095 Reporting)

Free ACA SOLUTION (IRS 1094&1095 Reporting) Fr ACA SOLUTION (IRS 1094&1095 Rporting) Th Insuranc Exchang (301) 279-1062 ACA Srvics Transmit IRS Form 1094 -C for mployrs Print & mail IRS Form 1095-C to mploys HR Assist 360 will gnrat th 1095 s for

More information

WORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769

WORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769 08-16-85 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 information

Improving Managerial Accounting and Calculation of Labor Costs in the Context of Using Standard Cost

Improving 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 50-54 Improving Managrial Accounting and Calculation of Labor Costs in th Contxt of Using Standard Cost Lucian OCNEANU, Constantin

More information

Asset set Liability Management for

Asset 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 information

Media Considerations Related to Puerto Rico s Fiscal Situation

Media 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 information

Defining Retirement Success for Defined Contribution Plan Sponsors: Begin with the End in Mind

Defining 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 information

The example is taken from Sect. 1.2 of Vol. 1 of the CPN book.

The 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 wll-suitd as a first introduction to Cnts. Th CN modl is dscribd in grat dtail, xplaining th basic concpts of C-nts. Hnc, it can b rad by popl

More information

Traffic Flow Analysis (2)

Traffic Flow Analysis (2) Traffic Flow Analysis () Statistical Proprtis. Flow rat distributions. Hadway distributions. Spd distributions by Dr. Gang-Ln Chang, Profssor Dirctor of Traffic safty and Oprations Lab. Univrsity of Maryland,

More information

EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS

EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS 25 Vol. 3 () January-March, pp.37-5/tripathi EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS *Shilpa Tripathi Dpartmnt of Chmical Enginring, Indor Institut

More information

Analysis of Trade Before and After the WTO: A Case Study of India

Analysis of Trade Before and After the WTO: A Case Study of India Global Journal of Financ and Managmnt. ISSN 0975-6477 Volum 6, Numbr 8 (2014), pp. 801-808 Rsarch India Publications http://www.ripublication.com Analysis of Trad Bfor and Aftr th WTO: A Cas Study of India

More information

Development of Financial Management Reporting in MPLS

Development of Financial Management Reporting in MPLS 1 Dvlopmnt of Financial Managmnt Rporting in MPLS 1. Aim Our currnt financial rports ar structurd to dlivr an ovrall financial pictur of th dpartmnt in it s ntirty, and thr is no attmpt to provid ithr

More information

B-285141. April 21, 2000. The Honorable Charles B. Rangel Ranking Minority Member Committee on Ways and Means House of Representatives

B-285141. 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 B-285141 April 21, 2000 Th Honorabl Charls B. Rangl Ranking Minority Mmbr Committ on Ways an Mans Hous of

More information

Performance Evaluation

Performance Evaluation Prformanc Evaluation ( ) Contnts lists availabl at ScincDirct Prformanc Evaluation journal hompag: www.lsvir.com/locat/pva Modling Bay-lik rputation systms: Analysis, charactrization and insuranc mchanism

More information

5 2 index. e e. Prime numbers. Prime factors and factor trees. Powers. worked example 10. base. power

5 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 information

REPORT' Meeting Date: April 19,201 2 Audit Committee

REPORT' Meeting Date: April 19,201 2 Audit Committee REPORT' Mting Dat: April 19,201 2 Audit Committ For Information DATE: March 21,2012 REPORT TITLE: FROM: Paul Wallis, CMA, CIA, CISA, Dirctor, Intrnal Audit OBJECTIVE To inform Audit Committ of th rsults

More information

Efficiency Losses from Overlapping Economic Instruments in European Carbon Emissions Regulation

Efficiency Losses from Overlapping Economic Instruments in European Carbon Emissions Regulation iscussion Papr No. 06-018 Efficincy Losss from Ovrlapping Economic Instrumnts in Europan Carbon Emissions Rgulation Christoph Böhringr, Hnrik Koschl and Ulf Moslnr iscussion Papr No. 06-018 Efficincy Losss

More information

NAVAL POSTGRADUATE SCHOOL

NAVAL POSTGRADUATE SCHOOL NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT Th Survivor Bnfit Plan: A Cost-Bnfit Analysis By: Advisors: Scott E. Batty, and Tho Kang Dcmbr 2007 William R. Gats, Raymond E. Franck

More information

content Fresh thinking for decision makers

content 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 information

Government Spending or Tax Cuts for Education in Taylor County, Texas

Government Spending or Tax Cuts for Education in Taylor County, Texas Govrnmnt Spnding or Tax Cuts for Education in Taylor County, Txas Ian Shphrd Abiln Christian Univrsity D Ann Shphrd Abiln Christian Univrsity On Fbruary 17, 2009, Prsidnt Barack Obama signd into law th

More information

Important Information Call Through... 8 Internet Telephony... 6 two PBX systems... 10 Internet Calls... 3 Internet Telephony... 2

Important Information Call Through... 8 Internet Telephony... 6 two PBX systems... 10 Internet Calls... 3 Internet Telephony... 2 Installation and Opration Intrnt Tlphony Adaptr Aurswald Box Indx C I R 884264 03 02/05 Call Duration, maximum...10 Call Through...7 Call Transportation...7 Calls Call Through...7 Intrnt Tlphony...3 two

More information

Global Sourcing: lessons from lean companies to improve supply chain performances

Global Sourcing: lessons from lean companies to improve supply chain performances 3 rd Intrnational Confrnc on Industrial Enginring and Industrial Managmnt XIII Congrso d Ingniría d Organización Barclona-Trrassa, Sptmbr 2nd-4th 2009 Global Sourcing: lssons from lan companis to improv

More information

Lecture 3: Diffusion: Fick s first law

Lecture 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 information

Natural Gas & Electricity Prices

Natural Gas & Electricity Prices Click to dit Mastr titl styl Click to dit Mastr txt styls Scond lvl Third lvl Natural Gas & Elctricity Prics Fourth lvl» Fifth lvl Glnn S. Pool Manufacturing Support Mgr. Enrgy April 4, 2013 Click Vrso

More information

Category 7: Employee Commuting

Category 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 information

Relationship between Cost of Equity Capital And Voluntary Corporate Disclosures

Relationship 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 E-mail: ptrova.lnaa@gmail.com Gorgios Gorgakopoulos (Corrsponding author) Amstrdam

More information

Fleet vehicles opportunities for carbon management

Fleet vehicles opportunities for carbon management Flt vhicls opportunitis for carbon managmnt Authors: Kith Robrtson 1 Dr. Kristian Stl 2 Dr. Christoph Hamlmann 3 Alksandra Krukar 4 Tdla Mzmir 5 1 Snior Sustainability Consultant & Lad Analyst, Arup 2

More information

OPTIONS AND FUTURES: A TECHNICAL APPRAISAL

OPTIONS 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 information

Have Debit Cards Changed Thai Consumer Shopping Behavior?

Have Debit Cards Changed Thai Consumer Shopping Behavior? Intrnational Journal of Markting Studis Novmbr, 2009 Hav Dbit Cards Changd Thai Consumr Shopping Bhavior? Chtsada Noknoi Economics and Businss Administration Faculty, Thaksin Univrsity 140 Moo 4, Kanajanavanit

More information

Question 3: How do you find the relative extrema of a function?

Question 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 information

A Theoretical Model of Public Response to the Homeland Security Advisory System

A 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 information

FACILITY MANAGEMENT SCHEMES FOR SCHOOLS IN THE UK:A STUDY OF VARIATIONS IN SUPPORT SERVICES COSTS AND CAPITAL EFFICIENCY RATIOS

FACILITY MANAGEMENT SCHEMES FOR SCHOOLS IN THE UK:A STUDY OF VARIATIONS IN SUPPORT SERVICES COSTS AND CAPITAL EFFICIENCY RATIOS FACILITY MANAGEMENT SCHEMES FOR SCHOOLS IN THE UK:A STUDY OF VARIATIONS IN SUPPORT SERVICES COSTS AND CAPITAL EFFICIENCY RATIOS By Rui PdroPrira Magalhas 1 Sptmbr 2013 A Dissrtation submittd in part fulfilmnt

More information

Parallel and Distributed Programming. Performance Metrics

Parallel 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 information

Northern Ireland Petrol and Diesel prices data analysis

Northern Ireland Petrol and Diesel prices data analysis Rsarch and Information Srvic Papr 163/12 04 Octobr 2012 NIAR 720-12 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 information

Deer: Predation or Starvation

Deer: 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 information

Dehumidifiers: A Major Consumer of Residential Electricity

Dehumidifiers: A Major Consumer of Residential Electricity Dhumidifirs: A Major Consumr of Rsidntial Elctricity Laurn Mattison and Dav Korn, Th Cadmus Group, Inc. ABSTRACT An stimatd 19% of U.S. homs hav dhumidifirs, and thy can account for a substantial portion

More information

AP Calculus AB 2008 Scoring Guidelines

AP Calculus AB 2008 Scoring Guidelines AP Calculus AB 8 Scoring Guidlins Th Collg Board: Conncting Studnts to Collg Succss Th Collg Board is a not-for-profit mmbrship association whos mission is to connct studnts to collg succss and opportunity.

More information

STATEMENT OF INSOLVENCY PRACTICE 3.2

STATEMENT 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 information

QUANTITATIVE METHODS CLASSES WEEK SEVEN

QUANTITATIVE 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 information

Modern Portfolio Theory (MPT) Statistics

Modern 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 information

HSBC Bank International Expat Explorer Survey 08

HSBC 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 information

GOAL SETTING AND PERSONAL MISSION STATEMENT

GOAL SETTING AND PERSONAL MISSION STATEMENT Prsonal Dvlopmnt Track Sction 4 GOAL SETTING AND PERSONAL MISSION STATEMENT Ky Points 1 Dfining a Vision 2 Writing a Prsonal Mission Statmnt 3 Writing SMART Goals to Support a Vision and Mission If you

More information

7 Timetable test 1 The Combing Chart

7 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 information

Cisco Data Virtualization

Cisco Data Virtualization Cisco Data Virtualization Big Data Eco-systm Discussion with Bloor Group Bob Ev, David Bsmr July 2014 Cisco Data Virtualization Backgroundr Cisco Data Virtualization is agil data intgration softwar that

More information

Electronic Commerce. and. Competitive First-Degree Price Discrimination

Electronic Commerce. and. Competitive First-Degree Price Discrimination Elctronic Commrc and Comptitiv First-Dgr Pric Discrimination David Ulph* and Nir Vulkan ** Fbruary 000 * ESRC Cntr for Economic arning and Social Evolution (ESE), Dpartmnt of Economics, Univrsity Collg

More information

union scholars program APPLICATION DEADLINE: FEBRUARY 28 YOU CAN CHANGE THE WORLD... AND EARN MONEY FOR COLLEGE AT THE SAME TIME!

union scholars program APPLICATION DEADLINE: FEBRUARY 28 YOU CAN CHANGE THE WORLD... AND EARN MONEY FOR COLLEGE AT THE SAME TIME! union scholars YOU CAN CHANGE THE WORLD... program AND EARN MONEY FOR COLLEGE AT THE SAME TIME! AFSCME Unitd Ngro Collg Fund Harvard Univrsity Labor and Worklif Program APPLICATION DEADLINE: FEBRUARY 28

More information

Cost-Volume-Profit Analysis

Cost-Volume-Profit Analysis ch03.qxd 9/7/04 4:06 PM Pag 86 CHAPTER Cost-Volum-Profit Analysis In Brif Managrs nd to stimat futur rvnus, costs, and profits to hlp thm plan and monitor oprations. Thy us cost-volum-profit (CVP) analysis

More information

Managing Risk with Composite Information Systems

Managing Risk with Composite Information Systems Managing Risk with Composit Information Systms Ying-Sung Tay May 1990 WP # CIS-90-10 MANAGING RISK WITH COMPOSITE INFORMATION SYSTEMS Ying-Sung Tay May 31, 1990 Rsarch Assistantship Rport ABSTRACT With

More information

Keywords Cloud Computing, Service level agreement, cloud provider, business level policies, performance objectives.

Keywords Cloud Computing, Service level agreement, cloud provider, business level policies, performance objectives. Volum 3, Issu 6, Jun 2013 ISSN: 2277 128X Intrnational Journal of Advancd Rsarch in Computr Scinc and Softwar Enginring Rsarch Papr Availabl onlin at: wwwijarcsscom Dynamic Ranking and Slction of Cloud

More information

Expert-Mediated Search

Expert-Mediated Search Exprt-Mdiatd 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 information

(Analytic Formula for the European Normal Black Scholes Formula)

(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 information

FOREIGN EXCHANGE RISK MANAGEMENT PRACTICES - A STUDY IN INDIAN SCENARIO

FOREIGN EXCHANGE RISK MANAGEMENT PRACTICES - A STUDY IN INDIAN SCENARIO BRAC Univrsity Journal, vol. V, no. 2, 2008, pp. 81-91 FOREIGN EXCHANGE RISK MANAGEMENT PRACTICES - A STUDY IN INDIAN SCENARIO Sathya Swaroop Dbasish Dpartmnt of Businss Managmnt Fakir Mohan Univrsity

More information

Logo Design/Development 1-on-1

Logo Design/Development 1-on-1 Logo Dsign/Dvlopmnt 1-on-1 If your company is looking to mak an imprssion and grow in th marktplac, you ll nd a logo. Fortunatly, a good graphic dsignr can crat on for you. Whil th pric tags for thos famous

More information

A copy of the Consultation Paper is in the Members Library and further details are available at www.scotland~qov.umpublications/2012/12/5980

A 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 information

Continuity Cloud Virtual Firewall Guide

Continuity Cloud Virtual Firewall Guide Cloud Virtual Firwall Guid uh6 Vrsion 1.0 Octobr 2015 Foldr BDR Guid for Vam Pag 1 of 36 Cloud Virtual Firwall Guid CONTENTS INTRODUCTION... 3 ACCESSING THE VIRTUAL FIREWALL... 4 HYPER-V/VIRTUALBOX CONTINUITY

More information

Non-Homogeneous Systems, Euler s Method, and Exponential Matrix

Non-Homogeneous Systems, Euler s Method, and Exponential Matrix Non-Homognous Systms, Eulr s Mthod, and Exponntial Matrix W carry on nonhomognous first-ordr linar systm of diffrntial quations. W will show how Eulr s mthod gnralizs to systms, giving us a numrical approach

More information

Version Issue Date Reason / Description of Change Author Draft February, N/A 2009

Version 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 information

A Project Management framework for Software Implementation Planning and Management

A 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 information

Installation Saving Space-efficient Panel Enhanced Physical Durability Enhanced Performance Warranty The IRR Comparison

Installation Saving Space-efficient Panel Enhanced Physical Durability Enhanced Performance Warranty The IRR Comparison Contnts Tchnology Nwly Dvlopd Cllo Tchnology Cllo Tchnology : Improvd Absorption of Light Doubl-sidd Cll Structur Cllo Tchnology : Lss Powr Gnration Loss Extrmly Low LID Clls 3 3 4 4 4 Advantag Installation

More information

TIME MANAGEMENT. 1 The Process for Effective Time Management 2 Barriers to Time Management 3 SMART Goals 4 The POWER Model e. Section 1.

TIME 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 information

Presentation on Short-Term Certificates to the CAPSEE Conference. September 18, 2014

Presentation on Short-Term Certificates to the CAPSEE Conference. September 18, 2014 Prsntation on Short-Trm Crtificats to th CAPSEE Confrnc Sptmbr 18, 2014 Th first goal of City Collgs Rinvntion is focusd on nsuring studnts arn crdntials of conomic valu Rinvntion Goals Incras numbr of

More information

AN ACTUARIAL BALANCE SHEET FOR PAY-AS-YOU- GO FINANCE: SOLVENCY INDICATORS FOR SPAIN *

AN ACTUARIAL BALANCE SHEET FOR PAY-AS-YOU- GO FINANCE: SOLVENCY INDICATORS FOR SPAIN * CTURIL BLCE SHEET FOR PY-S-YOU- GO FICE: SOLVECY IDICTORS FOR SPI * MRÍ DEL CRME BODO-PES SLVDOR VLDÉS-PRIETO CRLOS VIDL-MELIÁ BSTRCT 24/4/7 Th solvncy and sustainability of pnsion systms financd by th

More information

SCHOOLS' PPP : PROJECT MANAGEMENT

SCHOOLS' PPP : PROJECT MANAGEMENT Rport Schools' PPP Sub Committ 22 April 2004 2 SCHOOLS' PPP : PROJECT MANAGEMENT 1 Rason for Rport To provid Mmbrs with information on th structur of th Schools' PPP Projct Tam 2 Background 21 Dumfris

More information

Resource Management and Audit Scrutiny Panel. Apologies for absence were received from Councillors Child, Gilchrist, Maginnis and O Donnell.

Resource Management and Audit Scrutiny Panel. Apologies for absence were received from Councillors Child, Gilchrist, Maginnis and O Donnell. + ED I N BVRG H + THE CITY OF EDINBURGH CUNClL Itm no 4 Committ Mi n Uts Rsourc Managmnt and Audit Scrutiny Panl Edinburgh, Prsnt:- Councillors Jackson (Convnr), Aldridg, Milligan, Munro, Paisly (substitut

More information

Entity-Relationship Model

Entity-Relationship Model Entity-Rlationship Modl Kuang-hua Chn Dpartmnt of Library and Information Scinc National Taiwan Univrsity A Company Databas Kps track of a company s mploys, dpartmnts and projcts Aftr th rquirmnts collction

More information

Paper P4. Advanced Financial Management. Tuesday 12 June Professional Level Options Module. The Association of Chartered Certified Accountants

Paper 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 information

Test of a V-Shaped Relationship between the Expected Real Effective Exchange Rate and Real Output: The Case of France

Test of a V-Shaped 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 V-Shapd lationship btwn th Expctd al Effctiv Exchang at and al Output: Th Cas of Franc u Hsing, SOUTHEASTEN LOUISIANA UNIVESIT Abstract Applying

More information

http://www.wwnorton.com/chemistry/tutorials/ch14.htm Repulsive Force

http://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 information

SPECIAL VOWEL SOUNDS

SPECIAL 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 information

ITIL & Service Predictability/Modeling. 2006 Plexent

ITIL & 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 information

Wage Inflation and the Distribution of Output Gaps in Europe: Insiders vs. Outsiders

Wage Inflation and the Distribution of Output Gaps in Europe: Insiders vs. Outsiders Economtric Rsarch and Spcial Studis Dpartmnt Wag Inflation and th Distribution of Output Gaps in Europ: Insidrs vs. Outsidrs M. Dmrtzis and A. Hughs Halltt Rsarch Mmorandum WO&E no. 631 Sptmbr 2000 D Ndrlandsch

More information

Fraud, Investments and Liability Regimes in Payment. Platforms

Fraud, 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 information

The Matrix Exponential

The 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 information

81-1-ISD Economic Considerations of Heat Transfer on Sheet Metal Duct

81-1-ISD Economic Considerations of Heat Transfer on Sheet Metal Duct Air Handling Systms Enginring & chnical Bulltin 81-1-ISD Economic Considrations of Hat ransfr on Sht Mtal Duct Othr bulltins hav dmonstratd th nd to add insulation to cooling/hating ducts in ordr to achiv

More information

ME 612 Metal Forming and Theory of Plasticity. 6. Strain

ME 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 information

CARE QUALITY COMMISSION ESSENTIAL STANDARDS OF QUALITY AND SAFETY. Outcome 10 Regulation 11 Safety and Suitability of Premises

CARE QUALITY COMMISSION ESSENTIAL STANDARDS OF QUALITY AND SAFETY. Outcome 10 Regulation 11 Safety and Suitability of Premises CARE QUALITY COMMISSION ESSENTIAL STANDARDS OF QUALITY AND SAFETY Outcom 10 Rgulation 11 Safty and Suitability of Prmiss CQC Rf 10A 10A(1) Lad Dirctor / Lad Officr Rspons Impact Liklihood Lvl of Concrn

More information

June 2012. Enprise Rent. Enprise 1.1.6. Author: Document Version: Product: Product Version: SAP Version: 8.81.100 8.8

June 2012. Enprise Rent. Enprise 1.1.6. Author: Document Version: Product: Product Version: SAP Version: 8.81.100 8.8 Jun 22 Enpris Rnt Author: Documnt Vrsion: Product: Product Vrsion: SAP Vrsion: Enpris Enpris Rnt 88 88 Enpris Rnt 22 Enpris Solutions All rights rsrvd No parts of this work may b rproducd in any form or

More information

User-Perceived Quality of Service in Hybrid Broadcast and Telecommunication Networks

User-Perceived Quality of Service in Hybrid Broadcast and Telecommunication Networks Usr-Prcivd Quality of Srvic in Hybrid Broadcast and Tlcommunication Ntworks Michal Galtzka Fraunhofr Institut for Intgratd Circuits Branch Lab Dsign Automation, Drsdn, Grmany Michal.Galtzka@as.iis.fhg.d

More information

YouthWorks Youth Works (yüth- w rkz), n.

YouthWorks Youth Works (yüth- w rkz), n. YouthWorks Youth Works(yüth- w rkz),n. 1. Baltimor City s summr jobs program. 2. Crats carr pathways for Baltimor City youth. 3. Givs Baltimor mployrs opportunitis to train thir futur workforc. Opportunity

More information

Who uses our services? We have a growing customer base. with institutions all around the globe.

Who uses our services? We have a growing customer base. with institutions all around the globe. not taking xpr Srvic Guid 2013 / 2014 NTE i an affordabl option for audio to txt convrion. Our rvic includ not or dirct trancription rvic from prviouly rcordd audio fil. Our rvic appal pcially to tudnt

More information

Statistical Machine Translation

Statistical Machine Translation Statistical Machin Translation Sophi Arnoult, Gidon Mailltt d Buy Wnnigr and Andra Schuch Dcmbr 7, 2010 1 Introduction All th IBM modls, and Statistical Machin Translation (SMT) in gnral, modl th problm

More information

Noble gas configuration. Atoms of other elements seek to attain a noble gas electron configuration. Electron configuration of ions

Noble 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 information

EVALUATING EFFICIENCY OF SERVICE SUPPLY CHAIN USING DEA (CASE STUDY: AIR AGENCY)

EVALUATING EFFICIENCY OF SERVICE SUPPLY CHAIN USING DEA (CASE STUDY: AIR AGENCY) Indian Journal Fundamntal and Applid Lif Scincs ISSN: 22 64 (Onlin) An Opn Accss, Onlin Intrnational Journal Availabl at www.cibtch.org/sp.d/jls/20/0/jls.htm 20 Vol. (S), pp. 466-47/Shams and Ghafouripour

More information