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THE FORCE OF FINANCE: FROM GLOBAL TO REGIONAL AND LOCAL FINANCIAL FLOWS

THE FORCE OF FINANCE: FROM GLOBAL TO REGIONAL AND LOCAL FINANCIAL FLOWS. Fikret ČAUŠEVIĆ The School of Economics and Business, University of Sarajevo The CBBiH – SEESOX, St Antony’s College High Level Workshop Sarajevo, 6 June 2014.

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THE FORCE OF FINANCE: FROM GLOBAL TO REGIONAL AND LOCAL FINANCIAL FLOWS

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  1. THE FORCE OF FINANCE: FROM GLOBAL TO REGIONAL AND LOCAL FINANCIAL FLOWS Fikret ČAUŠEVIĆ The School of Economics and Business, University of Sarajevo The CBBiH – SEESOX, St Antony’s College High Level Workshop Sarajevo, 6 June 2014

  2. BEGINNINGS OF CREATING A LARGE GAP BETWEEN FINANCIAL AND REAL FLOWS: THE CLINTON AND BUSH ADMINISTRATIONS Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  3. CHANGE IN THE US NOMINAL GDP AND NASDAQ INDEX: THE CLINTON ADMINISTRATION 1992-2000 (Base indices: 1992=100) Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  4. CHANGE IN THE US NOMINAL GDP AND NASDAQ INDEX: THE BUSH ADMINISTRATION 2001-2008 (Base indices: 2001=100) Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  5. CHANGE IN THE PRICE OF AVERAGE HOME IN THE UNITED STATES: 2000-2008 (Base indices; 2000=100) Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  6. THE MINSKY CASE: FINANCIAL INSTABILITY HYPOTHESIS STABILIZING AN UNSTABLE ECONOMY Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  7. NOTIONAL VALUE OF OTC TRADED CONTRACTS IN FINANCIAL DERIVATIVES AND WORLD GDP (in trillions of USD) Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  8. TOTAL CLAIMS OF INTERNATIONALLY ACTIVE BANKSin trillions of USD Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  9. THE “NEW” FINANCIAL TRILEMMA The financial trilemma arises from the impossibility of satisfying simultaneously the three following goals: • Financial stability • The development of international banking • National systems of supervision and oversight of banking operations. Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  10. VERY IMPORTANT ISSUESFOR ALL OF US • BASEL III IMPLEMENTATION • EU BANK RECOVERY AND RESOLUTION DIRECTIVE (BRRD) • FROM BAILING OUT TO BAILING IN • WHAT IS HQLA IN THE WORLD OF TODAYS INTERNATIONAL FINANCE? Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  11. THE US PUBLIC DEBT AND GROSS DOMESTIC PRODUCT (in trillions of USD) Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  12. CHANGE IN PUBLIC DEBT OF EURO-ZONE COUNTRIES:2006-2013(in % of GDP) 60 % GDP 60 % GDP Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  13. Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  14. MONEY – WHENCE IT CAME, WHERE IT WENT Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  15. CHANGE IN ASSETS OF THE FEDERAL RESERVE SYSTEM 31 December 2007 = 100 Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  16. PORTFOLIO AND CAPITAL MARKET: THEORY AND PRACTICE – HOW TO DIVERSIFY PORTFOLIO(s)? Rp = R* + [(Rm – R*) / Sm] x Sp Ri = R* + [(Rm – R*) (RimSi/Sm)] Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  17. CHANGE IN THE DOW JONES INDUSTRIAL AVERAGE AND FINANCIAL TIMES STOCK EXCHANGE30 June 2008 – 31 March 2013 Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  18. CHANGE IN THE DOW JONES INDUSTRIAL AVERAGE AND DEUTSCHE AKTIEN INDEX (DAX)30 June 2008 – 31 December 2013 Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  19. CHANGE IN THE DOW JONES INDUSTRIAL AVERAGEAND DOW NIKKEI 225: 30 June 2008 – 31 December 2013 Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  20. CHANGE IN THE DOW JONES INDUSTRIAL AVERAGE AND THE SHANGHAI SHENZEN CSI30 June 2008 – 31 December 2013 Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  21. ASSETS OF THE EUROZONE MONETARY FINANCIAL INSTITUTIONS http://www.ecb.europa.eu/press/pr/stats/md/html/index.en.html Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  22. CREDIT ACTIVITY OF THE BANKING SECTOR IN BOSNIA AND HERZEGOVINA - milions of KM Source: The Central Bank of Bosnia and Herzegovina Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  23. STRUCTURING AND RESTRUCTURING PORTFOLIOS OF THE REGIONS SMALL OPEN ECONOMIES’ FOREIGN EXCHANGE RESERVES HAS BECOME A RATHER DIFFICULT TASK Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  24. EONIA: 2008-2012 Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop 24

  25. YIELDS ON TREASURY BILLS AND BONDS OF SELECTED EURO-ZONE COUNTRIES (in percents) Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop 25

  26. OUTSTANDING LOANS OF SELECTED COUNTRIES IN EURO-ZONE AND THE WESTERN BALKANS WITH THE IMF – December 2013 Source: The International Monetary Fund - http://www.imf.org/external/country/index.htm Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

  27. EXTERNAL DEBT AND PUBLIC DEBT TO GDP RATIOS OF THE FORMER YUGOSLAV COUNTRIES AND ALBANIA – December 2013 Fikret Čaušević - The CBBiH-SEESOX St Antony's Workshop

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