During the global financial crisis, many central banks in advanced economies engaged in credit easing. These policies have been perceived as largely successful in reducing stress in financial markets, thus avoiding larger output losses. In this paper, we study empirically whether credit easing is also a viable policy tool to cope with banking crises in emerging and developing economies. We find that credit easing leads to a sharp increase in domestic currency depreciation, high inflation, and a substantial reduction in economic growth in a large panel of emerging and developing economies. For advanced economies, we find the effects to be benign. Our results suggest that emerging and developing economies should be cautious when using credit easing as it may fuel adverse macroeconomic repercussions.
Bachelor Thesis from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, University of applied sciences, Neuss (FOM Fachhochschule für Oekonomie & Management Neuss), language: English, abstract: In view of the growing competition, the increased change in customers’ wants and the potential of new communication and information technologies, more and more companies are faced with the need to permanently adjust and further develop their processes, products and offer. To be able to exist in the market, a company must be in a position to recognise future developments early and include them in the strategy. A company should therefore use management instruments which make it able to adjust strategies quickly and communicate them transparently in the whole company. There is increasing criticism of the classical controlling instruments. It is argued that controlling is supposed to provide management relevant data for the management which do not only include financial historical information as so far, but also include future related non-monetary figures. Against this background the Balanced Scorecard (BSC) is becoming more important. It extends the previous focus on finance issues to assess the performance of a company with a range of other aspects and ratios. The customer perspective, the internal process perspective and the learning and development perspective are supposed to be considered equally next to the financial perspective in the BSC. The targets of this thesis are split into a main target and a sub target. The main target of this paper is split again into two parts: The first part of the main target is to show and to explain the relevant theoretical framework of the BSC, in particular to strategic controlling. The second part of the main target is to analyse the BSC as a strategic management system and to give an overview about this strategic controlling tool as it is seen in academic literature. The sub target of this paper is to provide a link between theory and practice by applying the theory to a current example taken from the insurance industry. The result is a recommendation for a BSC as a strategic controlling instrument for that specific insurance company. With this specific BSC for an insurance company comes also a tool for a well structured evaluation of the chances and risks involved with its application.
An emerging field of discrete differential geometry aims at the development of discrete equivalents of notions and methods of classical differential geometry. The latter appears as a limit of a refinement of the discretization. Current interest in discrete differential geometry derives not only from its importance in pure mathematics but also from its applications in computer graphics, theoretical physics, architecture, and numerics. Rather unexpectedly, the very basic structures of discrete differential geometry turn out to be related to the theory of integrable systems. One of the main goals of this book is to reveal this integrable structure of discrete differential geometry. For a given smooth geometry one can suggest many different discretizations. Which one is the best? This book answers this question by providing fundamental discretization principles and applying them to numerous concrete problems. It turns out that intelligent theoretical discretizations are distinguished also by their good performance in applications. The intended audience of this book is threefold. It is a textbook on discrete differential geometry and integrable systems suitable for a one semester graduate course. On the other hand, it is addressed to specialists in geometry and mathematical physics. It reflects the recent progress in discrete differential geometry and contains many original results. The third group of readers at which this book is targeted is formed by specialists in geometry processing, computer graphics, architectural design, numerical simulations, and animation. They may find here answers to the question “How do we discretize differential geometry?” arising in their specific field. Prerequisites for reading this book include standard undergraduate background (calculus and linear algebra). No knowledge of differential geometry is expected, although some familiarity with curves and surfaces can be helpful.
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