- published: 09 Apr 2012
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Mongolia i/mɒŋˈɡoʊliə/ (Mongolian: Монгол улс (help·info), literally Mongol country/state) is a landlocked country in East and Central Asia. It is bordered by Russia to the north and China to the south, east and west. Although Mongolia does not share a border with Kazakhstan, its western-most point is only 38 kilometres (24 mi) from Kazakhstan's eastern tip. Ulan Bator, the capital and largest city, is home to about 45% of the population. Mongolia's political system is a parliamentary republic.
The area of what is now Mongolia has been ruled by various nomadic empires, including the Xiongnu, the Xianbei, the Rouran, the Gökturks and others. The Mongol Empire was founded by Genghis Khan in 1206. After the collapse of the Yuan Dynasty, the Mongols returned to their earlier pattern of constant internal conflict and occasional raids on the Chinese borderlands. In the 16th and 17th centuries, Mongolia came under the influence of Tibetan Buddhism. At the end of the 17th century, all of Mongolia had been incorporated into the area ruled by the Qing Dynasty. During the collapse of the Qing Dynasty in 1911, Mongolia declared independence, but had to struggle until 1921 to firmly establish de facto independence from the Republic of China, and until 1945 to gain international recognition.
A credit boom-bust cycle is an episode characterized by a sustained increase in several economics indicators followed by a sharp and rapid contraction.[citation needed]
Commonly the boom is driven by a rapid expansion of credit to the private sector accompanied with rising prices of commodities and stock market index. Following the boom phase, asset prices collapse and a credit crunch arises, where access to financing opportunities are sharply reduced below levels observed during normal times. The unwinding of the boom phase brings a considerably large reduction in investment and fall in consumption and an economic recession may follow.
The recession following the burst of the episode is oftentimes short-lived, GDP and consumption growth usually resume within a year. In the financial sector of the economy the recovery is slower and credit remains depressed for several periods. Credit falls more sharply than GDP and the cost of borrowing remains higher compared to normal times.
A boom-bust cycle is also associated with the existence of bubbles in stock market that lead to a period of accelerated investment and over borrowing. After the buildup there is a stock market crash which is often attributed to speculative behavior and Herd behavior on the part of investors. All these studies share the following findings. During the build up of the boom there is rapid expansion in credit to the private sector, GDP, consumption and investment also grow above their rates observed during tranquil times. The non-tradable sector of the economy, that is economic activities produced only for domestic consumption, experiences faster growth, and the real exchange rate appreciates. During the boom banks extended more credit to the non-tradable sector of the economy, and there is a surge of capital flows into the country. Capital inflows tend to be 4% above its long run trend in the year previous to the crisis; similarly the price of housing is 15% above its trend one year before the bust.
Baby, you've got me thinking
'Bout the things I left behind
A suitcase in Helsinki
Full of things I wanna set on fire
For I realize that you?ve been lying
And no matter how hard I try
I won't be able to forget this
'Coz this is very deep inside
Meaning what I left behind
What I left behind
Left behind
What I left behind
So I'ma fly back to Helsinki
And even stay there for a while
Gonna get my things back
Gonna get some fun and drink till I pass out
I'm gonna get on to the table
And dance my ass off till I die
And then I?ll hopefully forget you
And quit those nightmares I've been having
Every night, every day
It's the same so hard to explain
A million pounds won't be enough
To make me stare back at your face
That's what I left behind
Left behind
What I left behind
Left behind, yeah, yeah
Left behind
What I left behind
Left behind
Every night, every day
It's the same, so hard to explain
A million pounds won't be enough
To make me stare back at your face
Baby, you've got me thinking
Baby, you've got me thinking
Baby, you've got me thinking
About the things I left behind
A suitcase in Helsinki
Full of things I wanna set on fire
I'm gonna jump onto the table
And dance my ass off till I die
And then I?ll hopefully forget you
And quit those nightmares I've been having
Every night, every day
It's the same, so hard to explain
A million pounds won't be enough
To make me stare back at your face
Every night, every day
It's the same, so hard to explain
A million pounds won't be enough
To make me stare back at your face