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By Hans Christoph Binswanger (auth.), Giulia Mennillo, Thomas Schlenzig, Elmar Friedrich (eds.)
What is balanced progress? This booklet exhibits that the definitions and implications of the idea that of balanced progress range considerably one of the diversified disciplines in fiscal technological know-how, yet are usually not specific in any respect.
Terms comparable to sustainabilityor balanced growthhave develop into buzzwords. In perform, they can be a fascinating imaginative and prescient instead of an feasible goal. Why? Doubts may possibly come up concerning the volume to which such strategies have compatibility with a contemporary marketplace financial system. Is balanced development attainable in any respect? Is it average to just accept balanced progress as a norm? Why may still a balanced progress direction be a fascinating technique to pursue for policymakers, managers, staff, and different societal stakeholders? Empirical facts means that the particular around the world fiscal progress isn't really balanced in any respect. in the meantime, ever because the starting of the monetary and fiscal quandary in 2007 and its accompanying spillover results, our globalizing global has uncompromisingly proven the turn facet of its coin. Its crisis-prone personality has intensified the dialogue approximately our financial system’s sustainability. Questions on the topic of appropriate sovereign debt degrees, compatible alternate deficits and surpluses, corporations’ development objectives, source administration and potency have aroused excessive curiosity. what's the reason behind the saw imbalances? In our opinion, this debate needs to contain rethinking the qualitative and quantitative size of our current figuring out of the character of financial progress.
This publication accompanies the ninth DocNet administration Symposium of the collage of St. Gallen, Switzerland. It includes contributions of the symposium's panel audio system, popular authors to the sphere and younger researchers. The Ph.D. scholars’ and post-doctoral organization DocNet organizes the DocNet administration Symposium on a each year foundation with the aim to foster trade among academia and practitioners.
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Additional info for Balanced Growth: Finding Strategies for Sustainable Development
4 Global imbalances and US asset markets Several researchers – such as Bandholz et al. (2009), Brière et al. (2006), and Alexopoulou et al. (2006) – suggest that international capital flows into treasury bonds are an explanatory factor for the bond yield conundrum. If economic agents believe that international capital flows will last for a longer period, they will perceive altered demand and supply conditions for bonds and demand a lower interest rate because securities can then be sold more easily to international investors (Frey and Moëc, 2005).
34 34 35 35 6 Global imbalances and the financial crisis . . . . . . . . . . . . . . 39 7 Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . 39 References . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Global imbalances and long-term interest rates 1 25 Part Introduction In the United States (US), long-term nominal interest rates behaved unusually between 2004 and 2007. When the US central bank – the Federal Reserve – raised short-term interest rates, long-term interest rates remained constant or even decreased.
Global imbalances and long-term interest rates 37 Part changes in long rates. The second lag of the same variable affects the dependent variable negatively, but only marginally significantly. The error-correction term is highly significant. Its sign is negative, and therefore in accordance with the theoretical considerations outlined above. If the lagged disequilibrium error takes on a positive (negative) value, a downward (upward) movement is induced towards the equilibrium value. Table 1’s third panel shows the estimation results when first differences of international capital flows (flow) are incorporated into the otherwise unchanged ECM.
Balanced Growth: Finding Strategies for Sustainable Development by Hans Christoph Binswanger (auth.), Giulia Mennillo, Thomas Schlenzig, Elmar Friedrich (eds.)