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Subject = Interest rates;
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Displaying Results 1 - 4 of 4 on page 1 of 1
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Elections and sovereign debt in advanced economies
(2013)
McMenamin, Iain; Breen, Michael; Portillo, Juan Munoz
Elections and sovereign debt in advanced economies
(2013)
McMenamin, Iain; Breen, Michael; Portillo, Juan Munoz
Abstract:
This article argues that advanced economies never eradicated political risk. We demonstrate that elections had large impacts on the long-term interest rates of nineteen countries in 130 elections over thirty years. Using an event-study methodology, we calculate that the resolution of uncertainty on the announcement of election results reduces interest rates. Very little of the variation is explained by economic variables. By contrast, familiar variables from comparative politics provide powerful explanations of variation in the impact of elections on borrowing rates. The biggest is ideology: the larger the swing towards the right in the parliament the larger the reduction in the interest rate. Two other variables also matter through their role in uncertainty. Close elections increase uncertainty during the campaign, leading to a greater reduction in uncertainty when the result is announced and a drop in the interest rate. By contrast, consensual institutions reduce uncertain...
http://doras.dcu.ie/18358/
Marked
Mark
Long-run and short-run linkages between stock prices and interest rates in the G-7
(2000)
Broome, Simon J.
Long-run and short-run linkages between stock prices and interest rates in the G-7
(2000)
Broome, Simon J.
Abstract:
There has been a substantial amount of research on the interrelationships between the main stock markets and onthe interdependence of the main bond markets around the world. However, there have been very few papers that have investigated the relationship between an individual country’s stock market and interest rate, then compared this interrelationship over a number of countries. As market across countries become more closely related due to technical progress and widespread financial deregulation, so different financial markets within countries should also become more closely integrated.The aim of this paper is to determine whether stock prices and interest rates share common trend or commoncycle. The cointegration technique isused to test for a long -run common trend, and codependence analysis is used to test for a short-run common cycle. Co-dependence hasbeen used by Vahid and Engle (1993)among others, to analyse common cycles between output and consumption. As both interest rat...
http://mural.maynoothuniversity.ie/8430/
Marked
Mark
Market for 33 percent interest loans. Financial inclusion and microfinance in India.
(2019)
Pauli, Markus
Market for 33 percent interest loans. Financial inclusion and microfinance in India.
(2019)
Pauli, Markus
Abstract:
Financial inclusion is the process of building viable institutions that provide financial services to those hitherto excluded. These may include savings, insurances, remittances, and credit. Microfinance became the most dominant method for achieving financial inclusion. However, different microfinance schools of thought recommend opposite ways for attaining financial integration. India is a particularly insightful case study due to the sheer number of people excluded from formal financial services, as well as the spectrum of actors and approaches. The aim of this article is threefold. First, defining financial inclusion, depicting its status quo in India and comparing it to its South Asian and BRICS peers using recently released data from the Global Findex database. Second, focusing on microfinance as the dominant vehicle for achieving financial inclusion by scrutinizing its definitions, contrasting its two leading "schools of thought" and analyzing the central role of its...
http://doras.dcu.ie/24328/
Marked
Mark
Simple tests of target zones: the Irish case
(1994)
Hughes, Jenny; Hurley, Margaret J.
Simple tests of target zones: the Irish case
(1994)
Hughes, Jenny; Hurley, Margaret J.
Abstract:
In a small open economy with fixed exchange rates, tandard theory suggests that domestic inflation and interest rates should equal those abroad. In a credible target zone, the same theories suggest that inflation and interest rates should be 'close'. Here, we seek to make precise this idea of limits on inflation and interest rate differentials consistent with limits on exchange rate movements. We then examine the case of Ireland, which joined the Exchange Rate Mechanism (ERM) of the European Monetary System (EMS) in 1979 attracted by the prospects of lower, German influenced, inflation and interest rates. We find in the early years of the ERM, both Irish inflation and interest rastes were inconsistent with credibility of the exchange rate regime; in he latter years, from 1987 on, rates were in the derived range around German rates.
http://mural.maynoothuniversity.ie/11415/
Displaying Results 1 - 4 of 4 on page 1 of 1
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Dublin City University (2)
Maynooth University (2)
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2019 (1)
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