An interesting disconnect has taken shape between local currency- and hard currency-denominated bonds in emerging markets with respect to their portfolio flows and prices since the start of the recovery from the COVID-19 pandemic. Emerging market assets have recovered sharply from the COVID-19 sell-off in 2020, but the post-pandemic recovery in 2021 has been highly uneven. This note seeks to answer why. Yields of local currency-denominated bonds have risen faster and are approaching their pandemic highs, while hard currency bond yields are still near their post-pandemic lows. Portfolio flows to local currency debt have similarly lagged flows to hard currency bonds. This disconnect is closely linked to the external environment and fiscal and inflationary pressures. Its evolution remains a key consideration for policymakers and investors, since local markets are the main source of funding for emerging markets. This note draws from the methodology developed in earlier Global Financial Stability Reports on fundamentals-based asset valuation models for funding costs and forecasting models for capital flows (using the at-risk framework). The results are consistent across models, indicating that local currency assets are significantly more sensitive to domestic fundamentals while hard currency assets are dependent on the external risk sentiment to a greater extent. This suggests that the post-pandemic, stressed domestic fundamentals have weighed on local currency bonds, partially offsetting the boost from supportive global risk sentiment. The analysis also highlights the risks emerging markets face from an asynchronous recovery and weak domestic fundamentals.
In global financial centers, short-term market rates are effectively determined in the pledged collateral market, where banks and other financial institutions exchange collateral (such as bonds and equities) for money. Furthermore, the use of long-dated securities as collateral for short tenors—or example, in securities-lending and repo markets, and prime brokerage funding—impacts the risk premia (or moneyness) along the yield curve. In this paper, we deploy a methodology to show that transactions using long dated collateral also affect short-term market rates. Our results suggest that the unwind of central bank balance sheets will likely strengthen the monetary policy transmission, as dealer balance-sheet space is now relatively less constrained, with a rebound in collateral reuse.
Sustainable finance has become a key focus area for global investors and policy makers. Last year proved to be a breakout year for emerging markets (EMs), with sustainable debt issuance in 2021 surging to almost $200 billion. This working paper, the first comprehensive study in the literature, analyzes the evoluiton of EM sustainable finance markets, including differences with advanced economies. The analysis shows how sustainable finance in EMs is growing fast not just in aggregate but importantly across many dimensions. The paper also identifies key development areas for EMs and policies to strengthen the resilience of sustainable finance markets.
Cross-border capital flows are important for South Africa. They fund the nation’s relatively large external financing needs and have important financial stability implications evidenced by the large capital outflows and asset price selloffs during the COVID-19 pandemic. This paper adds to the literature on the drivers of South Africa’s capital flows by applying the ‘at-risk’ framework––which differentiates between the likelihood of “extreme” inflows (surges) and outflows (reversals) and of “typical” flows––to both nonresident and resident capital flows. Estimated results show that among nonresident flows, the portfolio debt component is most sensitive to changes in external risk sentiment particularly during reversals. This applies to flows to the sovereign sector. Nonresident equity flows, both portfolio and FDI, are most sensitive to domestic economic activity especially during surges. This applies to flows to the corporate and banking sectors. Results also suggest that resident flows, in particular the FDI component, tend to offset nonresident flows, thus acting as buffers against funding withdrawal during periods of global risk aversion.
The nominal bond yields for advanced economies rose sharply during the first quarter of the year. This note analyzes the drivers of this increase across the jurisdictions and tenors of the yield curve. A key investor focus, in particular, has been the rise in the nominal bond yields in the United States, which has had notable global financial stability spillovers. The analysis indicates that the rise in inflation expectations is the primary driver of the rise in US nominal bond yields over the near term, whereas, the rise in real yields has been the major contributor to the rise in longer-term yields. The change in term premiums has also played a key role in driving both the longer-term inflation breakeven and real yields. Considering other major advanced economies, while inflation expectations have risen across the board in the near term, change in real yields appear more pertinent a driver for shifts in longer-term yields.
The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections methodology. We find that these asset purchase announcements lowered bond yields, did not lead to a depreciation of domestic currencies, and did not have much effect on equities. While the immediate effect of asset purchases appears positive, further consideration of the risks and longer-term effects of unconventional monetary policies is needed. We highlight the trade-offs involved with the implementation of these measures, and discuss their risks. This working paper adds to the debate on how asset purchase programs should be a regular part of the emerging market policy toolkit.
Cross-border capital flows are important for South Africa. They fund the nation’s relatively large external financing needs and have important financial stability implications evidenced by the large capital outflows and asset price selloffs during the COVID-19 pandemic. This paper adds to the literature on the drivers of South Africa’s capital flows by applying the ‘at-risk’ framework––which differentiates between the likelihood of “extreme” inflows (surges) and outflows (reversals) and of “typical” flows––to both nonresident and resident capital flows. Estimated results show that among nonresident flows, the portfolio debt component is most sensitive to changes in external risk sentiment particularly during reversals. This applies to flows to the sovereign sector. Nonresident equity flows, both portfolio and FDI, are most sensitive to domestic economic activity especially during surges. This applies to flows to the corporate and banking sectors. Results also suggest that resident flows, in particular the FDI component, tend to offset nonresident flows, thus acting as buffers against funding withdrawal during periods of global risk aversion.
Sustainable finance has become a key focus area for global investors and policy makers. Last year proved to be a breakout year for emerging markets (EMs), with sustainable debt issuance in 2021 surging to almost $200 billion. This working paper, the first comprehensive study in the literature, analyzes the evoluiton of EM sustainable finance markets, including differences with advanced economies. The analysis shows how sustainable finance in EMs is growing fast not just in aggregate but importantly across many dimensions. The paper also identifies key development areas for EMs and policies to strengthen the resilience of sustainable finance markets.
The Global Financial Crisis unleashed changes in the operating and regulatory environments for large international banks. This paper proposes a novel taxonomy to identify and track business model evolution for the 30 Global Systemically Important Banks (G-SIBs). Drawing from banks’ reporting, it identifies strategies along four dimensions –consolidated lines of business and geographic orientation, and the funding models and legal entity structures of international operations. G-SIBs have adjusted their business models, especially by reducing market intensity. While G-SIBs have maintained international orientation, pressures on funding models and entity structures could affect the efficiency of capital flows through the bank channel.
In global financial centers, short-term market rates are effectively determined in the pledged collateral market, where banks and other financial institutions exchange collateral (such as bonds and equities) for money. Furthermore, the use of long-dated securities as collateral for short tenors—or example, in securities-lending and repo markets, and prime brokerage funding—impacts the risk premia (or moneyness) along the yield curve. In this paper, we deploy a methodology to show that transactions using long dated collateral also affect short-term market rates. Our results suggest that the unwind of central bank balance sheets will likely strengthen the monetary policy transmission, as dealer balance-sheet space is now relatively less constrained, with a rebound in collateral reuse.
The nominal bond yields for advanced economies rose sharply during the first quarter of the year. This note analyzes the drivers of this increase across the jurisdictions and tenors of the yield curve. A key investor focus, in particular, has been the rise in the nominal bond yields in the United States, which has had notable global financial stability spillovers. The analysis indicates that the rise in inflation expectations is the primary driver of the rise in US nominal bond yields over the near term, whereas, the rise in real yields has been the major contributor to the rise in longer-term yields. The change in term premiums has also played a key role in driving both the longer-term inflation breakeven and real yields. Considering other major advanced economies, while inflation expectations have risen across the board in the near term, change in real yields appear more pertinent a driver for shifts in longer-term yields.
An interesting disconnect has taken shape between local currency- and hard currency-denominated bonds in emerging markets with respect to their portfolio flows and prices since the start of the recovery from the COVID-19 pandemic. Emerging market assets have recovered sharply from the COVID-19 sell-off in 2020, but the post-pandemic recovery in 2021 has been highly uneven. This note seeks to answer why. Yields of local currency-denominated bonds have risen faster and are approaching their pandemic highs, while hard currency bond yields are still near their post-pandemic lows. Portfolio flows to local currency debt have similarly lagged flows to hard currency bonds. This disconnect is closely linked to the external environment and fiscal and inflationary pressures. Its evolution remains a key consideration for policymakers and investors, since local markets are the main source of funding for emerging markets. This note draws from the methodology developed in earlier Global Financial Stability Reports on fundamentals-based asset valuation models for funding costs and forecasting models for capital flows (using the at-risk framework). The results are consistent across models, indicating that local currency assets are significantly more sensitive to domestic fundamentals while hard currency assets are dependent on the external risk sentiment to a greater extent. This suggests that the post-pandemic, stressed domestic fundamentals have weighed on local currency bonds, partially offsetting the boost from supportive global risk sentiment. The analysis also highlights the risks emerging markets face from an asynchronous recovery and weak domestic fundamentals.
Arjun Rahane was just like any other professional. Each day started with his office and ended cosily at home with family. To Arjun, it appeared, the routine would keep repeating throughout his life. But then, one day, life suddenly took a turn. Arjun was charged with murder, of his wife Falgun. Before he could recover from the loss, he was thrown in prison, in the jungle, amidst dacoits, robbers and gangsters an unimaginable truth. Within a few days, Arjun became an untouchable. His relatives, friends and subordinates, all fled, leaving him alone. Other than his aged parents no one came forward to help. He felt crippled and lonely. In the prison, Arjun soon found the punitive legislation on brides death was horrendously drafted against, police was lethargic, and media seemed enslaved with bias. With judiciary appearing more than willing to turn away, Arjun hopelessly stared into darkness it seemed an un-winnable battle.
The title of the book “Environment and Sustainable Development: Perspectives and Issues” itself represents that the book is having topics related to current environmental problems and its possible solutions. This edition of book focuses on the issues related to sustainable use and management of natural resources and e-waste management. Several methods to handle a wide spectrum of environmental issues are taken into account in numerous chapters. Climate change is one of the greatest challenges of the 21st century. Climate is changing across our planet, largely, as a result of human activities. Some of the book chapters also provide a holistic coverage of the climate change policies and role of India. Climate change and various infectious diseases, proposes a comprehensive set of solutions to resolve various issues related to environment. The impacts of climate change are becoming increasingly severe, natural resources are being depleted at an alarming rate, and the gap between the rich and poor is widening. The need for sustainable development has never been more pressing than present. Therefore, this book makes a valuable contribution to the ongoing conversation, challenges and opportunities around many critical issues. The chapter in the book explore a wide range of topics related to sustainability, including the role of renewable energy, the need for sustainable agriculture, the importance of community engagement, and the impact of climate change. The authors come from diverse academic and professional backgrounds, and they are expert at their disciplines. The authors come from diverse academic and professional background, and their insight provide a valuable contribution to the ongoing conservation around environmental protection and sustainable development. The editors of this book are to be commended for bringing together such a diverse group of contributors, and for presenting a balanced and nuanced exploration of these complex issues.
An incisive exploration of the Maoist insurgency in the heart of the country questions what India?s `growth story? really means today. An innocent adivasi cut down in his prime by the unholy nexus of ruthless Maoist rebels and corrupt bureaucrats; a highly educated Maoist ideologue who had to die because he sought an end to bloody conflict; a contractor bitter at having been left in the lurch by his corporate paymaster; and a young adivasi woman, recently in the news, who dared to challenge the status quo to emerge as an authentic voice of her people... It is their compelling stories, among several others, that Rohit Prasad felt driven to explore while travelling in Chhattisgarh for over two years. The result is Blood Red River, an impassioned weaving together of narrated history and hard fact, first-person accounts of those who have witnessed terrible violence and encounters with keepers of the law, both in the Indian government as well as Maoist ranks. It offers, too, a startling glimpse of the so-far-unrevealed role that corporate rivalry has played in thwarting vital industrial projects in the name of insurgency. Using Chhattisgarh as a microcosm, this multi-layered narrative is an immersive inquiry into the roles of different stakeholders in the no-holds-barred war over natural resources that has continued to ravage some of India?s mineral-rich states for more than three decades. Bold and unafraid to take sides, it leads the reader deep into a world where corruption and greed underlie ideological posturing and reveals the false dichotomies of India?s development paradigm.
The Book presents an overview of newly developed watermarking techniques in various independent and hybrid domains Covers the basics of digital watermarking, its types, domain in which it is implemented and the application of machine learning algorithms onto digital watermarking Reviews hardware implementation of watermarking Discusses optimization problems and solutions in watermarking with a special focus on bio-inspired algorithms Includes a case study along with its MATLAB code and simulation results
Quarter-life is one of the most crucial times and plays a key role in putting one’s life into the right trajectory toward the life one always imagined living. While it can be quite challenging typically, with the right mindset and tools, it is possible to make the most out of this time and come out ahead of the curve! This inspiring guide takes a deep dive into understanding the quarter-life and the unique opportunities and challenges that it presents for the very first time in anyone’s life. Something major happens when we leave universities and step into the real world. It can be a difficult time as it brings the stark realization of the disconnect between our then understanding of the world and how it really is. Although it seems to be this way, we struggle to believe that this is it! And this happens all at once and in a very short span of time, before we can even adequately prepare for it, leaving us confused, insecure, overwhelmed, lonely and sometimes even depressed. This book presents the key concepts from the science of achievement and personal development that can empower you to ace your quarter-life, that is, emerge out as a balanced adult who is happy with the way your life has turned out along all areas. Although they have been introduced through quarter-life, the principles presented in this book are applicable pretty much all along one’s lifetime.
Read e-Book of "ANALYTIC ABILITY AND DIGITAL AWARENESS" (English Book) for B.A. 5th Semester for all UP State Universities Common Minimum Syllabus as per NEP.
The book introduces the oscillatory reaction and pattern formation in the Belousov-Zhabotinsky (BZ) reaction that became model for investigating a wide range of intriguing pattern formations in chemical systems. So many modifications in classic version of BZ reaction have been carried out in various experimental conditions that demonstrate rich varieties of temporal oscillations and spatio-temporal patterns in non- equilibrium conditions. Mixed-mode versions of BZ reactions, which comprise a pair of organic substrates or dual metal catalysts, have displayed very complex oscillating behaviours and novel space-time patterns during reaction processes. These characteristic spatio-temporal properties of BZ reactions have attracted increasing attention of the scientific community in recent years because of its comparable periodic structures in electrochemical systems, polymerization processes, and non-equilibrium crystallization phenomena. Instead, non-equilibrium crystallization phenomena which lead to development of novel crystal morphologies in constraint of thermodynamic equilibrium conditions have been investigated and are said to be stationary periodic structures. Efforts have continued to analyze insight mechanisms and roles of reaction-diffusion mechanism and self-organization in the growth of such periodic crystal patterns. In this book, non-equilibrium crystallization phenomena, leading to growth of some novel crystal patterns in dual organic substrate modes of oscillatory BZ reactions have been discussed. Efforts have been made to find out experimental parameters where transitions of the spherulitic crystal patterns take place. The book provides the scientific community and entrepreneurs with a thorough understanding and knowledge of the growth and form of branched crystal pattern in reaction-diffusion system and their morphological transition.
The key to success is keep climbing the ladder without looking back and demotivating self." ~ Rohit Bhatia Life is full of ups and downs and to achieve success, you must always keep trying and never stop at the hurdles, life throws at you. We often feel demotivated, whenever we are surrounded by never ending problems and find ourself stuck in same circle of losing hope. But, we always forget that failure is the next step to success, so everytime we believe, we cannot, we must try and keep trying. One day, success will knock the doors and you will be happy, that even if you lost all your hope and you were in a mud of problems, you overcome it and achieved the goals. "The Swings of life" is a book, based on the theme life where, you would find yourself motivated and full of positivity. An anthology of 50+ co-authors, from around the globe have contributed their work in it.
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