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- Debt-GDP ratios and economic crises: Te debt-GDP ratio in Belgiumexceeded 120% in the early 1990s and has fallen to just over 80% more recently.Italy had a debt-GDP ratio of about 100% even before the euro crisis. Terapid rise in Japan’s debt-GDP ratio was shown in Figure 18.4. Yet none of these economies experienced defaults or high infation. In contrast, the debt-GDP ratio in Argentina peaked at 65% (up from 35% in 1996) and then a crisis struck, leading to default and other macroeconomic problems.There is a growing concern among tax payers that ‘too big to fail’ (TBTF) creates moral hazard problems and leads to excessive risk-taking and reckless investment decisions by large financial institutions. This unfortunately exposes the tax payer and the economic system to excessive cost. What are the issues surrounding “too big to fail”? Is it possible for the legislative authority to simply “outlaw” TBTF institutions? Why or why not?True or false and briefly why ‘Funding in full’ proposed by Alexander Hamilton is a bad idea because it would benefit the mercantile, financial elite, and speculators.
- Describe alternative forms of capital inflow to finance external deficits and explain why these methods were used in different times.Predict what would happen to the risk premiums ofmunicipal bonds if the federal government guaranteestoday that it will pay creditors if municipal governments default on their payments. Do you think that itwill then make sense for municipal bonds to be exemptfrom income taxes?An investor can create the effect of leverage on his/her account by: I) buying equity of a levered firm; II) investing in risk-free debt like T-bills; III) borrowing on his/her own account Multiple Choice A) III only B) II only C) I and III only D) I only
- The demand curve and supply curve for one‐year discount bonds with a face value of R1,000 are represented by the following equations (round your responses‐quantity and price to the nearest whole number and the interest rate to two decimal places where applicable). Bd: P = −0.6 * Q + 1200 Bs: P = Q + 800 Where Bd, Bs , P and Q are bond demand, bond supply, price and quantity respectively. Calculate the expected equilibrium price and quantity of bonds in this market and what is the expected interest rate in this market?What's the taxable equivalent yield on a municipal bond with a yield to maturity of 3.5 percent for an investor in the 33 percent marginal tax bracket? (Round your answer to 2 decimal places.)Assume that the government sets a binding price ceiling on the interest rate that banks charge on loans. Explain carefully the impact of this policy on the financial markets