ZLB, r*, and Secular Stagnation 11/6/2018
|
|
- Buck Riley
- 5 years ago
- Views:
Transcription
1 ZLB, r*, and Secular Stagnation 11/6/2018
2 Zero Lower Bound 2 אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב'
3 Source: Paul Krugman, "It s Baaack, Twenty Years Later." Feb ריבית אפס ומלכודת הנזילות אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' 3
4 The combination of low nominal rates and the difficulty of reducing short-term interest rates (much) below zero implies that monetary policymakers may have limited scope to address deep economic slowdowns through the traditional means of cutting short-term interest rates. Source: Ben S. Bernanke, Monetary policy in a new era, October 2017 אינטגרציה כלכלית ופיננסית והמשברים מאז 2007 חסם תחתון 0 - פרופ' ערן ישיב - סמסטר ב' 4
5 GS 14/3/ אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב'
6 6 אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב'
7 r* ריבית ריאלית לטווח הארוך 7 אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב'
8 r* is what economists call the natural rate of interest; it s the real interest rate expected to prevail when the economy is at full strength. While a central bank like the Fed sets short-term interest rates, r* is a result of longer-term economic factors beyond the influence of central banks and monetary policy. Source: Williams, J. C. The Future Fortunes of R-star: Are They Really Rising?, FRBSF Economic Letter, May 2018 אינטגרציה כלכלית ופיננסית והמשברים מאז 2007 מה זה *r - פרופ' ערן ישיב - סמסטר ב' 8
9 r* matters a great deal, because it anchors where shortterm interest rates will tend to be in the future. In a world of low r*, policymakers, banks, businesses, and households all need to plan for lower interest rates than they ve experienced in decades past. Source: Williams, J. C. The Future Fortunes of R-star: Are They Really Rising?, FRBSF Economic Letter, May 2018 אינטגרציה כלכלית ופיננסית והמשברים מאז 2007 מה זה *r - פרופ' ערן ישיב - סמסטר ב' 9
10 Source: Williams, J. C. (2017). Three Questions on R-star. FRBSF Economic Letter, 5. אמידת *r אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' 10
11 Source: Williams, J. C. (2017). Three Questions on R-star. FRBSF Economic Letter, 5. הירידה ב *r היא לא מאפיין יחודי של כלכלת ארה"ב אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' תשע "ח 11
12 לפי ג'ון וויליאמס, למרות העלייה הנצפית בשערי הריבית הנקבעים על ידי הבנקים המרכזיים, *r צפוי להישאר נמוך, כתוצאה משלושה גורמים מרכזיים: Secular ) הזדקנות האוכלוסיה. ירידה בקצב הגידול של הפריון ומיתון ארוך טווח.(Stagnation עלייה בביקוש לנכסים בטוחים. Source: Williams, J. C. The Future Fortunes of R-star: Are They Really Rising?, FRBSF Economic Letter, May 2018 הגורמים לירידה ב *r אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' 12
13 Changes in demographics affect r* on a number of levels: Over the past three decades, life expectancy in developed economies has risen by nearly five years and is expected to keep rising When people expect to live longer, they tend to save more for retirement, and this increased saving puts downward pressure on interest rates. Source: Williams, J. C. The Future Fortunes of R-star: Are They Really Rising?, FRBSF Economic Letter, May 2018 הגורמים לירידה ב *r אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' 13
14 labor force growth in the United States has slowed, largely due to baby boomers retiring and a lower fertility rate. Labor force participation rate, total (% of total population ages 15+) Fewer people joining the labor force means fewer people working, producing, and consuming things, which leads to slower growth and less investment, which in turn drives r* down. Source: International Labor Organization, ILOSTAT database. Data retrieved in November Source: Williams, J. C. The Future Fortunes of R-star: Are They Really Rising?, FRBSF Economic Letter, May 2018 הגורמים לירידה ב *r אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' 14
15 Productivity growth has also slowed compared with earlier decades. In the 1990s and early 2000s, the explosion of the internet and computing power led to annual productivity gains averaging 2 to 3%. Productivity gains since the recession have generally hovered around 1% Source: Williams, J. C. The Future Fortunes of R-star: Are They Really Rising?, FRBSF Economic Letter, May 2018 r* Source: MGI: THE PRODUCTIVITY PUZZLE - A CLOSER LOOK AT THE UNITED STATES, MAR 2017 הגורמים לירידה ב אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' 15
16 The third and final factor holding down r* is the high global demand for safe assets we ve seen develop over the past two decades. This has driven down the returns on Treasury securities and safe shortterm loans relative to those on riskier assets like corporate bonds and equities, and thereby depressed r* Source: Williams, J. C. (2017). Three Questions on R-star. FRBSF Economic Letter, 5. ירידה בתשואה על נכסים בטוחים אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' 16
17 גישת ה- Secular Stagnation לא כוסה בשיעור 17 אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב'
18 Secular Stagnation: A prolonged period in which satisfactory growth can only be achieved by unsustainable financial conditions. The idea of secular stagnation is that the private economy unless stimulated by extraordinary public actions especially monetary and fiscal policies and, or, unsustainable private sector borrowing will be prone to sluggish growth caused by insufficient demand. Source: Larry Summers, The threat of secular stagnation has not gone away, The Financial Times, May Secular stagnation אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' תשע "ח 18
19 Indexed bond markets imply that real interest rates will be kept well below 1 per cent for the next 30 years. The stock market has returned 22 per cent in 2017 and an average of 16 per cent over the past five years. If budget deficits hadn t been growing relative to the economy, real long term interest rates had been steady in their customary range above 2 per cent and an extra $10tn in wealth had not been created by abnormal stock market returns, it is hard to believe that the US economy would be growing much at all. Source: Low rates benefited investors more than ordinary Americans, The Financial Times, August 2017 Source: Larry Summers, The threat of secular stagnation has not gone away, The Financial Times, May אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' תשע "ח 19
20 Europe has seen a reduction in the ratio of government debt to GDP in recent years but like Japan has received extraordinary stimulus from sub minus 1 per cent real interest rates and increases in the flow of private sector credit. Source: Larry Summers, The threat of secular stagnation has not gone away, The Financial Times, May Secular Stagnation -המצב העולמי אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' 20
21 Even with this stimulus Europe and Japan have struggled to achieve 2 per cent inflation. Source: Larry Summers, The threat of secular stagnation has not gone away, The Financial Times, May Secular Stagnation -המצב העולמי אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' 21
22 Larry Summers: What we are seeing is the achievement of fairly ordinary growth with extraordinary policy and financial conditions. Whether this is sustainable depends on several factors, not least whether private sector demand will autonomously increase as the financial crisis recedes so growth can be maintained with less unorthodox policy and exuberant financial conditions. It is more likely that a combination of rising inequality, slow labor force and productivity growth, and greater competition from developing countries will keep private sector demand subdued. Source: Larry Summers, The threat of secular stagnation has not gone away, The Financial Times, May טיעונים בעד תאורית ה stagnation Secular אינטגרציה כלכלית ופיננסית והמשברים מאז פרופ' ערן ישיב - סמסטר ב' תשע "ח 22
Keynote Speech: International Macroeconomic Perspective. William White Chairman of the OECD Economic and Development Review Committee
Keynote Speech: International Macroeconomic Perspective William White Chairman of the OECD Economic and Development Review Committee Introduction I am very pleased to be here. When you are invited and
More informationFrom The Collected Works of Milton Friedman, compiled and edited by Robert Leeson and Charles G. Palm.
Interview. "Nobel Laureate Milton Friedman Discusses His Personal Views of How to Deal with the Economy." Interviewed by Louis Rukeyer et al. Louis Rukeyser's Wall Street, CNBC (television broadcast),
More informationJean-Claude Trichet: Interview with Kyodo News, Nikkei, Nippon Hoso Kyokai and Yomiuri Shimbun
Jean-Claude Trichet: Interview with Kyodo News, Nikkei, Nippon Hoso Kyokai and Yomiuri Shimbun Interview with Mr Jean-Claude Trichet, President of the European Central Bank, by Mr Shogo Akagawa (Nikkei),
More informationPRINCIPLES OF MACROECONOMICS Spring Semester,
PRINCIPLES OF MACROECONOMICS Spring Semester, 2014-2015 Joseph P. Joyce Room 413 PNE Department of Economics Wellesley College Tel: 781-283-2160 E*mail: JJOYCE@wellesley.edu Goals: Macroeconomics is the
More informationThe Augmented Misery Index
The Augmented Misery Index Gary Hufbauer, Peterson Institute for International Economics Jisun Kim, Peterson Institute for International Economics Howard Rosen, Peterson Institute for International Economics
More informationWe re In A Depression: An Interview With Jonathan Davis
by Glenn Fisher 6th March 2017 We re In A Depression: An Interview With Jonathan Davis He sits back. Waits. Takes a deep breath. And then: The biggest problem for the UK?! It s DEBT. And the fact that
More informationHappiness and the Economy
Happiness and the Economy The Ideas of Buddhist Economics edited by Laszlo Zsolnai Typotex Budapest 2010 Preface 1 Deep Ecology and Buddhism (Knut J. Ims and Laszlo Zsolnai) 2 The "Middle Way" for Market
More information1 of 9 10/26/2009 7:23 PM. Will Hutton The Observer, Sunday 14 June larger smaller
1 of 9 10/26/2009 7:23 PM As analysts and media hailed the tentative emergence of green shoots last week, Nobel Prize-winning economist Paul Krugman caused international shock with a prediction that the
More informationEthical Principles and Economic Transformation. A Buddhist Approach. Laszlo Zsolnai
Ethical Principles and Economic Transformation A Buddhist Approach edited by Laszlo Zsolnai Springer 2011 Preface Inroduction Laszlo Zsolnai: Why Buddhist Economics? Part 1 Buddhist Ethics Applied to Economics
More informationRay Dalio: "There Are No More Tools In The Tool Kit" - Complete Charlie Rose Transcript With The Head Of The World's Biggest Hedge Fund
Ray Dalio: "There Are No More Tools In The Tool Kit" - Complete Charlie Rose Transcript With The Head Of The World's Biggest Hedge Fund Source: http://www.zerohedge.com/news/ray-dalio-there-are-no-more-tools-tool-kit-complete-charlierose-transcript-head-worlds-biggest
More informationMonetary Policy in an Islamic Economy: The Central Bank s Role
Monetary Policy in an Islamic Economy: The Central Bank s Role The Annual Intellectual Symposium of Islamic Financial Economics University of London London, UK May 28th, 2014 Gabriella Crimi Mount Holyoke
More informationWelfare Potential of Zakat: An Attempt to Estimate Economy wide Zakat Collection
Welfare Potential of Zakat: An Attempt to Estimate Economy wide Zakat Collection S A L M A N A H M E D S H A I K H P H D S C H O L A R I N E C O N O M I C S I S L A M I C E C O N O M I C S P R O J E C
More informationTHE BROOKINGS INSTITUTION LESSONS FROM THE GREAT DEPRESSION FOR Washington, D.C. Monday, March 9, 2009
1 THE BROOKINGS INSTITUTION LESSONS FROM THE GREAT DEPRESSION FOR 2009 Washington, D.C. Monday, March 9, 2009 PARTICIPANTS: Introduction: MARTIN NEIL BAILY Senior Fellow, The Brookings Institution Featured
More informationWas the Monetary Policy Committee, was it consistently behind the curve? Because that is what it has looked like to outsiders.
BBC HARDtalk transcript August 22, 2012 Over the last five years serious questions have been asked about the competence of economic policymakers in the Western world. My guest, Adam Posen, is about to
More informationThe Paradigm of the Islamic Banking System
185 The Paradigm of the Islamic Banking System Bogdan Munteanu Islamic banks have constantly grown their activity and expanded across the world economy, in a matter of decades. Today, their assets cover
More informationBut in terms of your central outlook, in principal if things remain on that kind of a
1 The Australian: Your central outlook for growth has the economy continuing fairly weak until the middle of next year and then starting to get stronger from the second half of 2015. You ve been saying
More informationTranscript of Media Availability. President and CEO, Federal Reserve Bank of St. Louis
Transcript of Media Availability James Bullard President and CEO, Federal Reserve Bank of St. Louis Glasgow-Barren County Chamber of Commerce Glasgow, Ky. July 20, 2018 This transcript has been lightly
More informationPNC S PERSPECTIVES ON THE MARKET: 2016 ELECTION INSIGHTS
PNC S PERSPECTIVES ON THE MARKET: 2016 ELECTION INSIGHTS November 09, 2016 03:00 PM EDT Operator: Ladies and gentlemen, I d like to welcome you to today s PNC Perspectives on the Market: 2016 U.S. Election
More informationIslamic Finance in Asia
第 1 頁, 共 5 頁 Islamic Finance in Asia Tag it: PHILIP BOWRING 27 June 2008 A growing river of money seeks investment consistent with Islamic religious principles Three races are now underway on the topic
More informationWhat is wrong with Interest? Ansar Finance Group. Islamic Finance for the Community by the Community
What is wrong with Interest? Ansar Finance Group Islamic Finance for the Community by the Community What is wrong with Interest? Islamic point of view Interest has been declared Haram (forbidden) by Allah
More informationWorld History: Patterns of Interaction
McDougal Littell, a division of Houghton Mifflin Company correlated to World History: Patterns of Interaction Category 7: World History, Grades 9-12 McDougal Littell World History: Patterns of Interaction
More informationIs there a demographic component of the proxy war in the Kashmir Valley?
Is there a demographic component of the proxy war in the Kashmir Valley? Fertility Tables published by Census 2011 indicate that the annual number of births in Kashmir Valley has doubled since Census 2001.
More informationSuccess in the City An Address by The Honourable Maurizio Bevilacqua Mayor, City of Vaughan to the Vaughan Chamber of Commerce January 25, 2012
Success in the City An Address by The Honourable Maurizio Bevilacqua Mayor, City of Vaughan to the Vaughan Chamber of Commerce January 25, 2012 I want to first of all thank you Deborah for your every generous
More informationDanielle DiMartino Booth: Jay Powell is a new breed of Fed Chairman August 30 th 2018
Danielle DiMartino Booth: Jay Powell is a new breed of Fed Chairman August 30 th 2018 Erik: Joining me next on the program is Danielle DiMartino Booth, author of Fed Up. Danielle and I spoke off the air
More informationTHE BROOKINGS INSTITUTION A FED DUET: JANET YELLEN IN CONVERSATION WITH BEN BERNANKE. Washington, D.C. Tuesday, February 27, 2018
1 THE BROOKINGS INSTITUTION A FED DUET: JANET YELLEN IN CONVERSATION WITH BEN BERNANKE Washington, D.C. Tuesday, February 27, 2018 Welcome and Introduction: Discussion: GLENN HUTCHINS Vice Chair of the
More informationChapter Twenty-Five WHAT ABOUT MONEY?
Chapter Twenty-Five WHAT ABOUT MONEY? FROM EDITATION TO M A N I F E S T A T I O N M C C L A I N M I N I S T R I E S 2007 One of the most frequent questions I receive relates to money; or rather the perceived
More informationDIRECTIONS IN DEVELOPMENT Finance
DIRECTIONS IN DEVELOPMENT Finance Economic Development and Islamic Finance Zamir Iqbal and Abbas Mirakhor, Editors ß THE WORLD BANK Washington, D.C. Contents Foreword Acknowledgments Contributors Abbreviations
More informationReligio. State of Catholicism. Introduction Report
Religio State of Catholicism Introduction Report By Jong Han Head of Research Religio Purpose: To inform on the overall state of Catholicism and the Catholic church in the United States through generational
More informationThe Role of Money in National Economic Policy
PANEL The Role of Money in National Economic Policy PAUL SAMUELSON The central issue that is debated these days in connection with macro-economics is the doctrine of monetarism. Let me define monetarism.
More informationBEN BERNANKE AND THE ZERO BOUND. Laurence Ball. Johns Hopkins University. February 2012
BEN BERNANKE AND THE ZERO BOUND Laurence Ball Johns Hopkins University February 2012 I am grateful for suggestions from Patricia Bovers, Christopher Carroll, Jon Faust, Joseph Gagnon, Donald Kohn, Daniel
More informationAre the times changing back?
Dorling, D., 2010, Are the times changing back? There are painful similarities between life lived in London now and the unjust inequalities of Victorian times, New London Review, July, 2, 16-17. (This
More informationThe Eurozone Crisis and Global Monetary Reform: A Conversation Robert B. Zoellick and Sebastian Mallaby
The Eurozone Crisis and Global Monetary Reform: A Conversation Robert B. Zoellick and Sebastian Mallaby Sebastian Mallaby: We are here to talk to Bob Zoellick. I have been in Washington 16 years, Bob is
More informationWhat Must I Do? First Congregational United Church of Christ Eagle River, Wisconsin October 14, Dale L. Bishop
What Must I Do? First Congregational United Church of Christ Eagle River, Wisconsin October 14, 2018 Text: Mark 10:17-31 Dale L. Bishop I am a child of depression-era parents. Those of you who share that
More informationNEW IDEAS IN DEVELOPMENT AFTER THE FINANCIAL CRISIS WELCOME: FRANCIS FUKUYAMA, DIRECTOR OF INTERNATIONAL DEVELOPMENT, JOHNS HOPKINS SAIS
NEW IDEAS IN DEVELOPMENT AFTER THE FINANCIAL CRISIS WELCOME: FRANCIS FUKUYAMA, DIRECTOR OF INTERNATIONAL DEVELOPMENT, JOHNS HOPKINS SAIS BERNARD SCHWARTZ, CHAIRMAN, BLS INVESTMENTS LLC NANCY BIRDSALL,
More informationServing Muslim Clients. A very brief introduction to Islamic Finance
Serving Muslim Clients A very brief introduction to Islamic Finance History of Islamic finance Not New 1500 years of development. During Classical period, commerce flourished under Islamic commercial law.
More informationCentral banks can print prosperity
Intelligence Squared U.S. - 1-11/19/2015 November 18, 2015 Ray Padgett raypadgett@shorefire.com Mark Satlof msatlof@shorefire.com T: 718.522.7171 Intelligence Squared U.S. Central banks can print prosperity
More informationISLAMIC FINANCE AND BANKING MODES OF FINANCE
page 1 / 5 page 2 / 5 islamic finance and banking pdf Islamic banking or Islamic finance (Arabic:??????????????) or sharia-compliant finance is banking or financing activity that complies with sharia (Islamic
More informationSeasonality in the Saudi Stock Market. TASI trading in and around Ramadan
Seasonality in the Saudi Stock Market TASI trading in and around Ramadan The holy month of Ramadan is the ninth month of the Hjiri (Islamic) calendar. For a period of 9 to 0 days during the month, it is
More informationThe Honorable Jerome H. Powell discusses recent Fed policy and shares his views on the future economy.
The Honorable Jerome H. Powell discusses recent Fed policy and shares his views on the future economy. Jerome H. Powell Chairman of the Board of Governors Federal Reserve System Thursday, January 10, 2019
More informationMISSOURI SOCIAL STUDIES GRADE LEVEL EXPECTATIONS
Examine the changing roles of government in the context of the historical period being studied: philosophy limits duties checks and balances separation of powers federalism Assess the changing roles of
More informationBenevolence Assistance Request Form
Benevolence Assistance Request Form Date: What is the Benevolence Fund? The Benevolence Fund is a limited financial fund, made available by application to anyone struggling financially due to unforeseen
More informationTurkey s Potential Role as a Global Leader in Islamic Banking and Finance
Afro Eurasian Studies, Vol. 2, Issues 1&2, Spring & Fall 2013, 315-319 Turkey s Potential Role as a Global Leader in Islamic Banking and Finance Humayon Dar* Turkey possesses all the basic ingredients
More informationthis evening will be Dr. John Harvey, who is the former chair of the economics department at
Modern Money Network, The Money Series 2012-2013 4. DEBT, DEFICITS OR UNEMPLOYMENT: IDENTIFYING REAL THREATS TO GROWTH So today we have three people here to give presentations to continue on the modern
More informationTHE BROOKINGS INSTITUTION IS INDIA'S HIGH GROWTH SUSTAINABLE? Washington, D.C. Thursday, March 8, 2007
THE BROOKINGS INSTITUTION IS INDIA'S HIGH GROWTH SUSTAINABLE? Washington, D.C. Thursday, March 8, 2007 Introduction and Moderator: LAEL BRAINARD, Vice President and Director Global Economy and Development,
More informationBut I now move on to what Milton Friedman calls the marketing problem, because this is very important to me. Imperfections of the political market
Discussion of Inflation and Government, by Samuel Brittan by Milton Friedman In Inflation: Causes, Consequences, Cures, pp. 53-69 Institute of Economic Affairs. First published by the Institute of Economic
More information#25 Objectives. I can identify and define the MAIN causes of WWI. I can describe how each of the MAIN causes led to a world war.
#25 Objectives I can identify and define the MAIN causes of WWI. I can describe how each of the MAIN causes led to a world war. Opener Do you think there could be another World War today? Why or why not?
More informationWorking Paper United Church of Canada Statistics
Working Paper United Church of Canada Statistics Brian Clarke & Stuart Macdonald Introduction Denominational statistics are an important source of data that keeps track of various forms of religious behavior
More informationFinancing Public Infrastructure Using Sovereign Sukuk
Financing Public Infrastructure Using Sovereign Sukuk Salman Ahmed Shaikh Markets fail in the provision of public goods. Public goods are non-rival and non-exclusive. This creates the problem of free riding.
More informationWelfare and Standard of Living
Welfare and Standard of Living Extent of poverty Marital status Households Monthly expenditure on consumption Ownership of durable goods Housing density Welfare and Standard of Living Extent of Poverty
More informationWorld Cultures and Geography
McDougal Littell, a division of Houghton Mifflin Company correlated to World Cultures and Geography Category 2: Social Sciences, Grades 6-8 McDougal Littell World Cultures and Geography correlated to the
More informationThe AEG is requested to: Provide guidance on the recommendations presented in paragraphs of the issues paper.
SNA/M1.17/5.1 11th Meeting of the Advisory Expert Group on National Accounts, 5-7 December 2017, New York, USA Agenda item: 5.1 Islamic finance in the national accounts Introduction The 10 th meeting of
More informationSession 5 A conversation on US monetary policy: Forward Guidance- Fad or the Future of Monetary Policy?
Session 5 A conversation on US monetary policy: Forward Guidance- Fad or the Future of Monetary Policy? Keynote Speaker: President Richard Fisher (Federal Reserve Bank of Dallas) Chair: Prof Ron Anderson
More informationEconomics and Islamic Economics
Economics and Islamic Economics By Ustaaz, Ahmed Fazel Ebrahim 1 Contents Basic Economics Macro Economics Monetary Economics Economics teaches us Introduction to Islamic Economics The Qur an and History
More informationTHE BROOKINGS INSTITUTION FALK AUDITORIUM
1 THE BROOKINGS INSTITUTION FALK AUDITORIUM THE FED AT A CROSSROADS: WHERE TO GO NEXT? A CONVERSATION WITH NY FED PRESIDENT BILL DUDLEY AND ECONOMIST JOHN TAYLOR Washington, D.C. Thursday, October 15,
More informationThe State of God s World: Globalization and the Future of Integral Mission Tom and Christine Sine 1
The State of God s World: Globalization and the Future of Integral Mission Tom and Christine Sine 1 Introduction: Taking the Globalized Future Seriously In the conclusion of his definitive work on the
More informationIslam & Welfare State: Reality Check & The Way Forward
Islam & Welfare State: Reality Check & The Way Forward S A L M A N A H M E D S H A I K H P H D S C H O L A R I N E C O N O M I C S U N I V E R S I T I K E B A N G S A A N M A L A Y S I A S A L M A N @
More informationThank you church family for faithfully giving of your time, talent and treasures as we reach out to our community and world
Thank you church family for faithfully giving of your time, talent and treasures as we reach out to our community and world You are loved, needed and appreciated Annual Ministry Report Fiscal 2010 Table
More informationParvez Ahmed. University of North Florida
Parvez Ahmed University of North Florida The Agenda Part 1 Genesis of the crisis Part 2 Understanding human nature the Quranic view Part 3 Islamic Finance seeking clues The Crisis Former Chairman of the
More informationPatience and Creativity. Fundraising in Challenging Times. Deacon Larry Vaclavik Principal and Partner Dini Partners.
Patience and Creativity Fundraising in Challenging Times Deacon Larry Vaclavik Principal and Partner Dini Partners Context Challenging Times Economic Social Institutional Personal 2 Impact Retracting Redirecting
More information2011 Unity Conference Recover, Restore, and Renew. Curtis M. Brown, Chairman
2011 Unity Conference Recover, Restore, and Renew Curtis M. Brown, Chairman Session One: History/Building the Case Introduction Case Study: Sigma Theta Eta CFS Movement since 1988 The Changing Climates
More informationRaoul Pal, Julian Brigden: When will the dollar route end?
Raoul Pal, Julian Brigden: When will the dollar route end? August 3, 2017 Please note this was transcribed to best of the ability of the transcriber and may have minor errors. Please refer to the podcast
More informationGlobal Nondestructive Examination (NDE) Equipment Market Research Report 2016
Published on Market Research Reports Inc. (https://www.marketresearchreports.com) Home > Global Nondestructive Examination (NDE) Equipment Market Research Report 2016 Global Nondestructive Examination
More informationList of Figures. List of Tables. Acknowledgements. About the Author. About the Website
Contents List of Figures List of Tables Acknowledgements About the Author Preface About the Website CHAPTER 1 Introduction to Islamic Finance and Islamic Economics 1 Introduction 1 Creation of Money and
More informationTHE BROOKINGS INSTITUTION GLOBAL INEQUALITY: IS THERE A ROLE FOR GLOBAL GOVERNANCE? Washington, D.C. Thursday, December 9, 2010
INEQUALITY-2010/12/09 1 THE BROOKINGS INSTITUTION GLOBAL INEQUALITY: IS THERE A ROLE FOR GLOBAL GOVERNANCE? Washington, D.C. Thursday, December 9, 2010 PARTICIPANTS: Introduction and Moderator: FIONA HILL
More informationIslamic banking worldwide what is in it - for All of Us
2 nd International Conference & Exhibition on Islamic Banking and Finance Islamic worldwide what is in it - for All of Us By: Muhammad Ikram Thowfeek THRUST OF THE PRESENTATION: Introduction Market demand,
More informationIV. Economics of Religion
IV. Economics of Religion 1. Competition and Product Quality 2. Puzzles of sects: prohibitions and sacrifices 3. Theory: The club solution 4. Testable Implications: Christian and Jewish Sects 5. Testable
More informationWhat happened to the Christians of Andhra Pradesh
What happened to the Christians of Andhra Pradesh There have been often doubts about the number of Christians counted in the Indian Censuses. It is speculated that a large number of Christian converts
More informationSession 3: Steps to Get Out Of Debt
Session 3: Steps to Get Out Of Debt Presentation by: Thomas R. Copland, CA Thomas R. Copland 1 To obtain a practical understanding of how to reduce your debt, with the long-term objective of becoming totally
More informationEthos. or the ethical appeal, means to convince an audience of the author s credibility or character.
Ethos or the ethical appeal, means to convince an audience of the author s credibility or character. An author would use ethos to show to his audience that he is a credible source and is worth listening
More informationViral Churches: Helping Church Planters Become Movement Makers. Ed Stetzer and Warren Bird. Kindle Notes ~ Dave Kraft
Viral Churches: Helping Church Planters Become Movement Makers Ed Stetzer and Warren Bird Kindle Notes ~ Dave Kraft In successful church plants, evangelism simply overpowers the need for self-preserving
More informationministerial internship program H A N D O U T S ip m
ministerial internship program H A N D O U T S mip Saturday, October 6 8:30 AM MIP Room State Office TIME TOPIC PRESENTER 8:30 AM Devotion Prayer Sam Belisle 9:00 AM Class 1 - Declaration of Faith #1 and
More informationTranscript of the Interview with Michael Pettis
Transcript of the Interview with Michael Pettis Michael Pettis China Boom Project, Asia Society 2009 Senior Associate, Carnegie Endowment for International Places Industry: Academic Michael Pettis is a
More informationTHE TENTH MALAYSIA PLAN: TRANSFORMATION TOWARDS A HIGH INCOME ADVANCED ECONOMY* PROF NOOR AZLAN GHAZALI Head of Economic and Finance Cluster National Professorial Council First of all, thanks for giving
More informationTHE BROOKINGS INSTITUTION CENTRAL BANKING AFTER THE GREAT RECESSION: LESSONS LEARNED AND CHALLENGES AHEAD
1 THE BROOKINGS INSTITUTION CENTRAL BANKING AFTER THE GREAT RECESSION: LESSONS LEARNED AND CHALLENGES AHEAD A DISCUSSION WITH FEDERAL RESERVE CHAIRMAN BEN BERNANKE ON THE FED S 100th ANNIVERSARY (EXCERPT)
More informationHOLY TOLL: THE IMPACT OF THE RECESSION ON US ORTHODOX CHRISTIAN CHURCHES
ALEXEI D. KRINDATCH (AKRINDATCH@AOL.COM), RESEARCH COORDINATOR ASSEMBLY OF CANONICAL ORTHODOX BISHOPS IN NORTH AND CENTRAL AMERICA HOLY TOLL: THE IMPACT OF THE 2008 2009 RECESSION ON US ORTHODOX CHRISTIAN
More informationLeadership Is Stewardship
Leadership Is Stewardship Understanding God s Principles for Financial Stewardship If you have not been faithful in the use of [worldly wealth], who will entrust the true riches to you? (Luke 16:11 NASB)
More informationConfucius, Keynes and Christ
Confucius, Keynes and Christ The role and opportunity for ethics and ethical systems as a driver for climate-friendly behavior change Max Wei 11/14/12 Greenhouse Gas Emissions Cumulative emissions are
More informationConcluding Remarks. George P. Shultz
Concluding Remarks George P. Shultz I have a few reflections. The first one: what a sensational job Martin Baily and John Taylor have done in putting together such a riveting conference. The quality of
More informationCopyright Martin Armstrong All Rights Reserved March 14 th, 2012
Copyright Martin Armstrong All Rights Reserved March 14 th, 2012 Danielle, who is my right hand assistant that manages my life, pointed out to me that born on today which is called Pi Day in most math
More informationTHE ECONOMIC DIMENSIONS OF UNREST IN THE ARAB WORLD
THE ECONOMIC DIMENSIONS OF UNREST IN THE ARAB WORLD WEDNESDAY, FEBRUARY 23, 2011 3:30 P.M. WASHINGTON, D.C. WELCOME/MODERATOR: Uri Dadush Director, International Economics Program, Carnegie Endowment For
More informationEveryone Does Better When Everyone Does Better A. Stephen Van Kuiken Community Congregational U.C.C. Pullman, WA September 3, 2017
Everyone Does Better When Everyone Does Better A. Stephen Van Kuiken Community Congregational U.C.C. Pullman, WA September 3, 2017 Sixteen tons and what do you get? Another day older and deeper in debt.
More informationHitech Khadi. In Search of Happiness (2)
Hitech Khadi Assistant Prof. Dr. Pornchai Pacharin-tanakun http://drpornchai.com พรช ย พ ชร นทร ตนะก ล http://www.facebook.com/pornchai.pacharintanakun Freelance Academic Guest Lecturer at Chulalongkorn
More informationUK to global mission: what really is going on? A Strategic Review for Global Connections
UK to global mission: what really is going on? A Strategic Review for Global Connections Updated summary of seminar presentations to Global Connections Conference - Mission in Times of Uncertainty by Paul
More information~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Igniting The Flame Of True Orthodox Christian Stewardship ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Igniting The Flame Of True Orthodox Christian Stewardship ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Bill Marianes - www.stewardshipcalling.com - 2014 For everyone to whom much is given, from him much will
More informationEquirus Securities Pvt Ltd Genus Power-2QFY17 Results 28 th November, 2016
Equirus Securities Pvt Ltd Genus Power-2QFY17 Results SPEAKER: Anshuman Khanna Meet Chande: Genus Power-2QFY17 Results Good evening, ladies and gentlemen. I am Sourodip, your moderator for the session.
More informationState of Catholicism Introduction Report. by Jong Han, Religio Head of Research Peter Cetale, Religio CEO
State of Catholicism 2018 Introduction Report by Jong Han, Religio Head of Research Peter Cetale, Religio CEO Purpose To inform on the overall state of Catholicism and the Catholic church in the United
More informationYour giving makes a huge difference in our ministry and outreach, now and for future generations.
Jesus says: It is like a mustard seed that someone took and sowed in the garden; it grew and became a tree, and the birds of the air made nests in its branches. (Luke 13:19) Two years after moving into
More informationby Hartman L. Butler, Jr., C.F.A. La Jolla, California March 6, 1976
AN HOUR WITH MR. GRAHAM by Hartman L. Butler, Jr., C.F.A. La Jolla, California March 6, 1976 lib: lib: Mr. Graham, I do appreciate so much being able to come and visit with you this afternoon. When Bob
More informationThe Discount Rate of Well-Being
The Discount Rate of Well-Being 1. The Discount Rate of Future Well-Being: Acting to mitigate climate change clearly means making sacrifices NOW in order to make people in the FUTURE better off. But, how
More informationOur financial house must
YOUNG ADULTS An Eternal Perspective on Personal and Family Finance By Bryan Sudweeks, PhD, Chartered Financial Analyst, and E. Jeffrey Hill, PhD, Brigham Young University Our financial house must be built
More informationExamining Theories of Growth & Development & Policy Response Based On Them From Islamic Perspective
Examining Theories of Growth & Development & Policy Response Based On Them From Islamic Perspective S a lma n Ahmed S h a i kh Poverty and inequality around the world has been rising over the last three
More informationSession 7: Obtaining Godly Counsel and Wisdom More Interactive
Session 7: Obtaining Godly Counsel and Wisdom More Interactive To learn where and how to obtain godly counsel and wisdom. KEY BIBLICAL PRINCIPLE God admonishes us to obtain godly counsel first from him
More informationHow Many are We Today? The Demographic Perspective
Brandeis University, October 23-24, 2011 Plenary 4: Numbering the Jews PROVISIONAL, REVISED 0CT 23 NOT YET FOR QUOTATION How Many are We Today? The Demographic Perspective Sergio DellaPergola Professor
More informationFertility Prospects in Israel: Ever Below Replacement Level?
UNITED NATIONS EXPERT GROUP MEETING ON RECENT AND FUTURE TRENDS IN FERTILITY Population Division Department of Economic and Social Affairs United Nations Secretariat New York, 2-4 December 2009 Fertility
More informationAn Overture to the Presbytery of St. Augustine Strategic Planning for the Future of Montgomery Presbyterian Conference Center
An Overture to the Presbytery of St. Augustine Strategic Planning for the Future of Montgomery Presbyterian Conference Center Overture Title A Celebration and Compassionate Closure of Montgomery Overture
More informationWorkers & Justice: What Would Moses Do? A. Stephen Van Kuiken Lake Street Church Evanston, IL August 31, 2014
Workers & Justice: What Would Moses Do? A. Stephen Van Kuiken Lake Street Church Evanston, IL August 31, 2014 Call it England, call it Spain Egypt rules with whip and chain Moses free my people again!
More informationHaredi Employment. Nitsa (Kaliner) Kasir. Deputy Chair, the Haredi Institute for Public Affairs. Jewish Funders Network
Haredi Employment Nitsa (Kaliner) Kasir Deputy Chair, the Haredi Institute for Public Affairs Jewish Funders Network March 12, 2018 (Updated version: February 12, 2019) Data is only half the story and
More informationThe Experience of Islamic Banking in a Conventional System
The Experience of Islamic Banking in a Conventional System A Country Case study: Morocco Dr. Amal Smaili, Netherlands The Second Annual Conference of Islamic Economics & Islamic Finance Venue: Chestnut
More informationIslamic Sukuk and Its Role in Supporting the Budget Deficit: Case Study on The Central Bank in The Jordan
Islamic Sukuk and Its Role in Supporting the Budget Deficit: Case Study on The Central Bank in The Jordan Dr. AbedalfattahZuhair Al-abedallat Faculty of Business and Finance, the World Islamic Sciences
More informationLOCAL CHURCH REPORT TO THE ANNUAL CONFERENCE
Instructions for Table I of the 1 This is auto-filled from Line 9 of last year s Local Church Report. 2.a Report the number of persons received into the church on profession of faith. 2.b Report the number
More information