Long-term Government Bond Yields
... Government bonds are used to fund a government’s expenses including repaying ...
... Government bonds are used to fund a government’s expenses including repaying ...
Financial Planning, PowerPoint Show
... Economies of scale: leads to less-thanproportional asset increases. Lumpy assets: leads to large periodic ...
... Economies of scale: leads to less-thanproportional asset increases. Lumpy assets: leads to large periodic ...
NBER VOLUNTARY WELFARE RESEARCH
... essential ingredient in the following evaluation of the case for voluntary debt reduction. At this stage it is sufficient to observe that (5) implies that debt reduction does not help the creditors if it depresses investment or raises it only slightly (because the value of debt increases in both deb ...
... essential ingredient in the following evaluation of the case for voluntary debt reduction. At this stage it is sufficient to observe that (5) implies that debt reduction does not help the creditors if it depresses investment or raises it only slightly (because the value of debt increases in both deb ...
Medium Term Debt Strategy (MTDS) 2013/14
... 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 financing of fiscal deficit which was recorded at 8 percent of GDP against ...
... 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 financing of fiscal deficit which was recorded at 8 percent of GDP against ...
Managing Public Debt and Its Financial Stability Implications
... differences in structures across countries from different regions of the world. Using the same data set, Guscina (2008) shows that a country’s debt structure often reflects its recent past macroeconomic background, which materially affects its financial stability. Although the models developed in th ...
... differences in structures across countries from different regions of the world. Using the same data set, Guscina (2008) shows that a country’s debt structure often reflects its recent past macroeconomic background, which materially affects its financial stability. Although the models developed in th ...
The fiscal impact of pension reform: economic effects and
... – In 2004 0.15 percentage points of contribution is transferred to the DRF – At the end of 2003, assets of DRF were about 0.4% of GDP, invested mainly in government bonds – DRF will be used to finance deficits in the old-age NDC scheme after 2009 ...
... – In 2004 0.15 percentage points of contribution is transferred to the DRF – At the end of 2003, assets of DRF were about 0.4% of GDP, invested mainly in government bonds – DRF will be used to finance deficits in the old-age NDC scheme after 2009 ...
Commercial real estate debt
... • Loan to value (LTV): This is a key loan covenant which sets a limit on the outstanding loan amount as a percentage of the underlying property and, therefore, impacts the level of borrowers’ exposure to the property market. According to the De Montfort University study, the average LTV from recent ...
... • Loan to value (LTV): This is a key loan covenant which sets a limit on the outstanding loan amount as a percentage of the underlying property and, therefore, impacts the level of borrowers’ exposure to the property market. According to the De Montfort University study, the average LTV from recent ...
Financial Planning, PowerPoint Show
... Economies of scale: leads to less-thanproportional asset increases. Lumpy assets: leads to large periodic ...
... Economies of scale: leads to less-thanproportional asset increases. Lumpy assets: leads to large periodic ...
unaudited but reviewed
... Approximately Baht 355 million of Tranche C debt was converted to share capital of approximately Baht 354 million on 21 November 2002. As at 31 December 2002, the remaining indebtedness of approximately Baht 0.9 million was presented as debt awaiting conversion to equity in shareholders’ equity. In ...
... Approximately Baht 355 million of Tranche C debt was converted to share capital of approximately Baht 354 million on 21 November 2002. As at 31 December 2002, the remaining indebtedness of approximately Baht 0.9 million was presented as debt awaiting conversion to equity in shareholders’ equity. In ...
CONSEQUENCES OF MM - City University London
... debt finance is exactly offset by the rise in the required return on equity, RS - so the overall WACC remains constant. In this MM world there is therefore no optimal debt-equity ...
... debt finance is exactly offset by the rise in the required return on equity, RS - so the overall WACC remains constant. In this MM world there is therefore no optimal debt-equity ...
Costs of sovereign default
... domestic currency, governments faced with financing difficulties may, in extreme circumstances, increase the money supply sharply to reduce the real value of debt repayments. But for countries with a large amount of foreign currency debt, the policy choices are likely to be more limited, especially ...
... domestic currency, governments faced with financing difficulties may, in extreme circumstances, increase the money supply sharply to reduce the real value of debt repayments. But for countries with a large amount of foreign currency debt, the policy choices are likely to be more limited, especially ...
Official PDF , 36 pages
... to show where tradi' tional analysiscan lead one astray, an'tod.clarify.whatI find to be misleadingor confusingpoints in the literature. SectionI presents some basic accountingdistinctions. SectionII discusses.debt as part of the intertemporal maximization problem of a debtor country and introduces ...
... to show where tradi' tional analysiscan lead one astray, an'tod.clarify.whatI find to be misleadingor confusingpoints in the literature. SectionI presents some basic accountingdistinctions. SectionII discusses.debt as part of the intertemporal maximization problem of a debtor country and introduces ...
debt into growth: how sovereign debt accelerated the first industrial
... nobles; this would lead to faster growth and a more rapid structural transformation. Financial frictions make his impossible: the banking sector is small and relatively inefficient, and the stock market is hamstrung by government restrictions. Prejudice also plays a role, as the nobility shied away ...
... nobles; this would lead to faster growth and a more rapid structural transformation. Financial frictions make his impossible: the banking sector is small and relatively inefficient, and the stock market is hamstrung by government restrictions. Prejudice also plays a role, as the nobility shied away ...
Paper - Yale Economics
... nobles; this would lead to faster growth and a more rapid structural transformation. Financial frictions make his impossible: the banking sector is small and relatively inefficient, and the stock market is hamstrung by government restrictions. Prejudice also plays a role, as the nobility shied away ...
... nobles; this would lead to faster growth and a more rapid structural transformation. Financial frictions make his impossible: the banking sector is small and relatively inefficient, and the stock market is hamstrung by government restrictions. Prejudice also plays a role, as the nobility shied away ...
Lending Booms, Reserves and the Sustainability of Short
... provide little, and for that matter potentially misleading, information about what is going on in this market segment (as Figure 1 suggests).1 A third reason for focussing on loans is the controversy that has swirled around the behavior of international bank lending in the wake of the Asian crisis. ...
... provide little, and for that matter potentially misleading, information about what is going on in this market segment (as Figure 1 suggests).1 A third reason for focussing on loans is the controversy that has swirled around the behavior of international bank lending in the wake of the Asian crisis. ...
Vattenfall Full year 2016 results
... of lower number of power outages and higher network tariffs in Sweden and ...
... of lower number of power outages and higher network tariffs in Sweden and ...
Sticky Leverage Joao Gomes, Urban Jermann and Lukas Schmid October 14, 2014
... role as a nominal transmission channel. Another important novelty of our paper is that we solve for firms’ time-consistent optimal policies for long-term debt when firms can adjust debt freely every period. We present a numerical approach that allows the analysis of model dynamics with perturbation ...
... role as a nominal transmission channel. Another important novelty of our paper is that we solve for firms’ time-consistent optimal policies for long-term debt when firms can adjust debt freely every period. We present a numerical approach that allows the analysis of model dynamics with perturbation ...
Sticky Leverage Joao Gomes, Urban Jermann and Lukas Schmid February 23, 2016
... role as a nominal transmission channel. Another important novelty of our paper is that we solve for firms’ time-consistent optimal policies for long-term debt when firms can adjust debt freely every period. We present a numerical approach that allows the analysis of model dynamics with perturbation ...
... role as a nominal transmission channel. Another important novelty of our paper is that we solve for firms’ time-consistent optimal policies for long-term debt when firms can adjust debt freely every period. We present a numerical approach that allows the analysis of model dynamics with perturbation ...
money runs - Giorgia Piacentino
... In contrast, if B’s debt is tradeable (but is not demandable), then C0 can avoid early redemption by trading with C1 in the OTC market. However, C0 ’s liquidity shock puts him in a weak bargaining position with C1 : C0 has a low outside option because he has no way to get liquidity if trade fails. ...
... In contrast, if B’s debt is tradeable (but is not demandable), then C0 can avoid early redemption by trading with C1 in the OTC market. However, C0 ’s liquidity shock puts him in a weak bargaining position with C1 : C0 has a low outside option because he has no way to get liquidity if trade fails. ...
Dissertation proposal - Arizona State University
... Suppose the governmental debt is not in the bond format (this is indeed the case for many developing countries, China for example), and the financial market is not the venue for its transaction, the analytical framework will be completely different. Furthermore, it is argued that jurisdiction is not ...
... Suppose the governmental debt is not in the bond format (this is indeed the case for many developing countries, China for example), and the financial market is not the venue for its transaction, the analytical framework will be completely different. Furthermore, it is argued that jurisdiction is not ...
Debt Overhang and Recapitalization in Closed and Open Economies
... In his classic paper, Myers (1977) shows that debt overhang leads to under-investment. Firms near financial distress find it difficult to raise capital for new investments because the proceeds from these new investments would benefit existing debt holders instead of new investors. In this paper, I ...
... In his classic paper, Myers (1977) shows that debt overhang leads to under-investment. Firms near financial distress find it difficult to raise capital for new investments because the proceeds from these new investments would benefit existing debt holders instead of new investors. In this paper, I ...
Century Bonds: Issuance Motivations and Debt versus Equity
... intention is to embark upon the corporate adventure, taking the risks of loss attendant upon it, so that he may enjoy the chances of profit. The creditor, on the other hand, does not intend to take such risks so far as they may be avoided, but merely to lend his capital to others who do intend to ta ...
... intention is to embark upon the corporate adventure, taking the risks of loss attendant upon it, so that he may enjoy the chances of profit. The creditor, on the other hand, does not intend to take such risks so far as they may be avoided, but merely to lend his capital to others who do intend to ta ...
Time-Consistent Fiscal Policy in a Debt Crisis - e
... Households search for jobs in a frictional matching market. e units of search effort produce an employment probability pe ∈ [0, 1] where p ∈ [0, 1] is the job finding rate per unit of search intensity which households take as given. Employment contracts last a single period. Households live in singl ...
... Households search for jobs in a frictional matching market. e units of search effort produce an employment probability pe ∈ [0, 1] where p ∈ [0, 1] is the job finding rate per unit of search intensity which households take as given. Employment contracts last a single period. Households live in singl ...
Time-Consistent Fiscal Policy in a Debt Crisis
... Households search for jobs in a frictional matching market. e units of search effort produce an employment probability pe ∈ [0, 1] where p ∈ [0, 1] is the job finding rate per unit of search intensity which households take as given. Employment contracts last a single period. Households live in singl ...
... Households search for jobs in a frictional matching market. e units of search effort produce an employment probability pe ∈ [0, 1] where p ∈ [0, 1] is the job finding rate per unit of search intensity which households take as given. Employment contracts last a single period. Households live in singl ...