We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o utside t he U .S. a nd e uro a rea. We make s everal empirical observations that dissect the perceived advantage of borrowing in the dollar. First, while the dollar dominates global debt issuance, borrowing costs in the dollar are more expensive without a currency hedge and about the same with a currency hedge when compared to the euro. This observed parity in currency-hedged corporate borrowing stands in contrast to the persistent deviation from covered interest parity in risk-free rates. Second, we observe a dollar safety premium in relative hedged borrowing costs, found in the subset of bonds with high credit ratings and short maturities, attributes similar to those of safe sovereigns. Finally, we find that firms flexibly adjust the currency mix of their debt issuance depending on the relative borrowing cost between dollar and euro debt. In sum, the disproportionate demand for U.S. dollar debt is reflected in higher issuance volumes that drive up the currency hedged dollar borrowing costs such that at the margin they equate to euro borrowing costs.
From one of today's top-selling commentary series comes volume two of the Gospel of John. MacArthur gives verse-by-verse analysis in context and provides points of application for passages, illuminating the biblical text in practical and relevant ways. The series has been praised for its accessibility to lay leaders, and is a must-have for every pastor's library.
We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o utside t he U .S. a nd e uro a rea. We make s everal empirical observations that dissect the perceived advantage of borrowing in the dollar. First, while the dollar dominates global debt issuance, borrowing costs in the dollar are more expensive without a currency hedge and about the same with a currency hedge when compared to the euro. This observed parity in currency-hedged corporate borrowing stands in contrast to the persistent deviation from covered interest parity in risk-free rates. Second, we observe a dollar safety premium in relative hedged borrowing costs, found in the subset of bonds with high credit ratings and short maturities, attributes similar to those of safe sovereigns. Finally, we find that firms flexibly adjust the currency mix of their debt issuance depending on the relative borrowing cost between dollar and euro debt. In sum, the disproportionate demand for U.S. dollar debt is reflected in higher issuance volumes that drive up the currency hedged dollar borrowing costs such that at the margin they equate to euro borrowing costs.
What does the church need to hear today? As many have said, the church must always be reforming. It must continually move closer to a truer, more faithful expression of the gospel. The risen Christ’s powerful letters to the seven churches in Revelation are a guide to just that. Based on John MacArthur’s exposition of these letters, Christ’s Call to Reform the Church is a plea to the modern church to heed these divine warnings, to reform before it succumbs to the kinds of compromise and error that invite God’s judgment. Christ’s Call to Reform the Church admonishes the church today to learn from the mistakes God’s people have made in the past, rather than commit them again. The Word of God has many benefits, one of which is that it reveals our blind spots. That's what this book does—it shines a light on problems we didn't know we had. May it be embraced by Christians everywhere, spurring them toward the God-honoring, grace-driven work of continued reformation.
Groundbreaking solutions to the climate crisis from scientists, engineers, civic leaders, entrepreneurs and activists, offering hope to all readers concerned about our planet's future. Offers practical actions that reflect technological and economic advances with an introduction by former United States senator Russ Feingold. Solving the Climate Crisis is a hopeful and critical resource that makes a convincing and detailed case that there is a path forward to save our environment. Illustrating the power of committed individuals and the necessity for collaborative government and private-sector climate action, the book focuses on three essential areas: The technological dimension: move to 100% clean renewable energy as fast as we possibly can through innovations like clean-steel, “green” cement, and carbon-reuse companies; The ecological dimension: enhance and protect natural ecosystems, forests, and agricultural lands to safely store greenhouse gases and restore soils, transforming how we grow, process, and consume food; The social dimension: update and create new laws, policies and economic measures to recenter human values and reduce environmental and social injustice. Based on more than 6 years of research, Berger traveled the nation and abroad to interview governors, mayors, ranchers, scientists, engineers, business leaders, energy experts, and financiers as well as carbon farmers, solar and wind innovators, forest protectors, non-profit leaders, and activists. With real world examples, an explanation of cutting-edge technologies in solar and wind, and political organizing tactics, Solving the Climate Crisis provides a practical road map for how we effectively combat climate change. Replacing the fossil-fuel system with a newly invigorated, modernized, clean-energy economy will produce tens of millions of new jobs and save trillions of dollars. Protecting the climate is thus potentially the greatest economic opportunity of our time.
The True Crime Biography of John Lawson, born in Scotland and raised in South Africa until the age of ten where his policeman father locked him home alone and never returned. Rescued after four days without food he was sent back to Scotland where rage grew inside. In Glasgow, Liverpool, Manchester and London's Soho his fighting skills and courage made him a man with a reputation among the gangs and violent men running the clubs where vice and prostitution were rife. Riding with a biker gang, trained as a bodyguard and graduating to 'debt collecting' for international racketeers his life was full of brutality and crime. It was only when serving his third jail sentence that he found the way to escape the prison of brutality that his life had become. A remarkable story of one man's escape from his past life by finding The Truth that set him free.
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