Macroeconomic environment

The higher yields of the conventional bonds compared with those of the index-linked bonds represent compensation for the effects of inflation. Bondholders will choose to hold index-linked bonds instead of conventional ones if they are worried about unexpected inflation. An individual s view on future inflation will depend on several factors, including the current macroeconomic environment and the credibility of the monetary authorities, be they the central bank or the government. Fund manj ers take their views of inflation, among other factors, into account in deciding how much of the TIPS and how much of the conventional Treasury to hold. Investment managers often hold indexed bonds in a portfolio j ainst... 

In Hungary, macroeconomic analysis was aimed at forecasting the total amount of CO2 emissions in the sectors under the ETS in 2005-2007. The sum of the sectoral projections would constitute the total quantity to be allocated. The study, which took about six months to prepare, was prepared by researchers at the Budapest University of Economic Studies. At the outset of the public consultation, this forecast was presented as a total quantity. For the Ministry of Environment, the ministry responsible for setting the total quantity, keeping the amount of allowances low was of paramount importance because Hungary, though below its Kyoto Protocol target, is much closer to it... 

Research studies found that risk premiums fall in an environment of economic prosperity and rise when conditions are poor. Lower-rated corporations usually have less diversified sources of income and thus are more sensitive to changes in the macroeconomic situation than higherrated ones. Risk aversion increases with rising uncertainty and leads to higher expected compensation in the form of additional yield versus government bonds. Hence the effects of a company s individual actions to increase bondholder value can only inaccurately be measured. On the other hand, the spreads based on prices of the financial markets have anticipative character and reflect the expectations of a broad average of market participants. 

As the deliberations presented herein show, a supply chain s social capital is not much discussed in theory or applied in business practice. It seems that tradition and the effective promotion of the macroeconomic approach to social capital have dominated the application of any relevant theories in practice in the public sector. This is probably why social capital is regarded by business environments as an unknown and uncontrollable external factor of company and supply chain operation. A similar situation is found with respect to the social capital of companies. It was concluded, too quickly and easily, that this invisible resource of individual organisations could not be accurately measured, and that one could therefore not influence its structure or level in order to adjust it to the needs of supply chain management. 

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