ENGLISH ABSTRACT: There are conflicting aims among the various stakeholders of a business. Shareholderswish to maximise their return on capital, whereas debt holders and customers wish tominimise the risk to capital. This conflict has led to the emergence of economic capital.Financial services...

The role of economic capital has grown significantly in recent years. Although not a regulatory requirement, an increasing number of financial institutions use economic capital for such purposes as measuring and managing the performance of people, products, risk exposures, and to manage and...

This paper develops a framework for examining the impact of changes in the solvency standard of a bank (target credit rating) on the pricing of bank assets. We show that the decision of a bank to increase its solvency standard increases the price of bank assets to the extent that a bank prices...

Traditional macroeconometric models of the Australian economy estimate the behaviour of wage and price inflation separately, thereby ignoring the possibility that there is a contemporaneous relationship between these two variables. This thesis follows a recent trend emerging in other small open...

This paper identifies and synthesises strategic opportunities and challenges facing New Zealand’s sheep meat and beef sector over the next 10 to 15 years. A Delphi surveydraws on the sector’s collective knowledge and identifies areas of consensus anddivergence of opinion. Using the results...

Artículo de revista ; The effective departure of the United Kingdom (UK) from the European Union (EU) opens up a new period of relations between the two areas. The current health crisis limits economic policies’ room for manoeuvre to accommodate the costs of transitioning to a new economic...

Este trabajo conjunto de Bundesbank, Banque de France y Banco de España analiza en detalle algunos de los numerosos canales a través de los cuales el brexit afectará a la economía del Reino Unido y a la de sus socios comerciales. En particular, se centra en los canales comercial y...