And taxpayers, whether explicit owners or implicit guarantors, will peer at the industry and its leaders with hostility, not admiration.
Beijing provided seed money for projects, and municipal officials would extend explicit or implicit guarantees to raise the funds to complete them.
In America, Britain and Germany ten-year bond yields under 2% are now lower than the explicit (or implicit) inflation targets of their central banks.
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In most households, she is now the stated or implicit Chief Executive Officer, while also serving as Chief Purchasing Officer, Chief Operating Officer and Chief Financial Officer.
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State-run banks are often reluctant to lend to private companies that do not have the hard assets (such as land) or implicit government backing that State-Owned Enterprises (SOEs) enjoy.
It's a different job with every company, to figure out how to manage content and if it meets community standards--is it a violation or contradiction to explicit or implicit laws or unwritten community standards?
But champions of the emerging markets note that some issuers have explicit or implicit government support and that the biggest private-sector borrowers, including multinationals such as Mexico's Cemex, a cement company, have geographically diverse revenues.
Just as the price of a share should equal the discounted present value of future profits, so the price of a house should reflect the future benefits of ownership either rental income or the implicit rent saved by an owner-occupier.
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The people involved in this context have some rank understand on some level, whether implicit or explicit.
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An implicit or indirect tax, by popular consent of the governing and governed, is not a tax at all and is therefore employed.
Implicit or explicit employment agreements also introduce rigidity into the economy.
The other, cleaner, approach would be to privatise them, so that the markets are left in no doubt that their debt carries no government guarantee, implicit or explicit.
First, a company can agree contractually with all its employees to afford their data the same heightened data privacy protections that it would receive in the EU. However, this does not apply to HR-related data because EU law presumes that negotiations between employer and employee with respect to such data necessarily involves duress, implicit or otherwise.
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No market risk and the implicit (or even explicit) state guarantee: Pay a fixed amount now, and when Junior goes to a state college, his tuition is covered.
Or was there an implicit buffer in there?
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And the cost to the supplier of immediate cash payment by the bank, in respect of the implicit interest rate or discount on the bill, ought to be tiny - because the bank is in effect lending to the safe big company, which ultimately honours the bill, not to the riskier supplier.
Or to put it another way, everything it owns outside the UK has an implicit valuation in the market of more-or-less nothing - which, some would say, is bonkers.
But Britain and others chose to stand aside, either because they disliked the political integration implicit in the new grouping or because they wanted to preserve their neutrality.
The argument that taxpayer money is needed to save or create jobs in America was the implicit purpose of TARP (Troubled Asset Relief Program) and the explicit purpose of the auto company bailouts.
Their implicit message is that bosses are born, or at least made before they delve into books on management.
Changes should "make explicit what is now implicit -- that foreign companies and individuals who manufacture or distribute drugs and drug components for use in the United States" are subject to the law, known as the Food, Drug and Cosmetic Act, Maher said.
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Depending on how you look at it, the fact that Fannie and Freddie have such a big share of the market and carry an implicit government guarantee is either a big cause for concern or the only way in which the peculiarities of America's mortgage market can operate with relative safety.
It proposes a system of preliminary hearings in which a judge could throw out spurious cases, and would, crucially, have the power to cap costs, so that one side or the other couldn't run up huge bills, with the implicit threat of financial ruin if costs were awarded against the other.
There was none of the pressure, implicit from teachers and explicit from classmates, to leap, climb or hurl projectiles.
To put it yet another way, Germany is not ready - and may never be ready - to provide implicit insurance and underwriting for loans and investments made by Spanish banks, or Italian banks or French banks.
The implicit refrain: How dare you give away my donations to some graphic designer or TV station?
As long as there are implicit government guarantees for financial institutions that are considered too big, too complex or too interconnected to fail, the value of those institutions' stocks increases with risk-taking.
Therefore... but there's precious little therefore, since the implicit conflict, if there was one, didn't seem to bother her, or, indeed, dawn on her.
The government is not blaming FirstGroup, but implicit in the minister's statement is that FirstGroup's risk projections were either over-ambitious or just plain wrong.
The implicit suggestion is that we could never have had the growth that Germany (2.6%) or even France (1.6%) have enjoyed in the past year.
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