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This paper proposes a method for assessing international spillovers from nominal demand shocks. It quantifies the impact of a shock in one country on all other countries. The paper concludes that the network effects in shock spillovers can be substantial, comparable, and often exceed the initial shock. Individual countries may amplify, absorb, or block spillovers. Most developed countries pass-through shocks, whereas low-income countries and oil exporters tend to block shock spillovers. The method is used to study demand shocks originating from a large and medium country, China and Ukraine respectively.

Stocks --- Monetary policy --- Common shares --- Common stocks --- Equities --- Equity capital --- Equity financing --- Shares of stock --- Stock issues --- Stock offerings --- Stock trading --- Trading, Stock --- Securities --- Bonds --- Corporations --- Going public (Securities) --- Stock repurchasing --- Stockholders --- Prices --- Econometric models. --- Exports and Imports --- Macroeconomics --- Neural Networks and Related Topics --- Empirical Studies of Trade --- Open Economy Macroeconomics --- International Policy Coordination and Transmission --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- Trade: General --- Externalities --- International economics --- Imports --- Export earnings --- Exports --- Spillovers --- Trade balance --- International trade --- Financial sector policy and analysis --- International finance --- Balance of trade --- China, People's Republic of

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International finance --- Switzerland --- Balance of payments --- Investments, Swiss --- Investments, Foreign --- Capital exports --- Capital imports --- FDI (Foreign direct investment) --- Foreign direct investment --- Foreign investment --- Foreign investments --- International investment --- Offshore investments --- Outward investments --- Swiss investments --- Current account balance (International trade) --- International payments, Balance of --- Balance of payments. --- Investments, Foreign. --- Investments, Swiss. --- Switzerland. --- Confederatio Helvetica --- Confédération de huit cantons --- Confédération suisse --- Confederazione svizzera --- Eidgenossenschaft --- Everlasting League --- Four Forest Cantons --- Helvetia --- Helvetic Confederation --- Lega elvetica --- Schweiz --- Schweizerische Eidgenossenschaft --- Schweizerische Eidtgenossenschaft --- Shṿaits --- Shveĭt︠s︡arii︠a︡ --- Shveytsʻaria --- Suisse --- Suiza --- Sŭwisŭ --- Svizzera --- Swiss Confederation --- Swisserland --- Vier Waldstätte --- Zvicra --- Zwitserland --- Capital movements --- Investments --- Foreign exchange --- Terms of trade --- Balance of trade --- International liquidity --- Shveĭt͡sarii͡ --- Sŭwis --- Sviṭzaralaiṇḍa --- Confederaziun svizra --- Suisu --- Sveitsi --- Svizra

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Since the mid-1990s, sustainability of large and persistent current account positions have been attracting much attention from policy makers and economists alike. Alongside global imbalances, sustainability of imbalances within the euro area, which started widening shortly after the introduction of the euro, raised much concern. While there exists a large body of theoretical and empirical literature on sustainability of external imbalances, a systematic survey has been lacking so far. Angélique Herzberg fills this gap by examining a broad range of established sustainability measures concerning their applicability to the various global and intra-euro imbalances of the recent past. Furthermore, the author examines the existence of feedback effects from an economy´s net international investment position to its trade balance.  Contents Empirical Studies on the Validity of the Intertemporal Budget Constraint Dynamic Benchmarks of External Sustainability  Targets Teachers and Students of Economics and Business Economic Policy Advisors  The Author Angélique Herzberg obtained a PhD in Economics in 2013 from Heinrich-Heine-University, Düsseldorf. Her areas of specialization are international macroeconomics and finance.

Economics/Management Science. --- Economic Policy. --- Public Finance & Economics. --- Financial Economics. --- Economics. --- Economic policy. --- Finance. --- Economie politique --- Politique économique --- Finances --- Accounting -- Mathematical models. --- Finance -- Mathematical models Finance -- Mathematical models. --- Investments, Foreign. --- Business & Economics --- Economic Theory --- Balance of payments. --- Sustainable development. --- Income distribution. --- International economic relations. --- Economic assistance. --- Economic development. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic aid --- Foreign aid program --- Foreign assistance --- Grants-in-aid, International --- International economic assistance --- International grants-in-aid --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Distribution of income --- Income inequality --- Inequality of income --- Development, Sustainable --- Ecologically sustainable development --- Economic development, Sustainable --- Economic sustainability --- ESD (Ecologically sustainable development) --- Smart growth --- Sustainable development --- Sustainable economic development --- Current account balance (International trade) --- International payments, Balance of --- Environmental aspects --- Macroeconomics. --- Public finance. --- Public Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- International economic relations --- Conditionality (International relations) --- International relations --- Economic sanctions --- Distribution (Economic theory) --- Disposable income --- Economic development --- Foreign exchange --- Terms of trade --- Balance of trade --- International liquidity --- Cameralistics --- Public finance --- Currency question --- Economic nationalism --- Economic planning --- National planning --- State planning --- Planning --- National security --- Social policy --- Public finances

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This paper discusses key findings and recommendations of the Detailed Assessment of Observance of the CPMI–IOSCO (Committee on Payments and Market Infrastructures–International Organization of Securities Commissions) Principles for Financial Market Infrastructures in Bosnia and Herzegovina. Major achievements have been made in modernizing the payment system. Resiliency of the interbank payment system was demonstrated against the severe floods of May 2014. The currency board arrangement has helped protect the payment system from credit risks. The formal assessment of the real-time gross settlement system suggests that many of the standards are observed. The legal basis is relatively sound, but finality and netting arrangements require greater legal certainty and protection at the law level.

Payment --- Clearinghouses (Banking) --- Capital market --- Clearing of securities --- Clearance of securities --- Clearing of stocks --- Settlement of securities --- Stock clearing --- Securities --- Banks and banking --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Crowding out (Economics) --- Efficient market theory --- ACH (Banking) --- Automated clearinghouses (Banking) --- Bank clearinghouses --- Bank clearings --- CHAMPS (Banking) --- Check clearinghouses --- CHIPS (Banking) --- Clearing banks --- Clearing House Automated Payments System --- Clearing House Interbank Payments System --- Clearinghouse --- Clearinghouses --- Commercial law --- Extinguishment of debts --- Performance (Law) --- Balance of trade --- Debtor and creditor --- Securities processing --- Law and legislation --- Banks and Banking --- Finance: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- General Financial Markets: Government Policy and Regulation --- Banking --- Financial services law & regulation --- Payment systems --- Real time gross settlement systems --- Commercial banks --- Operational risk --- Financial markets --- Financial regulation and supervision --- Principles for Financial Market Infrastructures --- Financial risk management --- State supervision --- Bosnia and Herzegovina