NBER WORKING PAPER SERIES INTERNATIONAL RESERVES AND ROLLOVER RISK Javier Bianchi
... do not allow the government to accumulate assets for insurance purposes. Alfaro and Kanczuk (2009) study a model with one-period debt where assets are only useful for transferring resources to default states. In contrast, we study the role of reserves in hedging against rollover risk. Telyukova (20 ...
... do not allow the government to accumulate assets for insurance purposes. Alfaro and Kanczuk (2009) study a model with one-period debt where assets are only useful for transferring resources to default states. In contrast, we study the role of reserves in hedging against rollover risk. Telyukova (20 ...
Monetary and Fiscal Policy with Sovereign Default
... sovereign default literature (see Reinhart and Rogoff, 2011). In a closed economy, a default does not redistribute resources from foreign lenders to domestic citizens. The government may still choose not to repay its debt to relax its budget constraint and reduce distortionary taxes. The model is c ...
... sovereign default literature (see Reinhart and Rogoff, 2011). In a closed economy, a default does not redistribute resources from foreign lenders to domestic citizens. The government may still choose not to repay its debt to relax its budget constraint and reduce distortionary taxes. The model is c ...
Financial Ratio Medians-2015.indd
... of Cash Flows are needed. Net turnover-related entrance fees are the cash flows associated with residents moving into previously occupied units. By comparing the results of this ratio to the NOM, the user can determine to what extent a CCRC relies on net entrance fee receipts to enhance annual cash ...
... of Cash Flows are needed. Net turnover-related entrance fees are the cash flows associated with residents moving into previously occupied units. By comparing the results of this ratio to the NOM, the user can determine to what extent a CCRC relies on net entrance fee receipts to enhance annual cash ...
DOC 477KB - Board of Taxation
... income (in particular, the cost of debt), and returns to owners of a business after profits have been calculated (for example, dividends). In a general sense, returns on debt financing involve relatively less risk, while returns on equity financing are less certain and rely more heavily on the econo ...
... income (in particular, the cost of debt), and returns to owners of a business after profits have been calculated (for example, dividends). In a general sense, returns on debt financing involve relatively less risk, while returns on equity financing are less certain and rely more heavily on the econo ...
Debt committee report March 2001
... a percentage of foreign exchange earnings. Use of a discount rate reduces the burden of real debt payments in the outer years and also takes account of the concessionality of the various interest rates. Another stock measure is the ratio of short-term debt to total external debt. A high ratio of sho ...
... a percentage of foreign exchange earnings. Use of a discount rate reduces the burden of real debt payments in the outer years and also takes account of the concessionality of the various interest rates. Another stock measure is the ratio of short-term debt to total external debt. A high ratio of sho ...
Corporate Leverage and Currency Crises - S-WoPEc
... project. The debt can be either short-term (matures at t = 1) or long-term (matures at t = 2). Initially we assume that debt is denominated in the local currency, although we will relax the assumption later in the paper and show that currency depreciations become larger and more frequent in that sit ...
... project. The debt can be either short-term (matures at t = 1) or long-term (matures at t = 2). Initially we assume that debt is denominated in the local currency, although we will relax the assumption later in the paper and show that currency depreciations become larger and more frequent in that sit ...
Default, rescheduling and inflation : debt crisis in Spain
... The inflationary tax acted when inflation rate exceeded 5% for a time. This only happened in the twentieth century (graph 3). First, during the First World War the inflation rate almost touched 15%, when the monetary supply yearly rate of growth reached 21 %. Secondly, between the Civil War and 199 ...
... The inflationary tax acted when inflation rate exceeded 5% for a time. This only happened in the twentieth century (graph 3). First, during the First World War the inflation rate almost touched 15%, when the monetary supply yearly rate of growth reached 21 %. Secondly, between the Civil War and 199 ...
Financial integration and emerging markets capital
... of firm- and country-level determinants of financing choices. Third, we propose a number of interactive effects of financial integration with firm and country characteristics. Interaction analysis allows us to assess whether integration has facilitated the financing of firms in need of capital. Also ...
... of firm- and country-level determinants of financing choices. Third, we propose a number of interactive effects of financial integration with firm and country characteristics. Interaction analysis allows us to assess whether integration has facilitated the financing of firms in need of capital. Also ...
Inflating Away the Public Debt? - Centre for Economic Policy Research
... government could reap large gains from taxing all financial activities (as well as induce larger social costs) we consider an alternative akin to monetizing all of the outstanding debt. It consists of forcing bondholders to swap their existing claims for new zero-interest debt. We calculate both the ...
... government could reap large gains from taxing all financial activities (as well as induce larger social costs) we consider an alternative akin to monetizing all of the outstanding debt. It consists of forcing bondholders to swap their existing claims for new zero-interest debt. We calculate both the ...
Rainforest Destruction - cyridgewghrebecca
... potential to be beneficial but could also ask for great downfall since the other country could decide not to follow the pact and begin deforestation on the preserved land at any point. Creating strict laws against deforestation is a very strong solution. It would create strong boundaries and make ha ...
... potential to be beneficial but could also ask for great downfall since the other country could decide not to follow the pact and begin deforestation on the preserved land at any point. Creating strict laws against deforestation is a very strong solution. It would create strong boundaries and make ha ...
FINANCIAL RATIOS – REVEAL HOW A BUSINESS IS DOING?
... Accounting is the process of collecting, analyzing and reporting financial information. The raw material of financial analysis is considered financial statement and with help of ratios analysis can be revealed profitability, liquidity, activity ratios or financing and debts burden ratios of one comp ...
... Accounting is the process of collecting, analyzing and reporting financial information. The raw material of financial analysis is considered financial statement and with help of ratios analysis can be revealed profitability, liquidity, activity ratios or financing and debts burden ratios of one comp ...
NBER WORKING PAPER SERIES FIRM DYNAMICS, INVESTMENT, AND DEBT PORTFOLIO:
... 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 only be financed through internal resources or by borrowing in the international capi ...
... 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 only be financed through internal resources or by borrowing in the international capi ...
A World with Higher Interest Rates
... but could unfold rather quickly, impacting virtually every major sector of the economy. This study attempts to take a more cautious and global approach in examining one possible future path of interest rates and their impact on selected sectors. Based on an analysis of global savings supply and inve ...
... but could unfold rather quickly, impacting virtually every major sector of the economy. This study attempts to take a more cautious and global approach in examining one possible future path of interest rates and their impact on selected sectors. Based on an analysis of global savings supply and inve ...
Australian Journal of Basic and Applied Sciences A Conceptual
... relationship between Net Profit Margin (NPM) and insolvency ratio due to different scope of studies such as different countries, different institutions and different methods. The pecking-order theory provides different results compared to the trade-off theory in terms of profitability. According to ...
... relationship between Net Profit Margin (NPM) and insolvency ratio due to different scope of studies such as different countries, different institutions and different methods. The pecking-order theory provides different results compared to the trade-off theory in terms of profitability. According to ...
Should the Maastricht fiscal criteria be redefined?
... as the stock of liabilities at the end of the year, based on the business accounts of corporations. Those government controlled entities are classified outside general government due to their behaviour as market units. However, because of the control established over these corporations, it is certai ...
... as the stock of liabilities at the end of the year, based on the business accounts of corporations. Those government controlled entities are classified outside general government due to their behaviour as market units. However, because of the control established over these corporations, it is certai ...
How Excessive Is Banks` Maturity Transformation?∗
... Swiss Finance Institute Visiting Professor at the University of Zurich. We acknowledge support from Spanish government grant ECO2011-26308. Contact e-mails: [email protected], [email protected]. ...
... Swiss Finance Institute Visiting Professor at the University of Zurich. We acknowledge support from Spanish government grant ECO2011-26308. Contact e-mails: [email protected], [email protected]. ...
Discussion paper on the debt write-down tool – bail-in
... The introduction of bail in could provide authorities with a resolution option, in particular for the resolution of large and complex institutions. In such cases, the application of other resolution tools (such as the sale of the bank to a private sector purchaser or the splitting of the bank into a ...
... The introduction of bail in could provide authorities with a resolution option, in particular for the resolution of large and complex institutions. In such cases, the application of other resolution tools (such as the sale of the bank to a private sector purchaser or the splitting of the bank into a ...
sovereign debt, domestic banks and the provision of public liquidity
... bailouts when the levels of external debt are low. The reason for this last result is that by prohibiting bailouts, the government enhances its commitment and is therefore able to increase its level of external debt, which allows households to enjoy the benefits of larger consumption front-loading. ...
... bailouts when the levels of external debt are low. The reason for this last result is that by prohibiting bailouts, the government enhances its commitment and is therefore able to increase its level of external debt, which allows households to enjoy the benefits of larger consumption front-loading. ...
Private Cash Flow Statements
... contributions restricted to capital acquisitions (current GAAP), new endowment and other gift • Outflows include capital bond, mortgage and note principal payments, capitalized lease payment, capital debt interest payments, capital acquisitions and capital item sale proceeds ...
... contributions restricted to capital acquisitions (current GAAP), new endowment and other gift • Outflows include capital bond, mortgage and note principal payments, capitalized lease payment, capital debt interest payments, capital acquisitions and capital item sale proceeds ...
The Facts on Medicare Spending and Financing
... income to the trust fund exceeds benefits spending, the asset level increases, and when annual spending exceeds income, the asset level decreases. When spending exceeds income and the assets are fully depleted, Medicare will not have sufficient funds to pay all Part A benefits. Each year, the Medica ...
... income to the trust fund exceeds benefits spending, the asset level increases, and when annual spending exceeds income, the asset level decreases. When spending exceeds income and the assets are fully depleted, Medicare will not have sufficient funds to pay all Part A benefits. Each year, the Medica ...
Threat of entry and debt maturity: evidence from airlines
... 6 The threat of entry can actually a↵ect the stock price, however CFOs mostly decide leverage based on book values (Graham and Harvey (2001).) 7 The latter arguments assume that firms decrease leverage issuing equity. This is however not the only way to decrease leverage. Firms can also buy back deb ...
... 6 The threat of entry can actually a↵ect the stock price, however CFOs mostly decide leverage based on book values (Graham and Harvey (2001).) 7 The latter arguments assume that firms decrease leverage issuing equity. This is however not the only way to decrease leverage. Firms can also buy back deb ...
Section A: Summary Content Notes
... 1.5. Calculate the mark-up on cost, assuming that creditors are paid after 60 days, and assuming that 30% of all stock purchases are on credit (stock is replaced in the same month) 1.6. Wages and salaries for March and April are higher than usual, because the owner hired two students for the two mon ...
... 1.5. Calculate the mark-up on cost, assuming that creditors are paid after 60 days, and assuming that 30% of all stock purchases are on credit (stock is replaced in the same month) 1.6. Wages and salaries for March and April are higher than usual, because the owner hired two students for the two mon ...
pse09 van der Ploeg 9563581 en
... are unable to smooth consumption but whose government can do it for them. Application of the permanent income hypothesis shows that it is best to use temporary windfall revenue to have an immediate and permanent boost to citizen dividends and private consumption, this being paid for by borrowing ahe ...
... are unable to smooth consumption but whose government can do it for them. Application of the permanent income hypothesis shows that it is best to use temporary windfall revenue to have an immediate and permanent boost to citizen dividends and private consumption, this being paid for by borrowing ahe ...
CONTROL_ACCOUNT
... purchases ledger and the sales ledger. 20X9 March 1 Purchases ledger balances March 1 Sales ledger balances Totals for March: Sales daybook Purchases daybook Cheques and cash paid to suppliers Discounts received Discounts allowed Sales ledger balances set-off against purchases ledger balances Return ...
... purchases ledger and the sales ledger. 20X9 March 1 Purchases ledger balances March 1 Sales ledger balances Totals for March: Sales daybook Purchases daybook Cheques and cash paid to suppliers Discounts received Discounts allowed Sales ledger balances set-off against purchases ledger balances Return ...
FM11 Ch 14 Instructors Manual
... variable costs, will be the same percent of sales in 2005 as in 2004; (2) that the payout ratio is held constant at 40 percent; (3) that external funds needed are financed 50 percent by notes payable and 50 percent by long-term debt (no new common stock will be issued); (4) that all debt carries an ...
... variable costs, will be the same percent of sales in 2005 as in 2004; (2) that the payout ratio is held constant at 40 percent; (3) that external funds needed are financed 50 percent by notes payable and 50 percent by long-term debt (no new common stock will be issued); (4) that all debt carries an ...