Economics Quarterly 2014a

download Economics Quarterly 2014a

of 98

  • date post

    28-Mar-2016
  • Category

    Documents

  • view

    220
  • download

    1

Embed Size (px)

description

Quarterly focus on greek Economy / Business

Transcript of Economics Quarterly 2014a

  • 4

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    08 EDITORIAL10 // // - // - ; EQ

    17 REACTIONFUNCTION&FORWARDGUIDANCE

    . EQ

    18 -PANOPLIA

    , .

    20 -

    , .

    22 -

    .

    24 HARUHIKOKURODA-

    .

    26 ZHOUXIAOCHUAN-BRASDEFER METON

    .

    28

    . EQ

    30 too big to fail , .

    32 , trade finance.

    34 , , .

    36 ; .

    38 & , .

    40 .

    . 10 . 26 . 45 . 70

    EQ MAGAZINE 2014

  • 6

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    :

    :

    :

    T. 210 7212 256

    email:

    economicsquarterly@remdesign.gr

    :

    REM DESIGN - DIGITAL & PRINT COMMUNICATION SERVICES

    12, 152 37 . 210 6894630

    email: info@remdesign.gr

    , , , , , , , , , o . 2121/1993 .

    : 15

    42 . , .

    43 & SEC financial engineering.

    44 SHADOWBANKING .

    47 48

    , . . , .

    58 , KPMG, EQ , 5 10 .

    62 2014 . , Citi , Consumer Bank.

    64 HEDGEFUNDS& hedge funds . . . , .

    68

    Nobel, Keynes,

    . .

    73 74 . EQ

    76 .

    78 2 , .

    80 &81 &84 /89 /CSR

  • 8

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    ALPHA BANK. 130 .

    KX AyxisiKefalaiou 210x275.indd 1 04/12/2013 18:36

    0,8 . 0,4% 2013, . ( ),

    , . 2,9 . 2014 ( 1,6% ) . 2 5% , . , . (3% 2015 4,5% ). , 70% .

    , ( 17 . 2014), 10 . . ( ), . , 10% ( ) . , 586 ( . . 12). , . , ,

    . , . 2013 3,9% 182 . 2004. , 137 . 2013 2002. 2008 51 . 12,4 . , 2002.

    , , . , 2013 . ; 175% . , (7% 2013) (-2%) . , , . : , , , , .

    . start ups . , , , . Gazprom 15%. , .

  • 10 / /

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    , Moodys C Caa3. ; , , . , .

    , . 176% 2013 160% 2020. ( ), , (). 4,5%

    2018 ( 2016) .

    , 84% (10% , 64% EFSF, , 11% ). , 2014 . 2020 76 . . 2014 25 . , . .

    .

    10 , , 11,5% 2012 8,5% 2013 7% 2014.

    . - . , . : 2015 ( ) / .

    . .

  • 12 / /

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    , . , , , . , , .

    . .., 23% 915 . 2,5 . . 17%. 35% (3,8 . ) , , 25%. 50% 4 . .

    , , 60% , 50% . , , 2010,

    . , , ( ,

    22%) , , , .

    , .

    2.117 2008 1.637 2012. 2012, 2008 2.401 . , .

    . , , , 3,5%-4%, 20 .

    , . , .

    &

    . . ;

  • 14 E Q / /

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    .

    , , . , , , , . . :

    2014, ,

    ,

    ,

    ,

    ,

    ,

    , .

    &

    2009 , . , , . , , . . . , , , , . :, , , ., .

    2014

    , 2013 . , , . :

    . . , , .

    ,

    2 0 1 3

    2014 81

    , , 81 , 27 2014.

  • 15

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    . , ., , , . , , , . . , , , , , . .

    , . , .

    , : . , , . , , , , . , , . . : , . , , , . , . . .

    . . . .

    , . . , . , , , . . . .

  • 16 / /

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    ;

    ;

    33% 2008 2013, .

    , 36%-37%, . , . 2007 39% 164%. , . 2007 37%. 232% 1997-2007. . , , , , , , . ,

    , .

    . , 2016, .

    , . - - (. ), . , ( ) , - - . ; ;

    , , . , , , .

    ; , , .

  • 17

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    . forward guidance, reaction function . , , : Fed, , , . ,

    . . reaction function . , . reaction function , ,

    . forward guidance . O , , , reaction func-tion . ; ; .

    . . , 3 (LTRO) 1 . , , 2012, .

    , club , () .

    REACTION FUNCTION & FORWARD GUIDANCE (an)

  • 18

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    . , forward guidance: (0,25%) . , . , 2015. ; overnight . , , , , , 2%.

    , . , ,

    (AQR) . AQR, 90, .

    , : , , , ,

    PanoPlia

    , , , , .

  • 19

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    (

    , repo based monetary expan-

    sion). Fed

    ,

    .

    .

    , , stimu-lus , , 2013 . , ( ), , AQR, . ( , repo based monetary expansion). Fed

    ( ), . . , sterilization , sterilization. , , .

    3 , , carry trade, .

    , Fed.

    , . , ( ) . anxt, , .

    , 1,35 ( ). , 1,37, .

  • 20

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    8 - 2 - , , 800 . . 5,5% 2007 , 3,8 . 22% Fed , 100 . : , , Fannie Mae Freddie Mac- .

    , , , 85 . . 65 . , .

    , , . , ,

    FED, TzanET

    Fed, , , .

  • 21

    E c o n o m i c s Q u a r t e r l y | 2 0 1 4

    YEllEn

    BERnanKE

    .

    , . , ( 2013)