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NBER WORKING PAPER SERIES SOVEREIGN DEFAULT, DEBT RESTRUCTURING, AND RECOVERY RATES:
... participation (76.2%) was low from a comparative perspective; in the seventeen sovereign debt restructurings/exchanges between 1999 and 2010, 96% of investors had accepted the new terms suggested by the sovereign. At the time of the exchange Argentina’s congress passed a law prohibiting the governme ...
... participation (76.2%) was low from a comparative perspective; in the seventeen sovereign debt restructurings/exchanges between 1999 and 2010, 96% of investors had accepted the new terms suggested by the sovereign. At the time of the exchange Argentina’s congress passed a law prohibiting the governme ...
Sovereign Default: The Role of Expectations.
... • Then, given any schedule offered by the foreign lenders to the country b 1 (0 ), the schedule faced by the representative agent is given by ...
... • Then, given any schedule offered by the foreign lenders to the country b 1 (0 ), the schedule faced by the representative agent is given by ...
Financial Crisis - Harvard University
... results. The following adjustments have been made to the authors’ checklist: significant credit variables reduced from 10 to 8 as Kaminsky (1999) considers level rather than growth rate of credit; significant capital account variables reduced from 1 to 0 as Honohan (1997) variable not in line with d ...
... results. The following adjustments have been made to the authors’ checklist: significant credit variables reduced from 10 to 8 as Kaminsky (1999) considers level rather than growth rate of credit; significant capital account variables reduced from 1 to 0 as Honohan (1997) variable not in line with d ...
PESOS, POVERTY, AND PERVERSIONS: WHAT`S WRONG WITH
... collapse of the Soviet Union and of the system of economic relationships between socialist countries known as COMECON (Canler, 2001). Almost overnight, Cuba lost the international economic relationships that underpinned its domestic economy. Among the resulting painful consequences was the steep dep ...
... collapse of the Soviet Union and of the system of economic relationships between socialist countries known as COMECON (Canler, 2001). Almost overnight, Cuba lost the international economic relationships that underpinned its domestic economy. Among the resulting painful consequences was the steep dep ...
Asian Bonds Still Sitting Pretty - March 2013
... investment objectives, financial situation or particular needs of any person. Advice should be sought from a financial adviser regarding the suitability of the investment product before making a commitment to purchase the investment product. Past performance is not necessarily indicative of future p ...
... investment objectives, financial situation or particular needs of any person. Advice should be sought from a financial adviser regarding the suitability of the investment product before making a commitment to purchase the investment product. Past performance is not necessarily indicative of future p ...
Stop Kicking the Can Down the Road
... The U.S. is in the middle of a balance sheet recession that shows alarming similarities to Japan’s situation in the 1990s.4 Both recessions were the result of the bursting of debt-financed asset-price bubbles, resulting in massive private-sector deleveraging. Asset prices in the U.S. follow exactly ...
... The U.S. is in the middle of a balance sheet recession that shows alarming similarities to Japan’s situation in the 1990s.4 Both recessions were the result of the bursting of debt-financed asset-price bubbles, resulting in massive private-sector deleveraging. Asset prices in the U.S. follow exactly ...
Downlaod File
... d. most corporations that consistently invest in foreign short-term investments would have generated the same profits (on average) as from domestic short-term investments. __E__6. Assume that U.S. and British investors require a real return of 2%. If the nominal U.S. interest rate is 15%, and the no ...
... d. most corporations that consistently invest in foreign short-term investments would have generated the same profits (on average) as from domestic short-term investments. __E__6. Assume that U.S. and British investors require a real return of 2%. If the nominal U.S. interest rate is 15%, and the no ...
The US Government Debt: Consequences, Causes, and Solutions
... policy. For example, it has been suggested that if China were to dump its holdings of treasury debt, the resulting market disruption would likely lead to high US interest rate and a collapse of the US dollar on foreign exchange markets. In fact, this exposure to potential financial or political risk ...
... policy. For example, it has been suggested that if China were to dump its holdings of treasury debt, the resulting market disruption would likely lead to high US interest rate and a collapse of the US dollar on foreign exchange markets. In fact, this exposure to potential financial or political risk ...
tajikistan - EBRD Transition Report
... in 2015 and 2016 tax administration practices have become more intrusive and arbitrary, with companies at times being asked to pay excessive amounts of tax based on unrealistic forwardlooking profits. This is affecting both domestic and foreign companies operating in the country and limiting their a ...
... in 2015 and 2016 tax administration practices have become more intrusive and arbitrary, with companies at times being asked to pay excessive amounts of tax based on unrealistic forwardlooking profits. This is affecting both domestic and foreign companies operating in the country and limiting their a ...
Managing Risks in a Rising Interest Rate
... used to manage assets and liabilities. Implementing interest rate risk management strategies that effectively integrate debt and investments should enhance financial viability as well as ensure long-term stability. Additionally, this is also a time to review operational efficiency and address any ex ...
... used to manage assets and liabilities. Implementing interest rate risk management strategies that effectively integrate debt and investments should enhance financial viability as well as ensure long-term stability. Additionally, this is also a time to review operational efficiency and address any ex ...
Lecture 4 Nature and Measurement of Exposure and Risk
... one month forward rate is 0.30 rupee per USD and after one month rupee depreciates by 30 paisa there would be no FE exposure but if actual depreciation is more, then exposure would be said to exist ...
... one month forward rate is 0.30 rupee per USD and after one month rupee depreciates by 30 paisa there would be no FE exposure but if actual depreciation is more, then exposure would be said to exist ...
Macro AP unit 5
... b. Who has the absolute advantage in producing pens? paper ? c. Who has the comparative advantage in producing pens? paper? ...
... b. Who has the absolute advantage in producing pens? paper ? c. Who has the comparative advantage in producing pens? paper? ...
(Financial) Markets in Transition Economies
... The extent of financial markets development affects the dollarization level through the following channels: The change in domestic assets portfolio risk characteristics. Let d consist of a set of assets n (mainly, bank deposits). As n increases— emergence of enterprises’ stocks and bonds as well a ...
... The extent of financial markets development affects the dollarization level through the following channels: The change in domestic assets portfolio risk characteristics. Let d consist of a set of assets n (mainly, bank deposits). As n increases— emergence of enterprises’ stocks and bonds as well a ...
Policy Note 1998/7 - Levy Economics Institute of Bard College
... hindsight, they explained it was obvious all along that Asia had been a hopeless wreck from the start, with overvalued currencies and real estate and, worse still, with "crony capitalism" that misdirected resources. This proved to be a versatile explanation, which was applied in due course to Russi ...
... hindsight, they explained it was obvious all along that Asia had been a hopeless wreck from the start, with overvalued currencies and real estate and, worse still, with "crony capitalism" that misdirected resources. This proved to be a versatile explanation, which was applied in due course to Russi ...
Balance of Payments Statistics And International Investment Position
... that systematically summarizes for a specific time period, economic transactions of an economy with the rest of the world ” It helps monitor all international monetary transactions for a specific time period. In the increasingly interdependent world economy,aspects such as payments imbalances an ...
... that systematically summarizes for a specific time period, economic transactions of an economy with the rest of the world ” It helps monitor all international monetary transactions for a specific time period. In the increasingly interdependent world economy,aspects such as payments imbalances an ...
the 9-letter dirty word - global plains advisory group
... every dollar will buy a smaller percentage of a good. Simply put, a dollar will buy less. There are several indicators from the first six months of 2014 that inflation is on the rise. The Consumer Price Index (CPI) is showing some of the largest increases in the price of goods in years. The food, en ...
... every dollar will buy a smaller percentage of a good. Simply put, a dollar will buy less. There are several indicators from the first six months of 2014 that inflation is on the rise. The Consumer Price Index (CPI) is showing some of the largest increases in the price of goods in years. The food, en ...
the impact of the argentine crisis on the spanish economy
... conservative, as it assumes as reasonable zero growth in exports in the absence-of-crisis hypothesis. Exact or not, it gives us an estimate of the quantitative cost of the Argentine crisis via the trade channel. The results show that trade contagion was not negligible. The Spanish economy grew by 2. ...
... conservative, as it assumes as reasonable zero growth in exports in the absence-of-crisis hypothesis. Exact or not, it gives us an estimate of the quantitative cost of the Argentine crisis via the trade channel. The results show that trade contagion was not negligible. The Spanish economy grew by 2. ...
Debt and Sovereignty: The Lost Lessons
... departed from its pattern of paying down debt in peacetime and instead allowed its booming imperial economy to simply dwarf its debt. By 1860, the debt was down to 100 percent of GNP, and by 1913 it was down to just 25 percent. Britain entered World War I as the second least indebted major combatant ...
... departed from its pattern of paying down debt in peacetime and instead allowed its booming imperial economy to simply dwarf its debt. By 1860, the debt was down to 100 percent of GNP, and by 1913 it was down to just 25 percent. Britain entered World War I as the second least indebted major combatant ...
The 1997 Asian Financial Crisis
... “The trouble is that the newly liberalized banks and near-banks often operate under highly distorted incentives. Under-capitalized banks have incentives to borrow abroad and invest domestically with reckless abandon. If the lending works out, the bankers make money. If the lending fails, the deposit ...
... “The trouble is that the newly liberalized banks and near-banks often operate under highly distorted incentives. Under-capitalized banks have incentives to borrow abroad and invest domestically with reckless abandon. If the lending works out, the bankers make money. If the lending fails, the deposit ...
The East Asian Financial Crisis 1997-1998
... ∗ On October 8th 1997, Indonesia asks the IMF and the World Bank for financial assistance. This triggered a renewal of attacks against currencies more in the North. ∗ On October 17th 1997, despite being a creditor country, Taiwan is forced to let the New Taiwan dollar float. ∗ On October 22th 1997, ...
... ∗ On October 8th 1997, Indonesia asks the IMF and the World Bank for financial assistance. This triggered a renewal of attacks against currencies more in the North. ∗ On October 17th 1997, despite being a creditor country, Taiwan is forced to let the New Taiwan dollar float. ∗ On October 22th 1997, ...
EU MONETARY AND FISCAL POLICY TOPICS IN ECONOMIC …
... • What determines the value of E? • a) Flexible exchange rate regime • b) Fixed exchange rate regime • a) E is determined by the demand and supply of currencies (people selling euro and buying dollars to travel in the US put their infinitesimaly small upward pressure on the dollar). In this case ex ...
... • What determines the value of E? • a) Flexible exchange rate regime • b) Fixed exchange rate regime • a) E is determined by the demand and supply of currencies (people selling euro and buying dollars to travel in the US put their infinitesimaly small upward pressure on the dollar). In this case ex ...
PANEL
... exchange market was upset by discussions of a proposal for wider bands. In 1957 the balance of payments was actually in surplus when the market was upset mainly because of the rumors of a German mark revaluation. The exchange difficulties in all these instances were rather short-lived and there did ...
... exchange market was upset by discussions of a proposal for wider bands. In 1957 the balance of payments was actually in surplus when the market was upset mainly because of the rumors of a German mark revaluation. The exchange difficulties in all these instances were rather short-lived and there did ...
(Nedlac) (2013) (part 1). - Lecture Notes
... • At the root of the European crisis was a also a bursting of the property bubble and related collapse of the financial system, but the most visible sign of the problem was rising govt debt: – Ireland bailed out its banks and the budget deficit rose from 3% of GDP to around 30% of GDP – Spain and Gr ...
... • At the root of the European crisis was a also a bursting of the property bubble and related collapse of the financial system, but the most visible sign of the problem was rising govt debt: – Ireland bailed out its banks and the budget deficit rose from 3% of GDP to around 30% of GDP – Spain and Gr ...
Fiscal policy in candidate transition countries
... Intermediate : tightly managed, broad band; Float : managed float, free float ...
... Intermediate : tightly managed, broad band; Float : managed float, free float ...