Medium Term Debt Strategy (MTDS) 2013/14
... revenues as well as the debt obtained from IMF is taken as public debt. Public debt stock recorded at Rs.14,366 billion as on June 30, 2013 (table 1) representing an increase of Rs.1,699 billion or 13 percent higher as compared with last fiscal year. This increase in public debt is attributed to fin ...
... revenues as well as the debt obtained from IMF is taken as public debt. Public debt stock recorded at Rs.14,366 billion as on June 30, 2013 (table 1) representing an increase of Rs.1,699 billion or 13 percent higher as compared with last fiscal year. This increase in public debt is attributed to fin ...
Mauro Alessandro
... we use a unique dataset on sovereign bond issuances and syndicated bank loans to study the duration and determinants of the periods of exclusion from international credit markets that usually follow governments' defaults. Among other results, we find that countries either reaccess the markets in the ...
... we use a unique dataset on sovereign bond issuances and syndicated bank loans to study the duration and determinants of the periods of exclusion from international credit markets that usually follow governments' defaults. Among other results, we find that countries either reaccess the markets in the ...
NBER WORKING PAPER SERIES THE LONG OR SHORT OF IT:
... We next analyze the panel variation in foreign currency exposures. We …nd that factors such as trade openness and the level of development help to explain the cross-sectional variation in foreign currency exposure: richer, more open economies take longer positions in foreign currency. This means the ...
... We next analyze the panel variation in foreign currency exposures. We …nd that factors such as trade openness and the level of development help to explain the cross-sectional variation in foreign currency exposure: richer, more open economies take longer positions in foreign currency. This means the ...
Open-Market Operations in a Model of Regulated
... bonds that are titles to specific amounts of currency. It also operates an insurance program for licensed intermediaries. The government behaves so that the stocks of currency, H, and of government bonds, B, are constant over time. At each date t, the government sells bonds with an aggregate face va ...
... bonds that are titles to specific amounts of currency. It also operates an insurance program for licensed intermediaries. The government behaves so that the stocks of currency, H, and of government bonds, B, are constant over time. At each date t, the government sells bonds with an aggregate face va ...
Currency Trader
... Also open to debate is whether the G7 will attempt to engineer a “soft landing” for the greenback or let the market cut its legs out from under it. The overall economic and intermarket picture is about as confusing as it could be. While the dollar is weak, commodities are up, stocks are up and treas ...
... Also open to debate is whether the G7 will attempt to engineer a “soft landing” for the greenback or let the market cut its legs out from under it. The overall economic and intermarket picture is about as confusing as it could be. While the dollar is weak, commodities are up, stocks are up and treas ...
Financial Stability, the Trilemma, and International Reserves
... about 4 percent, but the emerging markets’ average reserve ratio has more than quintupled, from 4 percent to over 20 percent of GDP.1 These data present both a theoretical and an empirical challenge, but as yet there is little consensus and only modest success on either front. Indeed some have sugge ...
... about 4 percent, but the emerging markets’ average reserve ratio has more than quintupled, from 4 percent to over 20 percent of GDP.1 These data present both a theoretical and an empirical challenge, but as yet there is little consensus and only modest success on either front. Indeed some have sugge ...
Inflation, Debt, and Default
... However, for a domestic government, debt becomes less attractive in bad times: deflation makes real government obligations larger in recessions, when the government values consumption more. In contrast, the government in the countercyclical economy benefits from the haircut induced by inflation in b ...
... However, for a domestic government, debt becomes less attractive in bad times: deflation makes real government obligations larger in recessions, when the government values consumption more. In contrast, the government in the countercyclical economy benefits from the haircut induced by inflation in b ...
EUROPEAN COMMISSION Brussels, 18.3.2015 SWD(2015) 36 final
... Domestic demand is expected to remain the main driver of economic growth in the coming years, but with a shift from investment to private consumption. Due to measures easing the burden of mortgage loans on households (see below), real disposable income will be affected positively in 2015, and this w ...
... Domestic demand is expected to remain the main driver of economic growth in the coming years, but with a shift from investment to private consumption. Due to measures easing the burden of mortgage loans on households (see below), real disposable income will be affected positively in 2015, and this w ...
View/Open
... to the discussion of what determines the desired capital stock of the firms operating in the economy, the main goal of this work is to try to elucidate the main determinants of private investment decisions in Argentina. The empirical literature on the determinants of investment behavior is broad and ...
... to the discussion of what determines the desired capital stock of the firms operating in the economy, the main goal of this work is to try to elucidate the main determinants of private investment decisions in Argentina. The empirical literature on the determinants of investment behavior is broad and ...
CENTRAL BANK OF THE REPUBLIC OF TURKEY
... Savings not registered in the banking sector have been sold in exchange for Turkish Lira. Foreign currency losses/gains realized during the accounting of the FX transactions. ...
... Savings not registered in the banking sector have been sold in exchange for Turkish Lira. Foreign currency losses/gains realized during the accounting of the FX transactions. ...
Crunch Time: Fiscal Crises and the Role of Monetary Policy*
... Spain, were able to reduce the level of their government debt relative to national income up until 2007. ...
... Spain, were able to reduce the level of their government debt relative to national income up until 2007. ...
Asian Holdings of US Treasury Securities: Trade Integration as a
... The international version of the capital asset pricing model (ICAPM), based on traditional portfolio theory developed by Sharpe (1964) and Lintner (1965), predicts that to maximize risk-adjusted returns investors should hold a world market portfolio of risky assets. In other words, portfolio weights ...
... The international version of the capital asset pricing model (ICAPM), based on traditional portfolio theory developed by Sharpe (1964) and Lintner (1965), predicts that to maximize risk-adjusted returns investors should hold a world market portfolio of risky assets. In other words, portfolio weights ...
The Euro`s Challenge to the Dollar
... efficiently to international market participants, who may want to borrow or invest in the domestic currency, or hedge their foreign currency positions. Third, a well-developed financial system is more likely to attract business from abroad, where financial markets may be less developed or barriers t ...
... efficiently to international market participants, who may want to borrow or invest in the domestic currency, or hedge their foreign currency positions. Third, a well-developed financial system is more likely to attract business from abroad, where financial markets may be less developed or barriers t ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... Fig. 8.1 Current account and private capital account (four-quarter cumulative balance, 1970:Q4–2004:Q2, at 2003 prices) ...
... Fig. 8.1 Current account and private capital account (four-quarter cumulative balance, 1970:Q4–2004:Q2, at 2003 prices) ...
The Demand for Currency Substitution.
... it to replenish those holdings by converting some of its saving asset to the desired medium. There are Ti conversions to obtain mi. Each conversion has associated with it the real conversion cost Ai, a lump-sum amount paid explicitly or implicitly each time a conversion is made that does not depend ...
... it to replenish those holdings by converting some of its saving asset to the desired medium. There are Ti conversions to obtain mi. Each conversion has associated with it the real conversion cost Ai, a lump-sum amount paid explicitly or implicitly each time a conversion is made that does not depend ...
Chapter 10 - McGraw Hill Higher Education
... Inflation • Defining inflation – Generally, we consider inflation to be a sustained rise in the average price level over a period of years • When the overall price level is rising, the prices of some goods and services are going down [e.g., TV prices in the 1970s and the 1980s, the price of VCRs, a ...
... Inflation • Defining inflation – Generally, we consider inflation to be a sustained rise in the average price level over a period of years • When the overall price level is rising, the prices of some goods and services are going down [e.g., TV prices in the 1970s and the 1980s, the price of VCRs, a ...
The Role of the IMF in Debt Restructurings: L I A , Moral Hazard and
... is not robust enough and may underestimate the risks faced by debtor countries, particularly when adverse shocks are positively correlated and persistent, as has often been the experience in developing countries. Moreover, the IMF has shown a systematic tendency to be overoptimistic in its debt sust ...
... is not robust enough and may underestimate the risks faced by debtor countries, particularly when adverse shocks are positively correlated and persistent, as has often been the experience in developing countries. Moreover, the IMF has shown a systematic tendency to be overoptimistic in its debt sust ...
Debt, Recovery Rates and the Greek Dilemma - Eureka
... creditor’s expectations about the ability of Greeks to honour their contractual obligations radically changed, and, therefore, credit-spreads rose steeply. In addition, a temporary relative decline in productive efficiency, moved the economy from growth and stability to contraction and instability. ...
... creditor’s expectations about the ability of Greeks to honour their contractual obligations radically changed, and, therefore, credit-spreads rose steeply. In addition, a temporary relative decline in productive efficiency, moved the economy from growth and stability to contraction and instability. ...
Vanguard`s economic and investment outlook
... yield curve until the Federal Reserve raises short-term rates. Compared with last year’s outlook, our estimates of the “fair value” range for the 10-year Treasury bond have risen; the macroeconomic environment justifies a ten-year yield in the range of 2.75%–3.75% at present. However, we continue to ...
... yield curve until the Federal Reserve raises short-term rates. Compared with last year’s outlook, our estimates of the “fair value” range for the 10-year Treasury bond have risen; the macroeconomic environment justifies a ten-year yield in the range of 2.75%–3.75% at present. However, we continue to ...
Using Risk Analysis to Classify Junk Bonds as Equity for Federal
... entrepreneurial risks that the business will profitY When the very essence of a financial instrument fits this description of equity, then not allowing a deduction for the corporate payment properly measures income. Payments on such equity instruments are not a cost of doing business, but rather a d ...
... entrepreneurial risks that the business will profitY When the very essence of a financial instrument fits this description of equity, then not allowing a deduction for the corporate payment properly measures income. Payments on such equity instruments are not a cost of doing business, but rather a d ...
spending disad – 2011 adi - maria
... ceiling will be raised in good time.” Treasury Secretary Timothy F. Geithner has warned that a failure to increase the $14.3 trillion debt ceiling by Aug. 2, the date he projects borrowing authority would be exhausted, may have catastrophic effects on the U.S. economy by sharply raising borrowing co ...
... ceiling will be raised in good time.” Treasury Secretary Timothy F. Geithner has warned that a failure to increase the $14.3 trillion debt ceiling by Aug. 2, the date he projects borrowing authority would be exhausted, may have catastrophic effects on the U.S. economy by sharply raising borrowing co ...
ABCD DISCUSSION PAPER SERIES www.cepr.org
... Much of the discussion in the previous section dealt with externally held debt. But qualitatively, much the same arguments hold for domestic debt, as long as it is either foreign currency denominated or the domestic sovereign has no control over its central bank, as is the case in the euro area. Rei ...
... Much of the discussion in the previous section dealt with externally held debt. But qualitatively, much the same arguments hold for domestic debt, as long as it is either foreign currency denominated or the domestic sovereign has no control over its central bank, as is the case in the euro area. Rei ...
What`s changed in the international financial system and its
... independent of the IMF — that helps governments foster economic growth, as well as protect and promote the rights of their citizens. Next steps on debt The Heavily Indebted Poor Country (HIPC) Initiative in 1996, Enhanced HIPC in 1999, and the Multilateral Debt Relief Initiative (MDRI) in 2005 have ...
... independent of the IMF — that helps governments foster economic growth, as well as protect and promote the rights of their citizens. Next steps on debt The Heavily Indebted Poor Country (HIPC) Initiative in 1996, Enhanced HIPC in 1999, and the Multilateral Debt Relief Initiative (MDRI) in 2005 have ...
Domestic and International Macroeconomic Effects of
... liquidity includes not only domestic money, but also domestic and US government bonds. Unlike CCDLS, we distinguish between short- and long-term government bonds, the latter formalized as perpetuities following Woodford (2001). We also assume that EA sovereign bonds are internationally traded and ar ...
... liquidity includes not only domestic money, but also domestic and US government bonds. Unlike CCDLS, we distinguish between short- and long-term government bonds, the latter formalized as perpetuities following Woodford (2001). We also assume that EA sovereign bonds are internationally traded and ar ...
dollar deposed stress test scenario
... catastrophes. A large economic or financial catastrophe seldom affects just one part of the system. The historical record shows that multiple market catastrophes tend to occur at the same time and impacts cascade from one crisis to the next. The recent Great Financial Crisis (GFC) is one example of ...
... catastrophes. A large economic or financial catastrophe seldom affects just one part of the system. The historical record shows that multiple market catastrophes tend to occur at the same time and impacts cascade from one crisis to the next. The recent Great Financial Crisis (GFC) is one example of ...