Medium Term Debt Strategy
... Following the upgrade of Tonga to a moderate risk level, the MoFNP continues to be cautious and to closely monitor GoT’s debt sustainability level in line with the recommended targets. During this initial MTDS period, practical options must be identified for GoT to implement in order to keep its fut ...
... Following the upgrade of Tonga to a moderate risk level, the MoFNP continues to be cautious and to closely monitor GoT’s debt sustainability level in line with the recommended targets. During this initial MTDS period, practical options must be identified for GoT to implement in order to keep its fut ...
International Debt Deleveraging Luca Fornaro This draft: November 2013 First draft: November 2012
... in modern history. The cornerstone of the international monetary system, the Gold Standard, came under stress and was abandoned in 1936, when the remaining countries belonging to the Gold Block gave up their exchange rate pegs against gold. Almost 80 years later, history seems to be repeating itself ...
... in modern history. The cornerstone of the international monetary system, the Gold Standard, came under stress and was abandoned in 1936, when the remaining countries belonging to the Gold Block gave up their exchange rate pegs against gold. Almost 80 years later, history seems to be repeating itself ...
NBER WORKING PAPER SERIES MONETARY POLICY IN A FINANCIAL CRISIS Christopher Gust
... are no currency mismatches in balance sheets, it is often considered the ‘natural’ outcome that a cut in the interest rate lifts asset prices and improves balance sheets. If the rise in Q is sufficiently strong to offset the nominal depreciation, then the left side of the collateral constraint is incre ...
... are no currency mismatches in balance sheets, it is often considered the ‘natural’ outcome that a cut in the interest rate lifts asset prices and improves balance sheets. If the rise in Q is sufficiently strong to offset the nominal depreciation, then the left side of the collateral constraint is incre ...
Working Paper 17-6: Does Greece Need More Official Debt Relief? If
... The question is what these scenarios imply for the sustainability of Greek public debt. To answer this, some ancillary assumptions are needed—in particular, when Greece will return to private borrowing and how the interest rate demanded by private creditors will evolve (see box 1)—as well as a crite ...
... The question is what these scenarios imply for the sustainability of Greek public debt. To answer this, some ancillary assumptions are needed—in particular, when Greece will return to private borrowing and how the interest rate demanded by private creditors will evolve (see box 1)—as well as a crite ...
DEBT FINANCING
... May use term ‘bond’ to describe such securities if they are secured by intangibles as cannot be called ‘debenture’. ...
... May use term ‘bond’ to describe such securities if they are secured by intangibles as cannot be called ‘debenture’. ...
"International Reserves and Rollover Risk"
... for the government. We find that it is relatively more costly to accumulate reserves when lenders are more risk averse and when income is lower. When lenders’ risk aversion takes a high value, the government has to pay a higher risk premium for the extra risk lenders face. Moreover, we also show tha ...
... for the government. We find that it is relatively more costly to accumulate reserves when lenders are more risk averse and when income is lower. When lenders’ risk aversion takes a high value, the government has to pay a higher risk premium for the extra risk lenders face. Moreover, we also show tha ...
The People`s Republic of China: 2016 Article IV Consultation
... authorities’ intention to rely on fiscal support if growth falls sharply in the near term. To this end, they saw merit in using on-budget, pro-consumption measures, which would help promote internal and external rebalancing. Measures could include raising pensions; increasing social, education and h ...
... authorities’ intention to rely on fiscal support if growth falls sharply in the near term. To this end, they saw merit in using on-budget, pro-consumption measures, which would help promote internal and external rebalancing. Measures could include raising pensions; increasing social, education and h ...
A Surplus of Ambition: Can Europe Rely on Large Primary
... small, open economies where market pressure is intense are more likely to exhibit large, persistent surpluses. So are countries where the debt ratio is high, again heightening the pressure for adjustment. In terms of institutional correlates, we find that surplus episodes are more likely when elect ...
... small, open economies where market pressure is intense are more likely to exhibit large, persistent surpluses. So are countries where the debt ratio is high, again heightening the pressure for adjustment. In terms of institutional correlates, we find that surplus episodes are more likely when elect ...
NBER WORKING PAPER SERIES INTERNATIONAL RESERVES AND ROLLOVER RISK Javier Bianchi
... Our paper is related to recent work on the “merchantilist motive” for reserve accumulation. For example, Korinek and Servén (2011) and Benigno and Fornaro (2012) present models where learning-by-doing externalities in the tradable sector lead the government to accumulate reserves to undervalue the ...
... Our paper is related to recent work on the “merchantilist motive” for reserve accumulation. For example, Korinek and Servén (2011) and Benigno and Fornaro (2012) present models where learning-by-doing externalities in the tradable sector lead the government to accumulate reserves to undervalue the ...
Italy - Marcello Minenna
... No growth undermines debt sustainability Post joining the euro, Italy’s GDP stayed flat in real terms between 1999 and 2015 whilst it contracted by 7% from 2008 to 2016. The fiscal position of the country is negatively affected by its high public debt and the related cost of servicing it. It is ther ...
... No growth undermines debt sustainability Post joining the euro, Italy’s GDP stayed flat in real terms between 1999 and 2015 whilst it contracted by 7% from 2008 to 2016. The fiscal position of the country is negatively affected by its high public debt and the related cost of servicing it. It is ther ...
Alberta Capital Finance Authority
... Loan growth in 2016 was up slightly by $118 million from 2015 with new loans issued of $1,577 million. Of the new loans issued, financing was most significantly focused on projects related to airport infrastructure, parks and recreation projects, sewer and water infrastructure and roads and sidewalk ...
... Loan growth in 2016 was up slightly by $118 million from 2015 with new loans issued of $1,577 million. Of the new loans issued, financing was most significantly focused on projects related to airport infrastructure, parks and recreation projects, sewer and water infrastructure and roads and sidewalk ...
foreword - Port Phillip Publishing
... The Keynesian model used by central financial planners over the last half century calls for tight policies when the economy is hot…and loose policies when it is cool. This is supposed to smooth out the boom/bust cycle. But what we’ve gotten is not counter-cyclical policies, but just a boatload of ea ...
... The Keynesian model used by central financial planners over the last half century calls for tight policies when the economy is hot…and loose policies when it is cool. This is supposed to smooth out the boom/bust cycle. But what we’ve gotten is not counter-cyclical policies, but just a boatload of ea ...
Management of Transaction Exposure
... AS DISCUSSED in Chapter 12, transaction exposure arises when a firm faces contractual cash flows that are fixed in a foreign currency. For example, suppose that CHC Helicopters of St John’s, Newfoundland, a world leader in supply logistics to offshore oil rigs, has billed British Petroleum (BP) for ...
... AS DISCUSSED in Chapter 12, transaction exposure arises when a firm faces contractual cash flows that are fixed in a foreign currency. For example, suppose that CHC Helicopters of St John’s, Newfoundland, a world leader in supply logistics to offshore oil rigs, has billed British Petroleum (BP) for ...
Economics Working Paper Weathering the financial storm: The
... contraction in economic activity on top of a system-wide banking and currency collapse, others came off relatively lightly. This paper aims to explain this difference in cross-country experience by means of a non-structural econometric analysis using a variety of potential precrisis explanatory vari ...
... contraction in economic activity on top of a system-wide banking and currency collapse, others came off relatively lightly. This paper aims to explain this difference in cross-country experience by means of a non-structural econometric analysis using a variety of potential precrisis explanatory vari ...
Fiscal Monitor - Addressing Fiscal Challenges to Reduce Economic
... without delay. Countries with more fiscal space could choose a more back-loaded profile should the macroeconomic environment deteriorate substantially. Some of the adverse impact of fiscal adjustment on economic growth can be alleviated through reforms that shift part of the burden of taxation from lab ...
... without delay. Countries with more fiscal space could choose a more back-loaded profile should the macroeconomic environment deteriorate substantially. Some of the adverse impact of fiscal adjustment on economic growth can be alleviated through reforms that shift part of the burden of taxation from lab ...
NBER WORKING PAPER SERIES MACROECONOMIC EFFECTS OF CORPORATE DEFAULT CRISES: Kay Giesecke
... of sample” test of the role of these two channels. More specifically, current theoretical models of banking crises emphasize the central role of the credit and collateral channels. For example, Bernanke (1983) argues that a major reason for the persistence of the Great Depression was the collapse of ...
... of sample” test of the role of these two channels. More specifically, current theoretical models of banking crises emphasize the central role of the credit and collateral channels. For example, Bernanke (1983) argues that a major reason for the persistence of the Great Depression was the collapse of ...
Worldwide Debt Cap 28 October 2010.ppt
... ‒ Treasury company needs >90% “treasury revenue” when compared to “relevant income” – proposed changes in 2009 PBR draft legislation • Short term debt (s319/320 TIOPA 2010) ‒ Elect to exclude short term debt interest ‒ Short term is <12months ‒ Subject to anti-avoidance • Trapped NTLR deficits and M ...
... ‒ Treasury company needs >90% “treasury revenue” when compared to “relevant income” – proposed changes in 2009 PBR draft legislation • Short term debt (s319/320 TIOPA 2010) ‒ Elect to exclude short term debt interest ‒ Short term is <12months ‒ Subject to anti-avoidance • Trapped NTLR deficits and M ...
report of the annual national debt sustainability analysis
... infrastructural investments. In the long term, as the capacity of the economy improves, allowing for enhanced absorption of more borrowing, the ratios tended to decline (higher sustainability), even better than the baseline ratios. In the “Oil Production shock” Scenario, Nigeria’s total public debt ...
... infrastructural investments. In the long term, as the capacity of the economy improves, allowing for enhanced absorption of more borrowing, the ratios tended to decline (higher sustainability), even better than the baseline ratios. In the “Oil Production shock” Scenario, Nigeria’s total public debt ...
Bulletin Contents Volume 75 No. 3, September 2012
... and it certainly helped. We should probably have done ...
... and it certainly helped. We should probably have done ...
Lost and Found: Market Access and Public Debt Dynamics
... default/restructuring, whichever is earlier”.9 As emphasized by IMF (2016), this definition is rather broad, including distress events that have not necessarily implied a default or a debt restructuring. This is particularly relevant considering that—for example—in the aftermath of the global financ ...
... default/restructuring, whichever is earlier”.9 As emphasized by IMF (2016), this definition is rather broad, including distress events that have not necessarily implied a default or a debt restructuring. This is particularly relevant considering that—for example—in the aftermath of the global financ ...
Argentina: 2004 Gas Crisis Anouk Honoré Oxford Institute for Energy
... Argentina has a peculiar history. In the early 1900s, it was one of the leading countries in the world, but at the end of the century it more resembled a developing country. Argentina remains however the richest country in South America despite its economic decline, as measured by GDP per capita. At ...
... Argentina has a peculiar history. In the early 1900s, it was one of the leading countries in the world, but at the end of the century it more resembled a developing country. Argentina remains however the richest country in South America despite its economic decline, as measured by GDP per capita. At ...
Chile: 2016 Article IV Consultation-Press Release
... increase to 2 percent in 2017. Faster growth in main regional partners and more stable copper prices are expected to lift exports and investment. The recovery is, however, projected to be gradual, held back by slow wage and job growth and still low business confidence. Inflation is expected to conti ...
... increase to 2 percent in 2017. Faster growth in main regional partners and more stable copper prices are expected to lift exports and investment. The recovery is, however, projected to be gradual, held back by slow wage and job growth and still low business confidence. Inflation is expected to conti ...
Inflation Targeting, Reserves Accumulation, and Exchange Rate
... that information is marginally relevant in forecasting inflation. Hence, observing that a central bank, say, raises interest rates in response to an exchange rate depreciation does not necessarily mean that the central bank is pursuing a target other than inflation. Such a policy would be consistent ...
... that information is marginally relevant in forecasting inflation. Hence, observing that a central bank, say, raises interest rates in response to an exchange rate depreciation does not necessarily mean that the central bank is pursuing a target other than inflation. Such a policy would be consistent ...
Spanish Direct Investment in Latin America
... actor and one of the world’s principal influences in Latin America. During the 1990s, Spanish firms—particularly utilities, telecommunications companies and large banks— made Latin America their principal regional target for multinational activity and investment. This constituted a major strategic b ...
... actor and one of the world’s principal influences in Latin America. During the 1990s, Spanish firms—particularly utilities, telecommunications companies and large banks— made Latin America their principal regional target for multinational activity and investment. This constituted a major strategic b ...
Inflating Away the Public Debt? - Centre for Economic Policy Research
... calculate both the debt relief that this would provide, as well as the impact that our inflation counterfactuals would now have. The effects are much larger. Section 8 concludes with suggestions for further research. Turning to our contributions to the literature, we cannot do full justice to the ma ...
... calculate both the debt relief that this would provide, as well as the impact that our inflation counterfactuals would now have. The effects are much larger. Section 8 concludes with suggestions for further research. Turning to our contributions to the literature, we cannot do full justice to the ma ...