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Asymmetric information in securitization: an empirical assessment u albertazzi, g eramo, l gambacorta and c salleo , journal of monetary economics. Does variance risk have two prices? evidence from the equity and option markets l barras and a malkhozov , journal of financial economics. A search based model of the interbank money market and monetary policy implementation m bech and c monnet , journal of economic theory. The response of tail risk perceptions to unconventional monetary policy m hattori, a schrimpf and v sushko , american economic journal: macroeconomics. Risk attribution using the shapley value: methodology and policy applications n tarashev, k tsatsaronis and c borio , review of finance.

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Official fx interventions through derivatives e kohlscheen and s andrade , journal of international money and finance. Responses to the financial crisis, treasury debt, and the impact on short term money markets j seligman and w hrung , international journal of central banking. Does the us dollar confer an exorbitant privilege? r mccauley , journal of international money and finance. Sudden floods, macroprudential regulation and stability in an open economy p r agénor, k alper and l a pereira da silva , journal of international money and finance. Procyclical leverage and value at risk t adrian and h s shin , review of financial studies. Cyclical fiscal policy, credit constraints, and industry growth p aghion, d hémous and e kharroubi , journal of monetary economics. Dividend predictability around the world j rangvid, m schmeling and a schrimpf , journal of financial and quantitative analysis.

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Globalisation, pass through and the optimal policy response to exchange rates j yetman and m devereux , journal of international money and finance. The research by bis economists finds its way into the bis research publications found on this website, including bis papers. Ʒ�豆网网友wz_198620 近日为您收集整理了关于industrial strategy uk sector analysis.new的文档，希望对您的工作和学习有所帮助。以下是文档介绍：bis economics paper no. 18industrial strategy:uk sector analysisseptember 2012industrial strategy: uk sectoranalysiscontentscontents. 36ilist of tables and figurestablestable 2.1 uk gva and employment by sector 2011. The economy hassuffered as banks, governments and householdsseek to rebuild balance sheets aftera period of unsustainable borrowing.

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Hence, our approach to industrial strategy isdesigned to provide the clarity needed, andis based on several key principles: a focus on the long term to build sustainable growth – making enduringdecisions, allowing sufficient time for policies to work, and creating long lastingstructures to support stable delivery. Identifying where the uk can have greatest ess in capturing high valueopportunities based on its key strengths and capabilities, and putting theweight of government behindthese areas to enhance them. Building a collaborativebut challenging strategic partnership with industry toensure appropriate government intervention which delivers the desired es.we are clear that our approach is not aboutquick solutions and we are also awarethat it is not risk free.nevertheless, a sector basedapproach continues to have animportant policy role as a tool in the government’s industrial strategy. This analyticalpaper assesses the current state of uk sectors, and explains the basis for thegovernment’s new sector approach aspart of its industrial strategy.whysectors matterhorizontal policies, such as setting the legal and regulatory frameworks in whichbusinessesacross the economy operate, formthe bedrock of industrial strategy.within this framework, it is crucial to takeinto account sector specific effects. Forexample, the emergence of the has led to rapid take up of onlinebanking which at the same time as offering consumers greater convenienceenables retail banks to lower the costsof managing customer accounts. In somecases sector insights may lead to policy adjustments – for example, assectoral variations in pay are used toinform the level at which the nationalminimum wage is set and ensure low wagesectors petitive. Forexample, the ing package for energy intensive users seeks to petitiveness whilst meetingdemanding emission reductions.

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I the government may need specific contributions from particular sectorsto achieve its economic policy goals.for example, the climate changetargets the government has agreedcannot be delivered without a majorcontribution from the construction industry, given that a high proportion ofcarbon emissions arise from buildings and how they are used.1this pointalso applies to other cases, notably in the delivery of various aspects of puservices. For example, the roll out ofbroadband in rural areas is important tothe overall provision ofict andthe social inclusion agenda.blic iv businesses anise themselves insectors, as evidenced by therange of sector specific trade bodies.this structure arises partly becausemany businesses mon market conditions relating to the products orservices they provide, share similarconcerns and have strong vertical andhorizontal links mon channels to market. This means that sectors arean essential tool for interaction between business and government, no matterwhether the appropriate policy response isnational or sector specific. Asector engagement strategy can enable government to act as a facilitator inbringing sectors together to solve mutual problems, such as monsupplier development issues. V a strong government dialogue withbusiness sectors and sector leaderscan also have a significant impacton global investment decisions andhelp drive confidence in the ukasa sustainable location to accessglobal markets.a notable case would be where foreign direct inwardinvestors can see that the uk is aligning its policies – such as in technology,skills, tax and regulation – to support growth in particular sectors. Forexample, dialogue betweengovernment and general motors was a key factorin the car manufacturer’s decision to invest ￡125m to buildthe next generationastra at their plant at ellesmere port, securing car production at the site until2020.1bis 2010 estimating the amount of carbon dioxideemissions which the construction industry caninfluence.

Inaddition, a number of policy issuesonly apply to specific sectors – for example public concern associated ic modification will apply more acutely in the chemicals industry andagriculture. Specific sector knowledgecan also help target horizontal policesmore effectively. It is therefore important for governmentto have a rigorousunderstanding of sectorsand promote a growth based policy culture acrossgovernment. Such effects may bemostacute where a sector is dominatedby firms based in an assisted area.there are, of course, risksassociated with a sector based approach, most obviouslyconcerning regulatory capture, a possible bias towards incumbent firms andtechnologies, and possible curbs petitionwhich can follow. It is also clear thateven when we identify weaknesses in sectorperformance, there are choices to bemade about how the governmentmight intervene, or indeed whether it may able tointervene at all in a cost effective way.links with horizontal policywe define horizontal policy as those policies which address economy wide marketfailures and provide the resourcesand economic environment in which allbusinessesand individuals can operate effectively. Policies range from directinvestment in human capital and coordination through to legal and regulatoryframeworks. Whilst policy is largely horizontal innature, the reality ofchallenges facing different sectorsis reflected in the response ofthe research base to collaborate with industry to solve business problems.

It isclear that there is no single prescription,and there are manyvariants of targetedpolicies. Hence france hasfocused on prioritising key sectorsthrough clear national and sector level visions finland has focused on buildingenablers, particularly in the ict sector whilst singapore has historically used moredirect government intervention to spur growth. A distinctive feature of the east asianapproach, especially in korea and taiwan,has been the focus on exports both as anobjective and as the criterion which determined panies would receivesupport from the state.