THE CIA WORLD FACTBOOK 2013 PDF
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traditional religions %, other %, none % ( est.) dovolena-na-lodi.info gov/library/publications/the-world-factbook/fields/html. Results 1 - 10 CIA World Factbook. Washington, DC: CIA. CountrySTAT. %20Food% 20Security%20Country%20Framework%20for%dovolena-na-lodi.info Size of this JPG preview of this PDF file: × pixels. Other resolutions: × English: CIA World Factbook Political World Map. January is the.
Zip format for ease of distribution. Zip format may be used to uncompress them. To unzip uncompress the files: Create a file folder or directory on your computer's hard drive or on a peripheral storage device in which to store each publication downloaded. Download the desired file or files listed below to the location of your choice.
Unzip the file or files you downloaded into the folder or directory you created for storing the publication. Do not unzip any file into a folder or directory other than the one you created. The process of unzipping the files will create subfolders or subdirectories required for the publication to be usable on your computer. MILA operations aim to simplify and improve the efficiency of share negotiation between investors of the three integrated markets.
Every negotiation is made using the local currency of the investor's country or foreign currency, in the event that it is the currency in which the instrument is referred to, and with account entries through a local intermediary using a technological tool.
Nowadays, it is the first market by number of companies listed in Latin America, the second in market capitalization size, and the third by negotiation volume at Regarding the participants of this integration model, Molina Castilla, N.
Depositories of each country: Cavali, DCV, , Deceval having interconnection agreements for clearing and settlement of operations made within this market. Intermediaries stock brokerages : making intermediation between investors and markets and having intermediate routing agreement with other participating intermediaries. Investors: represented by any entitled natural or legal person planning to invest in one or more markets.
Regulatory entities: responsible for the supervision and regulation of the market and every operation made within it. Some characteristics of economies participating in MILA 5. Chile Chile's economy is characterized by a high level of openness in general and especially of foreign trade and strong financial and political institutions giving them a solid rating for sovereign bonds CIA, One of the main characteristics of Chilean economy is that is has a stock market able to meet on time the financing needs of companies within its market.
CIA, Chilean stock market has a concentration in its composition in shares of the consumer, financial and energetic industry, Chile has 22 trade agreements with 60 different countries including the European Union, Mercosur, China, India, South Korea, Mexico, among others.
Colombia The economy of Colombia is characterized by its rapid growth during the last ten years; a period when this country could consolidate one single centralized stock market for variable-yield securities negotiation, where hydrocarbon and mining sector prevails due to market capitalization.
Consistent economic policies and free-trade agreements promotion have increased their answer level to externalities impacting on local economy. Currently, the three main rating agencies have improved sovereign debt rating of the Colombian government to investment grade. On the other hand, the Colombian economy is heavily dependent on oil exports becoming vulnerable towards the fall in the price of this commodity CIA, Colombia has a free trade agreement with the USA which was ratified by the Congress in October and implemented in Peru The macroeconomic policy consistency and the rapid economic growth during the last years the average growth rate of GDP was double in Latin America , make the Peruvian stock market a sector with great projection.
Peruvian economy reflects the wide variety of geographical conditions existing in the country. A wide range of mineral products available in the Andes and coastal areas, a marine extension rich in hydro biological resources, and arable fertile and highly productive lands make Peruvian exports to focus on product exports coming from the exploitation of these resources CIA, Peruvian economy has been increasing at an average of 6. Despite the solid macroeconomic fundamentals, Peruvian economy heavily depends on mineral exports and food imports.
This situation makes it vulnerable to the fluctuations of these products international prices which, added to the lack of infrastructure to promote domestic trade, represent the main weaknesses of the national economy CIA, For a better understanding of the aforementioned, see the comparative table of the three economies during , in Table 1 Comparison of Chile, Colombia, and Peru economies.
Table 1: Comparison of Chile, Colombia, and Peru economies Analyzed variables 6. Profitability Autorregulador del Mercado de Valores de Colombia AMV, , Colombia's Stock Market Self-regulator states with regard to investments in the stock market, when we perform an investment in the stock market, we want to earn as much money as possible from the capital we have invested.
Thus, investment offering greater profitability is pursued. AMV says that profitability is the economic benefit we can receive from an investment. It is usually measured as the percentage from the amount earned divided by the invested capital, during a specific period of time. Richards explains regarding the calculation of asset profitability, whereas an asset is acquired in moment t0 for a price Pt0, and it's sold at the time t1 for a price Pt1. If there is no flow of money in the intermediate period between t0y t1, return ratio between both periods R t0, t1 is the percentage change between both prices and it's calculates as follows: In order to simplify the profitability analysis in the stock markets, this method has been chosen for profitability measuring purposes during the period t0,t1.
Risk AMV , states that profitability and risk usually move in the same direction. We must be aware that to have a greater profitability, we need to be able to take increased risks. To know how risky an investment is, there are different measuring mechanisms.
One of the most used is volatility measuring the increase or reduction of an asset price in a set period of time. It is technically defined as the measure of how far the asset price is separated from its average price.
Melo and Becerra explain that there are different methods to measure the risk of an asset or portfolio. One way is through the probability distribution function of assets losses and profits using estimators of certain parameters of this distribution such as the standard deviation. Melo and Becerra say that one simplified way to measure the risk of an asset is through the volatility of its returns since an asset has high volatility, the result can have greater uncertainty.
One possible approach to volatility is the asset standard deviation. Correlation Several studies support some benefits of international diversification because they assume that the correlations are generally constant; however, empirical evidence shows otherwise. Studies by Makridakis and Wheelwrigth and Longin and Solnik describe the instability in the correlations between international markets. Recent research also suggests rejecting the hypothesis of constant correlations, highlighting the results of Wong and Vlaar , Bekaert, Hodrick and Zhang The measurement basis of integration degree of two or more markets used by many authors is the shared risk factors analysis which helps determine if these countries face the same market, with access to the same instruments and services; in addition to the same regulations and political framework Romero et al.
Glick and Rose in particular find that currency crises tend to spread within regional geographies Mellado C, Garcia S, Besides, Fenn et al. Despite the diversity of markets and the difference of the traded products nature, changes in asset prices frequently answer the same economical advertisements and news in the markets. This situation implies that there is a strong price coupling so, temporary series of prices can show similar characteristics and be correlated.
Thus, there is literature describing the correlation analysis as a way to define how integrated is a market with another, especially in stock markets, where the index provide a universe of data easy to quantify and analyze. Volume Schwert states that negotiation volume prompts a change in the asset price since this change represents an important input in negotiation strategies.
There is evidence that operations increase and volatility in share return happen at the same time.
Some observers conclude that operations volume is a direct cause of volatility. Regarding the question coming from this statement: What causes that many people want to operate at the same time and in the same direction?
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The author indicates that one possible answer is the arrival of new information leading investors to come to a conclusion if prices are very high or low. On the other hand, Brailsford says that there is significant interest in understanding how negotiation volume is related to price movement in stock markets. It is clear that positive negotiation volumes are necessary to create a price movement observable in the market. This way, we can identify a relationship between the negotiation volume of an asset and its volatility and profitability.
Furthermore, from this relationship defined as symmetrical and asymmetrical by different authors, the negotiation volume gives a clear indicator of market liquidity where participation takes place. Thus, measure the asset liquidity risk held in portfolio or that want to be analyzed. It is worth mentioning that liquidity risk translates into the difficulty of selling or liquidating an investment. There are shares difficult to sell since they are less demanded by the market; despite the fact that the issuer is a successful company AMV, We can avoid settle risk by knowing the tools which help to identify less demanded shares.
For this study, the monthly negotiation amount and the number of monthly operations will be used to quantify the negotiation volume in the market. Results 7. Profitability Profitability of MILA markets was decreasing and the implementation of agreements did not impact significantly on its trend. This is shown in the slight variation of the calculated slope Figure 3. On the other hand, profitability of IPSA index demonstrates a slow fall and has no significant changes in the slope explaining the trend Figure 4.
Likewise, COLCAP index profitability shows a clear negative trend before the implementation; after the implementation this trend settles and becomes slightly positive.
Thus, a slight positive impact can be shown Figure 5. If we see in general terms the implementation of MILA, the average rate dynamics would have been reduced and even in the case of the General Rate of the Bolsa de Valores de Lima, the integration would be associated with a shift in the slope of evolution of the rate.
In every figure we can see a turning line drawn vertically which represents the moment MILA started working officially. Volatility Volatility of the integrated market has shown a negative trend, in other words, it has a trend towards stabilization. However, it did not show a significant impact after the implementation of integration agreements keeping the same trend since before the event was studied.
Apparently the lower volatility was marginal and can be explained by similar sectorial comparisons portfolio which serve to build stock indexes. Correlation To determine the correlation between the different markets, a correlation coefficient of the daily percentage variation of the price indexes of different markets was used. On the other hand, the correlation between IGBVL and IPSA was tracing a negative trend before the implementation but after, the trend settled tracing an almost horizontal line.
It is worth highlighting that these markets show a significant correlation in their markets and this trend was positively impacted after MILA implementation.
Thus, it has no significant impact. Traded amount Regarding traded amounts, an interesting finding was made. On the opposite of the expected increase in the trading volume after the implementation of MILA, contrary impacts were produced. In general, MILA market was negatively impacted after the implementation regarding the amount traded together Figure The three markets were negatively impacted, but the Colombian has a greater change in its tendency.
Number of operations Regarding the number of operations, we found that MILA as well as the three markets separately, have been negatively impacted after the implementation of agreements in a way similar to the traded amount.
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This may suggest that the trend was more directed in accordance with the regional financial and economic environment of this period. Conclusions and recommendations In conclusion, the impact that MILA had, which has been evaluated from an empirical perspective, at the beginning of the integration process, would not have been as expected.
The impacts in terms of profitability, risk and correlation have been marginal and the impact on the volume has been negative. Should be noted that the results are limited since, this study does not have as assumption that other factors having implications in capital market as interest rates, GDP growth, inflation, country risk, exchange rates, sectorial events among others remain constant. So most of the results obtained here would explain only partially the impact to be measured.
It is worth mentioning that this study was performed in early form, since the processes of integration of capital and financial markets in general are long processes, and a learning period is necessary for investors to gain the necessary experience to engage freely in every involved market. Another observation from this study is that there are still factors avoiding the full integration of markets such as the differences in tax treatments in each participating country.
These differences make transaction costs different in each market. Moreover, the subset of assets on which the indexes are built, are heterogeneous per sectors.
It is possible that by mid or , the integration of one of the biggest Latin American stock markets can be achieved. Besides, this integration could have a positive effects in the local Market Markets Program Colombia and Peru , but it is important to evaluate the impact not only of regulatory aspects, but also monetary policies tools such as exchange rate and interest rate.
Aspects such as carry trade could have a negative impact in the economies of these emerging markets. Since , The World Factbook website has been updated on a bi-weekly schedule. Culminating a three-month trial effort, we are pleased to announce that the Factbook will now be updated on a weekly basis.
Date of information". In general, information available as of 1 January was used in the preparation of this edition. The first classified Factbook was published in August , and the first unclassified version was published in June Printing of the Factbook turned over to the Government Printing Office.
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Likewise, the author says that with this integration effort, there is an opportunity to increase diversification. After downloading the files listed below, unzip each of them into to the folder or directory you've created for the Factbook.
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