As soon as it became publicly available, however, it was apparent that it had been conducted in close coordination with CalPERS and its external fund managers, causing it to be flawed in important respects.

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But once the state has eliminated its primary deficit, it will not need external finance to fund its day-to-day operations.

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But investors in the NIR fund have not received an external 2008 annual audit, court documents say.

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External factors are market and economic changes that work against a fund manager.

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If you do decide to fund the development of your company by adding money from external investors, you need to put a lot of time into thinking about the type of investors you want and how much money you think the business will ultimately require to get to profitability.

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That makes the economy more exposed to external shocks, such as swings in confidence among the foreign investors who fund the bulk of the deficit.

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My interest in the matter was stimulated by the way in which the IMF was obstructing and obfuscating monetary policy options in a disagreement between Johns Hopkins Professor of Applied Economics, Dr. Steve Hanke, and two representatives of the International Monetary Fund (IMF): Mr. Thomas Dawson, director of IMF external affairs and Ms. Anne Krueger, first deputy managing director of the IMF.

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This would allow countries that are suffering from a worsening external environment, but whose macroeconomic policies are generally satisfactory, to draw on money from the fund in a precautionary manner.

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The upshot is that the U.S. external financing deficit may actually grow at just the same time as China's ability and appetite to fund it evaporates.

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"With the yen seen weakening further, while the won is set to keep rising, Hyundai's ability to overcome worsening external factors will be put to the test this year, " said Lim Hyung-geun, a fund manager at GS Asset Management.

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