Pure or Wake-up-call Contagion?
... “distress dependence”, which is built extracting from the vector of CDS premia the unconditional marginal probability of default for each country. They then infer from those marginal distributions the joint default probability, and build and add-up the default probability of country i conditional on ...
... “distress dependence”, which is built extracting from the vector of CDS premia the unconditional marginal probability of default for each country. They then infer from those marginal distributions the joint default probability, and build and add-up the default probability of country i conditional on ...
Indeterminacy in Sovereign Debt Markets: an Empirical Investigation ∗ Luigi Bocola
... will default irrespective of their behavior. Or, it may be high because of the expectation of a future inefficient rollover crisis. The goal of our exercise is to distinguish these different sources of default risk. The first contribution of this paper is to point out that the joint behavior of inte ...
... will default irrespective of their behavior. Or, it may be high because of the expectation of a future inefficient rollover crisis. The goal of our exercise is to distinguish these different sources of default risk. The first contribution of this paper is to point out that the joint behavior of inte ...
Chapter 5 M F L
... Internal debt includes market loans, special securities issued to Reserve Bank of India and various other special securities, compensation and other bonds and other Rupee securities. External debt represents the loans received from foreign governments and bodies. The other liabilities of the governm ...
... Internal debt includes market loans, special securities issued to Reserve Bank of India and various other special securities, compensation and other bonds and other Rupee securities. External debt represents the loans received from foreign governments and bodies. The other liabilities of the governm ...
Rating Sovereign Governments
... Local and Foreign Currency Issuer Ratings DBRS’s sovereign rating methodology applies to both local and foreign currency government debt to the private sector. The foreign currency issuer rating applies to debt that is denominated and payable in a currency other than the country’s own domestic curre ...
... Local and Foreign Currency Issuer Ratings DBRS’s sovereign rating methodology applies to both local and foreign currency government debt to the private sector. The foreign currency issuer rating applies to debt that is denominated and payable in a currency other than the country’s own domestic curre ...
WHICH FACTORS DETERMINE SOVEREIGN CREDIT RATINGS
... difficulties, ranging from debt rescheduling to outright defaults, that a country may face. A country may be illiquid, while being solvent if creditors decide not to reschedule/restructure short-term debts. On the other hand, excessive long-term debt may be associated with an insolvency situation. I ...
... difficulties, ranging from debt rescheduling to outright defaults, that a country may face. A country may be illiquid, while being solvent if creditors decide not to reschedule/restructure short-term debts. On the other hand, excessive long-term debt may be associated with an insolvency situation. I ...
Batelco`s Cost of Capital
... The gearing level of a firm shows the relative share of debt in the financing of the firm, i.e., gearing = debt/(debt + equity). The key conclusion on gearing from the consultation process was that, since there is no corporate tax in Bahrain, the TRA would not expect the WACC to be affected signific ...
... The gearing level of a firm shows the relative share of debt in the financing of the firm, i.e., gearing = debt/(debt + equity). The key conclusion on gearing from the consultation process was that, since there is no corporate tax in Bahrain, the TRA would not expect the WACC to be affected signific ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... growth models, the steady-state properties of fixed (Villanueva 1994) and optimally derived saving-rate models are the same.3 The second development was to open up the Conlisk (1967) model to the global capital markets. An early attempt was made by Otani and Villanueva (1989), followed by Agénor (20 ...
... growth models, the steady-state properties of fixed (Villanueva 1994) and optimally derived saving-rate models are the same.3 The second development was to open up the Conlisk (1967) model to the global capital markets. An early attempt was made by Otani and Villanueva (1989), followed by Agénor (20 ...
financial ratios management tool - VISION 2020 e
... soundness of the firm. Considering the current ratio which shows the liquidity the creditors may supply at a lower rate for getting immediate payment. Term Loan lenders The Banks or other financing organizations would see the current ratio of the organization for the repayment period and in case of ...
... soundness of the firm. Considering the current ratio which shows the liquidity the creditors may supply at a lower rate for getting immediate payment. Term Loan lenders The Banks or other financing organizations would see the current ratio of the organization for the repayment period and in case of ...
From Debt Collection to Relief Provision: 60 Years of Official Debt
... restructurings on trade, which he interprets as one of the reasons why countries pay their debts. Using a gravity model and a sample of Paris Club restructurings, he finds that following debt restructurings trade falls by 8 percent of GDP and remains depressed for 15 years. Arteta and Hale (2008) fo ...
... restructurings on trade, which he interprets as one of the reasons why countries pay their debts. Using a gravity model and a sample of Paris Club restructurings, he finds that following debt restructurings trade falls by 8 percent of GDP and remains depressed for 15 years. Arteta and Hale (2008) fo ...
1990 2001 THE STRUCTURE, TREND AND IMPACT OF DOMESTIC
... year. This makes repayment very expensive and detriment to the economy. History o f domestic debt problem in Kenya can be traced back to 1992/1993. Thus domestic debt crisis is a 1990s phenomenon. The increment in public domestic debt over the period under study can be attributed to a number o f fac ...
... year. This makes repayment very expensive and detriment to the economy. History o f domestic debt problem in Kenya can be traced back to 1992/1993. Thus domestic debt crisis is a 1990s phenomenon. The increment in public domestic debt over the period under study can be attributed to a number o f fac ...
chapter 7—long-term debt
... b. This firm has had a rise in the debt, debt/equity, and debt to tangible net worth ratios. The debt to tangible net worth is especially high due to the high amount of excess of cost over fair market value of net assets. The times interest earned figure dropped from a negative 6.51 times in 2009 to ...
... b. This firm has had a rise in the debt, debt/equity, and debt to tangible net worth ratios. The debt to tangible net worth is especially high due to the high amount of excess of cost over fair market value of net assets. The times interest earned figure dropped from a negative 6.51 times in 2009 to ...
Bond Yields In The Hospitality Industry
... issue with a lower-coupon bond issue, the make-whole call preserves a corporation's option to repay a bond early if, for any number of reasons (e.g., a desire to rebalance capital structure or to remove restrictions on its actions inherent in a bond indenture), it should choose to do so. Bond indent ...
... issue with a lower-coupon bond issue, the make-whole call preserves a corporation's option to repay a bond early if, for any number of reasons (e.g., a desire to rebalance capital structure or to remove restrictions on its actions inherent in a bond indenture), it should choose to do so. Bond indent ...
2017-2018 Budget - Generations Fund
... provide benefits for the public over many years and increase the economy’s ability to produce wealth. ...
... provide benefits for the public over many years and increase the economy’s ability to produce wealth. ...
Long-term debt maturity and financing constraints of SMEs during
... although it has been found that the financing patterns of SMEs tend to be very different from those of large firms. Information asymmetries are generally higher for SMEs, as they have less information disclosure requirements. Therefore, problems of adverse selection, moral hazard, and credit rationi ...
... although it has been found that the financing patterns of SMEs tend to be very different from those of large firms. Information asymmetries are generally higher for SMEs, as they have less information disclosure requirements. Therefore, problems of adverse selection, moral hazard, and credit rationi ...
No.305 / November 2009 Emerging Markets Capital Structure and Financial Integration
... are outstanding international bond issues and outstanding loans from non-resident banks (both as a percentage of GDP). The data come from the Financial Development and Structure Database produced by World Bank. Quantity-based de facto measures try to underline how much a country is integrated with i ...
... are outstanding international bond issues and outstanding loans from non-resident banks (both as a percentage of GDP). The data come from the Financial Development and Structure Database produced by World Bank. Quantity-based de facto measures try to underline how much a country is integrated with i ...
Public Debt and Economic Growth
... heterogeneity. They identify two different growth regimes via a structural threshold regression, one of which is characterized by a framework of high and the other by one of low institutional quality. In the low-quality institutional framework, public debt is found to exert a negative influence on ...
... heterogeneity. They identify two different growth regimes via a structural threshold regression, one of which is characterized by a framework of high and the other by one of low institutional quality. In the low-quality institutional framework, public debt is found to exert a negative influence on ...
Strategic Considerations for First-Time Sovereign Bond
... increased over the last years. Debut issuers and ‘frontier’ markets are relatively disconnected from other markets, offering a chance for higher diversification in investors’ portfolios. ...
... increased over the last years. Debut issuers and ‘frontier’ markets are relatively disconnected from other markets, offering a chance for higher diversification in investors’ portfolios. ...
The Debt-Overhang Hypothesis and the Effects on Low/High Income
... quantitative study using econometric methods. The quantitative method is well suited for explaining patterns and differences across a large sample. The method used is primarily deductive in that we tried to use established theories to explain potential differences in economic behavior. The use of re ...
... quantitative study using econometric methods. The quantitative method is well suited for explaining patterns and differences across a large sample. The method used is primarily deductive in that we tried to use established theories to explain potential differences in economic behavior. The use of re ...
How to do a Debt Sustainability Analysis for Low
... Foreign direct investment occurs if a non-resident entity –the investor- owns at least 10 percent of the ordinary share or voting power or the equivalent of an entity resident in the economy. Once established, all financial claims of the investor in the enterprise are included under direct investmen ...
... Foreign direct investment occurs if a non-resident entity –the investor- owns at least 10 percent of the ordinary share or voting power or the equivalent of an entity resident in the economy. Once established, all financial claims of the investor in the enterprise are included under direct investmen ...
Lost and Found: Market Access and Public Debt Dynamics
... The dataset used for the empirical analysis was assembled by IMF staff.6 It spans the period 1970–2014, has annual frequency, and originally included both emerging markets and advanced economies. However, in order to work with a broadly homogeneous set of countries—at least in terms of stage of deve ...
... The dataset used for the empirical analysis was assembled by IMF staff.6 It spans the period 1970–2014, has annual frequency, and originally included both emerging markets and advanced economies. However, in order to work with a broadly homogeneous set of countries—at least in terms of stage of deve ...
Debt Specialization - Bocconi University
... distinguish among these hypotheses and/or establish causality, we find some evidence of lower bankruptcy costs in a positive relation between the degree of debt specialization and measures of expected bankruptcy costs, and of lower information collection costs in a positive relation between the deg ...
... distinguish among these hypotheses and/or establish causality, we find some evidence of lower bankruptcy costs in a positive relation between the degree of debt specialization and measures of expected bankruptcy costs, and of lower information collection costs in a positive relation between the deg ...
The Political Economy of Public Debt in Brazil
... This paper studies the behavior of public debt management in Brazil since the early eighties. Our focus is on the political economy aspects and the conflict of interest among the players directly or indirectly engaged in public debt policy in this country. Apart from introduction and concluding rema ...
... This paper studies the behavior of public debt management in Brazil since the early eighties. Our focus is on the political economy aspects and the conflict of interest among the players directly or indirectly engaged in public debt policy in this country. Apart from introduction and concluding rema ...
Public Debt and Economic Growth – Economic Systems Matter
... heterogeneity. They identify two different growth regimes via a structural threshold regression, one of which is characterized by a framework of high and the other by one of low institutional quality. In the low-quality institutional framework, public debt is found to exert a negative influence on ...
... heterogeneity. They identify two different growth regimes via a structural threshold regression, one of which is characterized by a framework of high and the other by one of low institutional quality. In the low-quality institutional framework, public debt is found to exert a negative influence on ...
Worldwide Debt Cap 28 October 2010.ppt
... ‒ Treasury company needs >90% “treasury revenue” when compared to “relevant income” – proposed changes in 2009 PBR draft legislation • Short term debt (s319/320 TIOPA 2010) ‒ Elect to exclude short term debt interest ‒ Short term is <12months ‒ Subject to anti-avoidance • Trapped NTLR deficits and M ...
... ‒ Treasury company needs >90% “treasury revenue” when compared to “relevant income” – proposed changes in 2009 PBR draft legislation • Short term debt (s319/320 TIOPA 2010) ‒ Elect to exclude short term debt interest ‒ Short term is <12months ‒ Subject to anti-avoidance • Trapped NTLR deficits and M ...