scholarly journals A MODEL OF CALCULATION RISK CHANGING OF THE INTEREST RATE "YIELD TO MATURITY DATE" FOR FOREIGN CURRENCY BONDS OF THE REPUBLIC OF KAZAKHSTAN

2017 ◽  
Vol 52 (08) ◽  
pp. 19-36
Author(s):  
Sapargali Utepovich Zhanatauov ◽  
Keyword(s):  
Interest Rate ◽  
Foreign Currency ◽  
Maturity Date ◽  
The Republic ◽  
The Interest Rate

scholarly journals Exchange Market Pressure and Monetary Policy: Evidence from Pakistan

2007 ◽  
Vol 12 (2) ◽  
pp. 83-114
Author(s):  
M. Idrees Khawaja
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Capital Mobility ◽  
Foreign Currency ◽  
Impulse Response Functions ◽  
Exchange Market ◽  
Exchange Market Pressure ◽  
Domestic Credit ◽  
The Interest Rate ◽  
Market Pressure

The study employs the Girton and Roper (1977) measure of exchange market pressure (defined as the sum of exchange rate depreciation and foreign reserves outflow), to examine the interaction between exchange market pressure and monetary variables, viz. domestic credit (Reserve Money) and the interest rate. Evidence from impulse response functions suggests that domestic credit has remained the dominant tool of monetary policy for managing exchange market pressure. The increase in domestic credit upon increases in exchange market pressure (during 1991-98) was imprudent. The results suggest that fiscal needs/growth objectives might have dominated external account considerations during this period. Post 9/11 there is evidence of sterilized intervention in the forex market. The interest rate has also weakly served as the tool of monetary policy during the hay days of foreign currency deposits (1991-98). The finding implies that, for the interest rate to work as tool of monetary policy vis-a-vis exchange market pressure, a reasonable degree of capital mobility is called for.

scholarly journals Recovery of Interest in Enforcement Procedure in the Republic of Slovenia

Lexonomica ◽  
2021 ◽  
Vol 13 (1) ◽  
pp. 69-90
Author(s):  
Irena Merc
Keyword(s):  
Interest Rate ◽  
Foreign Law ◽  
The Republic ◽  
The Interest Rate

In Slovenian enforcement procedures, the principle of formal legality applies, so the enforcement court is bound by the enforceable title. The court must allow the enforcement of the claim as it follows from the enforceable title. The creditor also needs an enforceable title to claim interest. Interest arising from a Slovenian enforceable title shall be executed at the interest rate specified in Slovenian legislation. In the Republic of Slovenia, interest arising from a foreign enforceable title takes place at the interest rate determined by a foreign substantive provision. If the interest rate is determinable in a foreign enforceable title, the Slovenian Enforcement Court shall concretise the obligation by determining the interest rate determined by foreign law before issuing the writ of execution.

scholarly journals The process of endogenous liquidity in developing economies: the case of Mexico

2019 ◽  
Vol 7 (3) ◽  
pp. 369-387
Author(s):  
Luis Alfredo Castillo Polanco ◽  
Ted P. Ted P.
Keyword(s):  
Interest Rate ◽  
Foreign Currency ◽  
Developing Economies ◽  
Banking System ◽  
The Us ◽  
Institutional Differences ◽  
Endogenous Money ◽  
Crisis Scenarios ◽  
The Interest Rate ◽  
International Transactions

The Post-Keynesian theory of endogenous money is typically used to explain the operations in advanced economies like the US. While the core ideas are relevant for all market economies, developing economies have additional features which complicate the process. These may include: the local currency is not accepted as a means of payment for international transactions, so the banking system (including the central bank) requires foreign currency reserves (balance-of-payments constraint); hard currency reserves are needed to provide ‘credibility’ for circulation of domestic currency; stock and bond markets are not well developed, so other financial instruments are necessary to complete the finance-funding process; and institutional differences regarding monetary control. We use the case of Mexico to show how these features of developing economies can complicate the endogenous-money process. For Mexico the process is constrained by the use of the US dollar as both a store of value and a reserve for the banking system. As a consequence, the interest rate is determined by the demand for the alternative sources of liquidity creation, and therefore a credit-financed expansion will necessitate an increase in the interest rate which can lead to a recession or other crisis scenarios.

scholarly journals The impact of interest rate corridor on monetary policy efficiency: VEC Granger causality evidence from the central bank of the Republic of Turkey

2021 ◽  
Vol 8 (9) ◽  
pp. 75-78
Author(s):  
Yilmaz et al. ◽  
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Granger Causality ◽  
Inflation Rate ◽  
Causality Test ◽  
Data Set ◽  
The Republic ◽  
The Interest Rate ◽  
Index Value ◽  
The Impact

This paper aimed to analyze the impacts of interest rate corridor policy on monetary efficiency in Turkey, applying the Error Correction Model and VEC Granger causality. The data set consisted of 108 observations for each time series from May 2010 to December 2019. The Granger causality test results indicated a significant impact of the borrowing rate on the inflation rate. Response function revealed that a change in the borrowing interest rate affected the opposite way in the inflation rate with a 3-month lag. An increase in the lending rate caused an increase in the BIST 100 index value. It is concluded that the interest rate corridor implementation successfully increased the flexibility and effectiveness of the monetary policy in Turkey.

scholarly journals POSSIBLE EFFECT OF LOWERING MATURITIES OF TREASURY BILLS IN THE REPUBLIKA SRPSKA // MOGUĆI EFEKTI POTENCIJALNOG SMANJENJA ROKOVA DOSPIJEĆA TREZORSKIH ZAPISA U REPUBLICI SRPSKOJ

2017 ◽  
Vol 12 (2) ◽  
Author(s):  
Bogdana Vujnović-Gligorić ◽  
Marica Banović ◽  
Aleksandra Figurek
Keyword(s):  
Interest Rate ◽  
Main Question ◽  
Emission Rates ◽  
Treasury Bills ◽  
The Public ◽  
The Republic ◽  
Basic Hypothesis ◽  
The Interest Rate ◽  
Republika Srpska ◽  
Positive Effect

Treasury bills as an instrument of fiscal policy are increasingly used to cover the budget deficit, as well as to maintain the current ratio. They can have a positive effect on the financial market, and therefore the economy if the public debt is efficiently managed. Republic of Srpska has started issuing treasury bills in mid-2011. Since then it has continuously increased the frequency and amount of the issue. The main question is how justified are these kind of borrowing, and the benefits of its cost. This paper wants to explore the trends of treasury bills in Republic of Srpska, limits of emissions, emission rates, as well as the interest rate on issued bills, all for the purpose of searching for cheap sources of budget financing. The basic hypothesis is: The shorter deadline emissions can significantly reduce the interest rate on treasury bills issued.The results obtained confirm the hypothesis, which suggests that Republika Srpska could achieve significant savings in budget expenditures if it lowers current maturities of 12, 9, 6 and 3 months to the monthly level.For the purposes of determining the conditions, dynamics and conditions of issuing treasury bills in the Republic of Srpska was used analysis method, and for the purposes of drawing the conclusions method of deduction will be used.

scholarly journals The Cross Section of Foreign Currency Risk Premia and Consumption Growth Risk

2007 ◽  
Vol 97 (1) ◽  
pp. 89-117 ◽  
Author(s):  
Hanno Lustig ◽  
Adrien Verdelhan
Keyword(s):  
Interest Rate ◽  
Cross Section ◽  
Foreign Currency ◽  
Risk Premia ◽  
Excess Returns ◽  
Consumption Growth ◽  
High Interest Rate ◽  
Aggregate Consumption ◽  
High Interest ◽  
The Interest Rate

Aggregate consumption growth risk explains why low interest rate currencies do not appreciate as much as the interest rate differential and why high interest rate currencies do not depreciate as much as the interest rate differential. Domestic investors earn negative excess returns on low interest rate currency portfolios and positive excess returns on high interest rate currency portfolios. Because high interest rate currencies depreciate on average when domestic consumption growth is low and low interest rate currencies appreciate under the same conditions, low interest rate currencies provide domestic investors with a hedge against domestic aggregate consumption growth risk. (JEL E21, E43, F31, G11)

The Role of Different Channels in Transmitting Monetary Policy into Output and Price in Vietnam

2015 ◽  
pp. 20-40
Author(s):  
Vinh Nguyen Thi Thuy
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
Monetary Transmission ◽  
Impulse Response Functions ◽  
Short Run ◽  
The Exchange Rate ◽  
The Interest Rate ◽  
Interest Rate Channel

The paper investigates the mechanism of monetary transmission in Vietnam through different channels - namely the interest rate channel, the exchange rate channel, the asset channel and the credit channel for the period January 1995 - October 2009. This study applies VAR analysis to evaluate the monetary transmission mechanisms to output and price level. To compare the relative importance of different channels for transmitting monetary policy, the paper estimates the impulse response functions and variance decompositions of variables. The empirical results show that the changes in money supply have a significant impact on output rather than price in the short run. The impacts of money supply on price and output are stronger through the exchange rate and credit channels, but however, are weaker through the interest rate channel. The impacts of monetary policy on output and inflation may be erroneous through the equity price channel because of the lack of an established and well-functioning stock market.

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