These allocation decisions are understandable, given the paltry yields available in fixed income investments, but the resulting second order impact could ultimately prove devastating.

Assumed rate of real return (Millions of United States dollars)

Fixed interest rate

Established rate.

At the same time, it is also imperative to see that having experienced the big bull market of bonds for two years, the yield rate of the fixed income market this year is hard to reach the level two years ago and the fluctuation range will increase at the same time. So on the whole, yield curve takes on a flat feature.

Constant Bitrate

Constant bitrate

Constant Bitrate Settings

For increased effectiveness and efficiency, UNOPS will use net present value or internal rate of return to determine the expected value of the investment.

Some gminas introduced fixed payments for services.

Instrument for standardized international reporting of

Noting that the latest report by the Treasurer on the status of the Fund as at 31 May 2005 shows that there has been an overall gain due to the fixed exchange rate mechanism of US 4,644,136,

Reaffirming the purpose and objective of the fixed exchange rate mechanism as set out in paragraph 2, decision XI 6 to promote the timely payment of contributions, and to ensure that there is no adverse impact on the level of available resources of the Multilateral Fund,

There was also a fixed exchange rate that may have contributed to a growing loss of competitiveness since the baht was pegged to a rising dollar.

This included 1.5 million in exchange rate gains.

The 30 year trend in fixed satellite service (FSS) had been one in which communication satellites were becoming more powerful, were three axis stabilized, and were using higher gain and larger aperture antennas operating with multi beams to achieve multiple frequency re use.

So you can double efficiency with a 60 percent internal rate of return.

The disinflation and ample liquidity created by the accommodative monetary policy of central governments have driven the market interest rates down to the extent that the fixed income markets no longer offer the returns that investors have enjoyed in the past.

The fixed income portion of the advisory services plan is to be discontinued, based on the planned outsourcing of the fixed income portfolio.

Professional writers do not have a regular income.

Employers and working partners without fixed remuneration

Even if the Fed ignores deflationary pressure and hikes interest rates more quickly, medium and long term rates are still likely to be anchored, given how little yield is available elsewhere in the world. Yields on German Bunds are now negative out to eight years.

There's an overhang of capital in the U.S., and the key is yield pickup.

Over the past 20 years, the first component of the benchmark, the Morgan Stanley Capital International World Index, had achieved a total annualized return of 14.6 per cent compared to 14.1 per cent achieved by the Fund apos s total equities. The second component, the Salomon Brothers World Government Bond Index, had achieved a total annualized return of 9.9 per cent compared to a total annualized return of 10.9 per cent achieved by the Fund apos s bond portfolio.

H. Decision XVII __ Fixed exchange rate mechanism for the replenishment of the Multilateral Fund

Other income consists mainly of interest income, gains losses as a result of exchange rate movements and other miscellaneous items.

Other income consists of 1.498 million exchange rate gains and 1.928 million interest income.

The cumulative annualized total rate of return over the 38 year period for which data are available was 9 per cent, or a real rate of return of 3.8 per cent, after adjustment by the United States consumer price index.

A rate of return slightly above unity is expected on these projects.

26. Even though the increase in gross national product (GNP) at constant prices in the decade before 1977 averaged about 4 per cent, the share of GDP accruing to the middle and lower income groups has been proportionately greater.

Additional models, in which the assumed real rates of return on investments ranged from 2 per cent to 5 per cent higher than the assumed 5 per cent rate of inflation, were also prepared.

As to the method used by the Fund to determine the investment rate of return, it was based on reviews and recommendations made by outside consultants.

Article 25 The Company shall present the data of the previous period, that of the current period and the percentage increase or decrease of the following business performance indicators rate of return on net assets, rate of return on total assets and business expense ratio in tabular form.

Article 76 The Company shall present the data of the previous period in tabular form, that of the current period and the percentage increase or decrease of the following business performance indicators rate of return on net assets, rate of return on total assets and business expense ratio.

(b) Differentials for single and dependency rates would be calculated by reference to flat amounts

(c) Differentials for single and dependency rates would be calculated by reference to flat amounts

The cumulative annualized total rate of return over the 38 year period for which data are available was 9 per cent, representing a yearly quot real quot rate of return of 3.8 per cent after adjustment by the United States consumer price index.

If it is true, as many economists argue, that competition will normally generate static efficiency gains in the short run, Governments will nevertheless still need to decide what types of market structures are best suited to their economies in order to achieve dynamic efficiency gains in the long term.

She added that in arriving at the revised rate for cost recovery, UNFPA had used long term trends for fixed and variable indirect costs.

A first group for which replacement of MERs would be considered consists of those Member States, often with fixed exchange rates, whose levels of per capita GNI in United States dollars seem clearly out of line with economic reality.

This logic would be correct if the world were operating under a fixed exchange rate regime, with governments tying official exchange rates to another country s currency or the price of gold. Under these conditions, monetary contraction (or slowing expansion) would have a recessionary (or a less stimulative) impact on other economies.

An additional criterion is a ratio of present value of debt to government revenue of 280 per cent (together with additional conditions related to a ratio of government revenue to gross domestic product (GDP) of 20 per cent and a ratio of exports to GDP of 40 per cent).

Low real long term rates mean that any long term asset that pays, say, 100 a year in real terms would have been worth a real 1,429 in 1984, when it yielded 7 , but would have to be worth a real 5,000 now, when it yields just 2 . A decline in long term rates of such magnitude would thus appear to imply massive price inflation for real assets, justifying the high prices we are in fact seeing.

The management of the Fund continued to maintain a careful balance between risk and reward expectation over the medium to long term, rather than taking the risk inherent in seeking very high short term returns.

The funding gap for the regular budget would have been 12.1 million if the exchange rate gains and the interest income were excluded from the total income.