How attractive are municipal bonds for the passive competitiveness: the case of immunization of municipal bonds
This paper study regional attractiveness through passive portfolio investment based on duration, immunization and convexity (in case of higher interest rate volatility) of municipal bonds by using data from Standard and Poor’s. The massive variety of financial incentives to promote regional investment attractiveness is dependent on governmental strategy. Municipal bonds are the one of the most efficient ways of direct investments in the region, however, it is still a question of a good balance between a certain rate of return and an adequate risk. The purpose of this paper is to analyze the investment opportunities in municipal revenue bonds. An analysis of the municipal bond market indicates that both municipal general and revenue bonds had stable and good level of yields to maturity in the past ten years. Their standard deviations were very low and in the past two years almost approached the level of standard deviations of treasury bonds. With the duration of 4–6 years on 5-year investment in municipal revenue bonds and their immunization, it is possible to provide good returns for investor.
Th e theory of optimal portfolio plays the most important role in the investment management. Th is theory aims at solving the problem of choosing an optimal asset portfolio ratio. In classical investment models it is assumed that the assets included in the portfolio are infi nitely divisible, hence a portfolio is regarded to be well formed if the optimal assets proportions there were found/. Such an approach is acceptable when the share price is low in relation to the volume of investment resources. Otherwise, the solution may be not only nonoptimal, but unacceptable. Th ese circumstances made investors consider not only classical continued portfolio investment models, but also integer analogues. Some of these models are considered in the proposed article.
We analyse the subjective perceptions of poverty in Madagascar in 2001 and their relationship to objective poverty indicators. We base our analysis on survey responses to a series of subjective perception questions. We extend the existing empirical methodology for estimating subjective poverty lines on the basis of categorical consumption adequacy questions. Based on this methodology, we calculate the household-specific, subjective poverty lines. We are able to compare between the results of subjective poverty analysis using several types of subjective welfare questions. Our results show that the aggregate poverty measures derived from consumption adequacy questions accord quite well with the poverty measures based on objective poverty lines. We demonstrate that the subjective welfare analysis can be used in poor developing countries for evaluating socio-economic and distributional impacts of various policy interventions.
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Over the past 20 years, changes in the status, position of the scientists professional group in Russia, under the influence of market reforms and the crisis were so profound in their consequences for the occupational structure and development of society as a whole that they deserve serious attention and study of their various aspects. In this particular case, I will focus on the analysis of work stories of researchers at the Moscow Research Institute of natural sciences profile with the Russian Academy of Sciences in context of changes in government policies in relation to science for the duration of over last 10 years. This data was obtained within the framework of a wider longitudinal study, which was conducted in two phases: 1999-2001 and 2010 (INTAS, RCSF, LSE, the head of S. Ashwin).
The Pan-European Institute publishes a quarterly discussion forum Baltic Rim Economies (BRE) which focuses on the development of the Baltic Sea region. In BRE, high level public and corporate decision makers, representatives of Academia, and several other experts contribute to the discussion.