The Macroeconomic Effects of Official Debt Restructuring: Evidence
... Similar to what has been observed for restructurings involving privatelyheld sovereign debt (Asonuma and Trebesch 2016), Paris Club treatments are likely to have different macroeconomic effects, depending on the specific features of the agreement reached and the underlying circumstances of the count ...
... Similar to what has been observed for restructurings involving privatelyheld sovereign debt (Asonuma and Trebesch 2016), Paris Club treatments are likely to have different macroeconomic effects, depending on the specific features of the agreement reached and the underlying circumstances of the count ...
Rating Sovereign Governments
... Analysts may use projections based on a moderately conservative outlook and alternative stress cases. In this regard, countries with high or rapidly rising income per capita are generally regarded as having a wider or rising revenue base, and therefore greater fiscal flexibility to service debt and ...
... Analysts may use projections based on a moderately conservative outlook and alternative stress cases. In this regard, countries with high or rapidly rising income per capita are generally regarded as having a wider or rising revenue base, and therefore greater fiscal flexibility to service debt and ...
Document
... – Can no longer sell assets for a profit – Debt servicing on assets far exceeds cash flows • Asset prices collapse, increasing debt/equity ratios • Endogenous expansion of money supply reverses • Investment evaporates; economic growth slows • Economy enters a debt-induced recession – Back where we s ...
... – Can no longer sell assets for a profit – Debt servicing on assets far exceeds cash flows • Asset prices collapse, increasing debt/equity ratios • Endogenous expansion of money supply reverses • Investment evaporates; economic growth slows • Economy enters a debt-induced recession – Back where we s ...
Options for China in a Dollar Standard World
... their income flows, while the central government is issuing too little. That might seem like a surprising conclusion but it follows from the understanding of the relations between the sovereign currency issuer and the users of that currency. Corporations, households, and local governments are users ...
... their income flows, while the central government is issuing too little. That might seem like a surprising conclusion but it follows from the understanding of the relations between the sovereign currency issuer and the users of that currency. Corporations, households, and local governments are users ...
Effect of Rupee Depreciation on Common Man
... away from gold because of the rising price, back to the market. All this means a higher demand for dollars. Gold is the 2nd largest commodity after crude being imported by the Govt. Also India has been importing a huge amount of coal lately to run its thermal power plants. India’s coal imports drast ...
... away from gold because of the rising price, back to the market. All this means a higher demand for dollars. Gold is the 2nd largest commodity after crude being imported by the Govt. Also India has been importing a huge amount of coal lately to run its thermal power plants. India’s coal imports drast ...
New Zealand’s economic reforms after 1984 L. Christopher Plantier
... would neither rise nor fall in trend terms, and so the long-run average real interest rate would also be stable. It is this rate which is often referred to as the ‘neutral rate of interest’.” ...
... would neither rise nor fall in trend terms, and so the long-run average real interest rate would also be stable. It is this rate which is often referred to as the ‘neutral rate of interest’.” ...
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
... disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of the company, the accompanying statements reflect all adjustments necessary to present fa ...
... disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of the company, the accompanying statements reflect all adjustments necessary to present fa ...
Greece: Preliminary Debt Sustainability Analysis
... concluding reviews, with only 5 of 16 originally scheduled reviews eventually completed. The problems mounted from mid-2014, with across-the-board reversals after the change of ...
... concluding reviews, with only 5 of 16 originally scheduled reviews eventually completed. The problems mounted from mid-2014, with across-the-board reversals after the change of ...
Clamoring for Greenbacks: Explaining the
... make the world economy more stable because it requires for the issuers of the key currencies to check and discipline their fiscal conditions. From that view, the weakening credibility of the Euro may contribute to more instability of the world economy. Third, the current international monetary syste ...
... make the world economy more stable because it requires for the issuers of the key currencies to check and discipline their fiscal conditions. From that view, the weakening credibility of the Euro may contribute to more instability of the world economy. Third, the current international monetary syste ...
Aging and Deflation from a Fiscal Perspective
... Recently, negative correlations between inflation and demographic aging were observed in developed nations. Figure 1 shows a negative relationship between the GDP deflator and growth of the working-age population in the Organisation for Economic Co-operation and Development (OECD) countries, implying ...
... Recently, negative correlations between inflation and demographic aging were observed in developed nations. Figure 1 shows a negative relationship between the GDP deflator and growth of the working-age population in the Organisation for Economic Co-operation and Development (OECD) countries, implying ...
Nigeria Public Debt and Economic Growth: An Empirical
... debt-to-export above 200%, debt-to-GDP above 50%, and debt-to-tax above 300%. In Nicaragua, Oxfam Debt relief process opined that “The external debt of poor countries affects their national development in many ways, with both economic and social consequences, which are further compounded by general ...
... debt-to-export above 200%, debt-to-GDP above 50%, and debt-to-tax above 300%. In Nicaragua, Oxfam Debt relief process opined that “The external debt of poor countries affects their national development in many ways, with both economic and social consequences, which are further compounded by general ...
Growth and fiscal policy: a positive theory
... The rapid deterioration of the fiscal position of the U.S. federal government in the aftermath of the great recession of 2008 has brought the spotlight on the long term effect of public debt on the real economy. Federal debt in the U.S. is currently its highest level since the decade following World W ...
... The rapid deterioration of the fiscal position of the U.S. federal government in the aftermath of the great recession of 2008 has brought the spotlight on the long term effect of public debt on the real economy. Federal debt in the U.S. is currently its highest level since the decade following World W ...
International Trade and Manufacturing Policies for the 21st Century
... of Warren Buffett’s famous Squanderville, living beyond our means as though there were no tomorrow.3 Throughout the world, the main cause of trade deficits is an overvalued national currency that makes imports too cheap and exports too expensive. This is exactly what has happened to the United State ...
... of Warren Buffett’s famous Squanderville, living beyond our means as though there were no tomorrow.3 Throughout the world, the main cause of trade deficits is an overvalued national currency that makes imports too cheap and exports too expensive. This is exactly what has happened to the United State ...
NBER WORKING PAPER SERIES FIRM DYNAMICS, INVESTMENT, AND DEBT PORTFOLIO:
... exports through a concave technology. In this way, we introduce in a simple way the insight that firms cannot switch their production from domestic markets to exports costlessly, due to, for example, an inelastic world demand for exports. Firms accumulate capital over time. However, investment can ...
... exports through a concave technology. In this way, we introduce in a simple way the insight that firms cannot switch their production from domestic markets to exports costlessly, due to, for example, an inelastic world demand for exports. Firms accumulate capital over time. However, investment can ...
Sticky Leverage Joao Gomes, Urban Jermann and Lukas Schmid February 23, 2016
... Both use short-term debt and emphasize the role of sticky prices. De Fiore et al. (2011) examine optimal monetary policy when firms have nominal debt with default risk. Eggertson and Krugmann (2012) study leverage and debt overhang with short term debt, but their focus is on sticky prices and the ro ...
... Both use short-term debt and emphasize the role of sticky prices. De Fiore et al. (2011) examine optimal monetary policy when firms have nominal debt with default risk. Eggertson and Krugmann (2012) study leverage and debt overhang with short term debt, but their focus is on sticky prices and the ro ...
Sticky Leverage Joao Gomes, Urban Jermann and Lukas Schmid October 14, 2014
... Both use short-term debt and emphasize the role of sticky prices. De Fiore et al. (2011) examine optimal monetary policy when firms have nominal debt with default risk. Eggertson and Krugmann (2012) study leverage and debt overhang with short term debt, but their focus is on sticky prices and the ro ...
... Both use short-term debt and emphasize the role of sticky prices. De Fiore et al. (2011) examine optimal monetary policy when firms have nominal debt with default risk. Eggertson and Krugmann (2012) study leverage and debt overhang with short term debt, but their focus is on sticky prices and the ro ...
Lowering risk and saving money
... The second half of 2016 brought considerable volatility to FX and interest rate markets, heightening companies’ focus on risk management and financing strategies. Following the historic Brexit referendum vote,1 and more recently Trump’s election victory, global markets are experiencing an increase i ...
... The second half of 2016 brought considerable volatility to FX and interest rate markets, heightening companies’ focus on risk management and financing strategies. Following the historic Brexit referendum vote,1 and more recently Trump’s election victory, global markets are experiencing an increase i ...
Interest Rates in Mexico The Role of Exchange Rate Expectations
... function) to the implicit yield from the secondary market of Mexico's external debt. That is, it is postulated that domestic interest rates in Mexico are closely associated to the international perception of Mexico's creditworthiness, which is captured in the behavior of itsm. 1/ The implicit hypoth ...
... function) to the implicit yield from the secondary market of Mexico's external debt. That is, it is postulated that domestic interest rates in Mexico are closely associated to the international perception of Mexico's creditworthiness, which is captured in the behavior of itsm. 1/ The implicit hypoth ...
A Social Discount Rate for the US
... In the literature there are three main approaches to measuring the US social discount rate. The first takes, as a financial benchmark, real (inflation-adjusted) returns on T-securities. This approach provides an average of 4.4% (US OMB). The second approach uses trade-offs in the inter-temporal util ...
... In the literature there are three main approaches to measuring the US social discount rate. The first takes, as a financial benchmark, real (inflation-adjusted) returns on T-securities. This approach provides an average of 4.4% (US OMB). The second approach uses trade-offs in the inter-temporal util ...
Strength of the Pound Sterling: Economy and
... EU the value of the pound against the US dollar fell to a “30-year low”.1 This was followed by a “31-year low” a few days later.2 The International Monetary Fund (IMF) describes the UK’s currency exchange system as ‘free-floating’, meaning that the exchange rate of sterling is largely market determi ...
... EU the value of the pound against the US dollar fell to a “30-year low”.1 This was followed by a “31-year low” a few days later.2 The International Monetary Fund (IMF) describes the UK’s currency exchange system as ‘free-floating’, meaning that the exchange rate of sterling is largely market determi ...
Century Bonds: Issuance Motivations and Debt versus Equity
... The maturity of corporate bonds generally does not exceed 40 years. However, since Walt Disney & Co. and Coca-Cola Co. issued their 100-year bonds in 1993, a number of firms have followed suit to issue these extra long-term bonds with a maturity of 100 years. Since interest paid by a corporation on ...
... The maturity of corporate bonds generally does not exceed 40 years. However, since Walt Disney & Co. and Coca-Cola Co. issued their 100-year bonds in 1993, a number of firms have followed suit to issue these extra long-term bonds with a maturity of 100 years. Since interest paid by a corporation on ...
PDF Download
... wide public support, as President Bush did in early February, many of which are unlikely to pass muster with Congress, but by raising taxes to pay for the programs that the public wants and for the national security expenditures that the President wants. President Bush is unlikely to support serious ...
... wide public support, as President Bush did in early February, many of which are unlikely to pass muster with Congress, but by raising taxes to pay for the programs that the public wants and for the national security expenditures that the President wants. President Bush is unlikely to support serious ...
First-Time International Bond Issuance—New Opportunities
... when investors retreated from risky asset classes. In 2008 and 2009 only two countries Georgia and Senegal - tapped the international capital market. As risk appetite improved, and investors resumed their “search-for-yield” in a low interest rate environment, sovereigns’ redirected again their atten ...
... when investors retreated from risky asset classes. In 2008 and 2009 only two countries Georgia and Senegal - tapped the international capital market. As risk appetite improved, and investors resumed their “search-for-yield” in a low interest rate environment, sovereigns’ redirected again their atten ...
NBER WORKING PAPER SERIES HOW OCCUPIED FRANCE FINANCED ITS Filippo Occhino
... The extraction of resources from France was driven by the changing needs of the Nazi war machine. In the beginning, the policy of Blitzkrieg was designed for a rapid limited war that would not require a total mobilization of the German economy; thus integrating and mobilizing French industry was no ...
... The extraction of resources from France was driven by the changing needs of the Nazi war machine. In the beginning, the policy of Blitzkrieg was designed for a rapid limited war that would not require a total mobilization of the German economy; thus integrating and mobilizing French industry was no ...