The purpose of this paper is to examine the time series properties of Australian residential mortgage interest rates, and in doing so, establish whether or not selected home loan rates （product-level monthly home loa...The purpose of this paper is to examine the time series properties of Australian residential mortgage interest rates, and in doing so, establish whether or not selected home loan rates （product-level monthly home loan interest rates for CBA） exhibit the expected cyclical and seasonal variations and whether seasonality, if present, is stochastic or deterministic. In particular, due to a well established presence of cyclicality in financial markets＇ interest rates and strong correlation between financial markets＇ interest rates and home loan interest rates, the paper presumes that cyclicality is also to be found in home loan interest rates. Furthermore, the paper tests the hypothesis that home loan interest rates, for selected products, exhibit the three identified （＂Spring＂, ＂Autumn＂ and ＂The end of the Financial Year＂） season-related interest rate reductions. The paper uses a structural time series modelling approach and product-level home loan interest rates data from one of the biggest banks in Australia, Commonwealth Bank of Australia （CBA）. As expected, the results overall confirm the existence of cyclicality in home loan interest rates. With respect to the seasonality of home loan interest rate, although most of the analysed variables show the presence of statistically significant seasonal factors, the majority of the statistically significant seasonal factors observed cannot be attributed to any of the three considered seasonal effects.展开更多
The Tanzania Zambia Railway stretches 1,860 kilometers from the East African Indian Ocean port of Dar es Salaam in Tanzania to New Kapiri-Mposhi in land locked Zambia.It is defined as a bi-national organization as opp...The Tanzania Zambia Railway stretches 1,860 kilometers from the East African Indian Ocean port of Dar es Salaam in Tanzania to New Kapiri-Mposhi in land locked Zambia.It is defined as a bi-national organization as opposed to either transnational or multinational because it is jointly owned and managed by the Governments of Tanzania and Zambia.Its construction was made possible by Chinese interest-free loan to the two Governments.Few development projects in Africa have been charged with as much political and ideological dynamite as Tanzania Zambia Railway.To the Western powers,angry that the Chinese had entered territory which they considered their own preserve,it was a Red Railway intended to thrust communism into the very heart of Africa.For the white regimes in Southern Africa,grimly attempting to hold back demands for majority rule,it was seen as Africa’s Ho Chi Minh Trail,carrying guerrilla further,armed with Chinese thoughts and weapons to the banks of the Zambezi River.The Chinese regarded the project as a Friendship Route to strengthen the new African states against the forces of imperialism and for Tanzania and Zambia it was a Freedom Railway,which should prove an instrument in increasing their independence.These reactions underpin not only the complexity of the establishment and management of a bi-national organization but also present challenges to the two national trade unions on how best they can represent their members.Industrial relations literature has cited differences in countries’historical,social,political,economic,and ideological background as the main obstacles in the development of collective bargaining machinery in transnational or multinational organizations.A study in Tanzania Zambia Railway Authority has attempted to develop an integrated bi-national collective bargaining machinery whose collective agreements are likely to be legally enforceable in their respective countries.This paper explores the development of trade unions in both Tanzania and Zambia which can be divided in three 展开更多
This paper develops a model where two lenders to subprime borrowers compete with the interest rates charged and the severity of loan covenants. The model has a stable equilibrium, which demonstrates how an increase in...This paper develops a model where two lenders to subprime borrowers compete with the interest rates charged and the severity of loan covenants. The model has a stable equilibrium, which demonstrates how an increase in the number of borrowers or an increase in the cost of meeting covenants will reduce the severity of the covenants required by lenders, and each of these changes will increase the difference in the severity of the loan covenant levels. An increase in the expected losses to the lender from relaxing covenants will increase the severity of loan covenants, and this will also make the levels of severity more dispersed. Additional analysis demonstrates how exogenous shifts affect the interest rates charged by the lenders and their profits展开更多
文摘The purpose of this paper is to examine the time series properties of Australian residential mortgage interest rates, and in doing so, establish whether or not selected home loan rates （product-level monthly home loan interest rates for CBA） exhibit the expected cyclical and seasonal variations and whether seasonality, if present, is stochastic or deterministic. In particular, due to a well established presence of cyclicality in financial markets＇ interest rates and strong correlation between financial markets＇ interest rates and home loan interest rates, the paper presumes that cyclicality is also to be found in home loan interest rates. Furthermore, the paper tests the hypothesis that home loan interest rates, for selected products, exhibit the three identified （＂Spring＂, ＂Autumn＂ and ＂The end of the Financial Year＂） season-related interest rate reductions. The paper uses a structural time series modelling approach and product-level home loan interest rates data from one of the biggest banks in Australia, Commonwealth Bank of Australia （CBA）. As expected, the results overall confirm the existence of cyclicality in home loan interest rates. With respect to the seasonality of home loan interest rate, although most of the analysed variables show the presence of statistically significant seasonal factors, the majority of the statistically significant seasonal factors observed cannot be attributed to any of the three considered seasonal effects.
文摘The Tanzania Zambia Railway stretches 1,860 kilometers from the East African Indian Ocean port of Dar es Salaam in Tanzania to New Kapiri-Mposhi in land locked Zambia.It is defined as a bi-national organization as opposed to either transnational or multinational because it is jointly owned and managed by the Governments of Tanzania and Zambia.Its construction was made possible by Chinese interest-free loan to the two Governments.Few development projects in Africa have been charged with as much political and ideological dynamite as Tanzania Zambia Railway.To the Western powers,angry that the Chinese had entered territory which they considered their own preserve,it was a Red Railway intended to thrust communism into the very heart of Africa.For the white regimes in Southern Africa,grimly attempting to hold back demands for majority rule,it was seen as Africa’s Ho Chi Minh Trail,carrying guerrilla further,armed with Chinese thoughts and weapons to the banks of the Zambezi River.The Chinese regarded the project as a Friendship Route to strengthen the new African states against the forces of imperialism and for Tanzania and Zambia it was a Freedom Railway,which should prove an instrument in increasing their independence.These reactions underpin not only the complexity of the establishment and management of a bi-national organization but also present challenges to the two national trade unions on how best they can represent their members.Industrial relations literature has cited differences in countries’historical,social,political,economic,and ideological background as the main obstacles in the development of collective bargaining machinery in transnational or multinational organizations.A study in Tanzania Zambia Railway Authority has attempted to develop an integrated bi-national collective bargaining machinery whose collective agreements are likely to be legally enforceable in their respective countries.This paper explores the development of trade unions in both Tanzania and Zambia which can be divided in three
文摘This paper develops a model where two lenders to subprime borrowers compete with the interest rates charged and the severity of loan covenants. The model has a stable equilibrium, which demonstrates how an increase in the number of borrowers or an increase in the cost of meeting covenants will reduce the severity of the covenants required by lenders, and each of these changes will increase the difference in the severity of the loan covenant levels. An increase in the expected losses to the lender from relaxing covenants will increase the severity of loan covenants, and this will also make the levels of severity more dispersed. Additional analysis demonstrates how exogenous shifts affect the interest rates charged by the lenders and their profits
