Why Currency Mismatches Matter
... Anne Krueger (2000), now the IMF’s first deputy managing director, has argued that until a way is found to prevent the buildup of large currency mismatches in the financial systems of developing countries, the IMF will find its crisis management role difficult and complex. In addition, she apparentl ...
... Anne Krueger (2000), now the IMF’s first deputy managing director, has argued that until a way is found to prevent the buildup of large currency mismatches in the financial systems of developing countries, the IMF will find its crisis management role difficult and complex. In addition, she apparentl ...
hollow victory? britain`s public debt and the seven years` war
... over centuries. As both point out, the development of practices with which representative governments were able to borrow money domestically (i.e., via government bonds) was a crucial element in the fiscal rise of powerful states like the Netherlands and Great Britain. Their governments were able to ...
... over centuries. As both point out, the development of practices with which representative governments were able to borrow money domestically (i.e., via government bonds) was a crucial element in the fiscal rise of powerful states like the Netherlands and Great Britain. Their governments were able to ...
Role of Monetary Policy
... • Traditional Models of Investment: Little role of financial factors - Tobin’s q: Market value of assets / replacement cost of assets. - M&M: Assume perfect market Investing and financing are independent. ...
... • Traditional Models of Investment: Little role of financial factors - Tobin’s q: Market value of assets / replacement cost of assets. - M&M: Assume perfect market Investing and financing are independent. ...
Rotten Parents and Disciplined Children: A Politico
... breaks the link between taxation and expenditure, allowing governments to shift the fiscal burden to future generations. In a non-Ricardian world, this raises an intergenerational conflict. Since only current generations vote, there is a politico-economic force for debt accumulation. What, then, pre ...
... breaks the link between taxation and expenditure, allowing governments to shift the fiscal burden to future generations. In a non-Ricardian world, this raises an intergenerational conflict. Since only current generations vote, there is a politico-economic force for debt accumulation. What, then, pre ...
Syllabus - Baylor University
... Each investor group has the same amount of money to invest and their total net worth equals the value of all securities. In other words, all the interest income from muni’s as well as all corporate NOI mentioned above must flow through securities purchased by the three investor groups listed above. ...
... Each investor group has the same amount of money to invest and their total net worth equals the value of all securities. In other words, all the interest income from muni’s as well as all corporate NOI mentioned above must flow through securities purchased by the three investor groups listed above. ...
Public Debt around the World
... limited in regard to domestically issued public debt. Data on external public debt for developing countries are generally available from the World Bank’s Global Development Finance (GDF) dataset; even in this case, however, the data present some problems, since GDF separates the public and private c ...
... limited in regard to domestically issued public debt. Data on external public debt for developing countries are generally available from the World Bank’s Global Development Finance (GDF) dataset; even in this case, however, the data present some problems, since GDF separates the public and private c ...
Debt Financing in a Challenging Regulatory and Market Environment
... Uncertainty and risk aversion is creeping into the real estate finance market—none of it is driven by concerns about real estate fundamentals. It is driven by the junk bond market, risk aversion in emerging markets, broader macro-economic concerns and regulatory changes. ...
... Uncertainty and risk aversion is creeping into the real estate finance market—none of it is driven by concerns about real estate fundamentals. It is driven by the junk bond market, risk aversion in emerging markets, broader macro-economic concerns and regulatory changes. ...
Debt, Deleveraging, and the Liquidity Trap
... . The key point is that output is no longer an exogenous endowment as in our last example. Instead, if inflation is different in the short run from what those firms that preset prices expected, then output will be above potential. We now are also a bit more specific about how monetary policy is set. ...
... . The key point is that output is no longer an exogenous endowment as in our last example. Instead, if inflation is different in the short run from what those firms that preset prices expected, then output will be above potential. We now are also a bit more specific about how monetary policy is set. ...
Word 97 Source File
... agreement signed with Telmex. However, excluding these revenues, sales would have dropped by around 26%. Therefore, we feel that it is extremely important for Acerla to continue making efforts to obtain new clients and selling higher volumes. It is important to note that although the agreement with ...
... agreement signed with Telmex. However, excluding these revenues, sales would have dropped by around 26%. Therefore, we feel that it is extremely important for Acerla to continue making efforts to obtain new clients and selling higher volumes. It is important to note that although the agreement with ...
L21-23. - Harvard Kennedy School
... 1997 E.Asia, esp. Thailand, Korea & Indonesia; 1998 Russia, 2000 Turkey, 2001 Argentina, 2002 Uruguay. ...
... 1997 E.Asia, esp. Thailand, Korea & Indonesia; 1998 Russia, 2000 Turkey, 2001 Argentina, 2002 Uruguay. ...
Characteristics of Vietnamese public debt
... fixed nominal values and are issued or authorized by the central bank or government. ...
... fixed nominal values and are issued or authorized by the central bank or government. ...
1st Half 2016 Newsletter - Harpswell Capital Advisors
... the result of noble motives but because David Cameron was really worried that he was not going to get re-elected. The referendum gained popularity as concerns regarding a number of issues grew over time. Brexit supporters claimed that the country’s Sovereignty, Immigration policies and cost of EU me ...
... the result of noble motives but because David Cameron was really worried that he was not going to get re-elected. The referendum gained popularity as concerns regarding a number of issues grew over time. Brexit supporters claimed that the country’s Sovereignty, Immigration policies and cost of EU me ...
The New Zealand Debt Conversion Act 1933
... rate issues, was tabled in February 1931 and contains no reference, or sense, of anything out of the ordinary occurring in the economy. In any event, the New Zealand government had quite limited conventional policy options to respond to downturns, and especially to one of the severity of the Great D ...
... rate issues, was tabled in February 1931 and contains no reference, or sense, of anything out of the ordinary occurring in the economy. In any event, the New Zealand government had quite limited conventional policy options to respond to downturns, and especially to one of the severity of the Great D ...
Westermann-20Apr-screen 358447 en
... Figures 1 and 2 show the time path of German public debt in levels (on a logarithmic scale) and as a ratio of Gross Domestic Product (GDP). The figures display the evolution of public debt from 1850 until 2004. Several of the larger changes in these time series can be clearly attributed to events in ...
... Figures 1 and 2 show the time path of German public debt in levels (on a logarithmic scale) and as a ratio of Gross Domestic Product (GDP). The figures display the evolution of public debt from 1850 until 2004. Several of the larger changes in these time series can be clearly attributed to events in ...
The US Fiscal Crisis: The Debt Sustainability Delusion and the
... approaches to go about it, is the relevant issue for discussion. In this regard, the United States confronts important tradeoffs in terms of both tax and spending adjustments. On the side of the latter, there ...
... approaches to go about it, is the relevant issue for discussion. In this regard, the United States confronts important tradeoffs in terms of both tax and spending adjustments. On the side of the latter, there ...
Separating the Debt Limit From the Deficit Problem
... limit. The deficit is the amount by which spending exceeds revenues in a particular fiscal year. The debt that matters for policy is essentially the total of federal budget deficits, minus federal budget surpluses, over the course of U.S. history. The debt limit is the legal ceiling on how much tota ...
... limit. The deficit is the amount by which spending exceeds revenues in a particular fiscal year. The debt that matters for policy is essentially the total of federal budget deficits, minus federal budget surpluses, over the course of U.S. history. The debt limit is the legal ceiling on how much tota ...
Rethinking the Central Bank`s Mandate (and Other Things)
... increases debt service payments to bond holders if higher debt service were permitted to flow into higher nominal debt growth. . . . . . people would feel richer & try to buy more goods inflation will eventually rise, not fall as intended ...
... increases debt service payments to bond holders if higher debt service were permitted to flow into higher nominal debt growth. . . . . . people would feel richer & try to buy more goods inflation will eventually rise, not fall as intended ...
NBER WORKING PAPER SERIES FISCAL FRAGILITY: Joshua Aizenman
... The global crisis has brought to the fore the fiscal vulnerabilities of OECD countries. There is a growing recognition of the fiscal vulnerabilities of some countries of the Euro block (Greece, Portugal, Spain, Italy, Ireland and others). The ability of the US to obtain relatively cheap funding of ...
... The global crisis has brought to the fore the fiscal vulnerabilities of OECD countries. There is a growing recognition of the fiscal vulnerabilities of some countries of the Euro block (Greece, Portugal, Spain, Italy, Ireland and others). The ability of the US to obtain relatively cheap funding of ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... market access means debt problems will become significantly smaller. Of course, the counterpart of U.S. external balance improvement in this case is a worsening of the net exports of Europe and Japan. But lower real interest rates have a self-correcting property in that debtor countries can reduce t ...
... market access means debt problems will become significantly smaller. Of course, the counterpart of U.S. external balance improvement in this case is a worsening of the net exports of Europe and Japan. But lower real interest rates have a self-correcting property in that debtor countries can reduce t ...
PDF Download
... be possible if the government could raise its liabilities without limit. Obviously, that is not feasible since the government is faced with the possibility that, at some point, the public may refuse to buy more government debt or demand too high an interest rate on it. It also is worth noticing that ...
... be possible if the government could raise its liabilities without limit. Obviously, that is not feasible since the government is faced with the possibility that, at some point, the public may refuse to buy more government debt or demand too high an interest rate on it. It also is worth noticing that ...
Capital Structure Decision
... Co.. The company has no debt. The company’s annual cash flow is $1,000, before interest and taxes. The corporate tax rate is 40%. You have the option to exchange 1/2 of your equity position for 10% bonds with a face value of $1,000. Should you do this and why? ...
... Co.. The company has no debt. The company’s annual cash flow is $1,000, before interest and taxes. The corporate tax rate is 40%. You have the option to exchange 1/2 of your equity position for 10% bonds with a face value of $1,000. Should you do this and why? ...
Document
... Harrison Industries is currently all-equity with 50 mln shares traded at $4 per share. Hence, its assets market value = equity value = 200 Harrison plans to borrow $80 mln and use the money to repurchase stock How much would the stock cost after the transaction? Imagine after the announcement the st ...
... Harrison Industries is currently all-equity with 50 mln shares traded at $4 per share. Hence, its assets market value = equity value = 200 Harrison plans to borrow $80 mln and use the money to repurchase stock How much would the stock cost after the transaction? Imagine after the announcement the st ...
An Introduction to Chinese Local Government Debt
... The growth of Chinese local government debt has accelerated over the last five years, reaching RMB 24 trillion 2 ($3.81 trillion) in 2014, or 37.7% of GDP. 3 Set against a backdrop of a Chinese economy that is growing at its lowest rate since the economic reform of the 1980s, the high debt levels ha ...
... The growth of Chinese local government debt has accelerated over the last five years, reaching RMB 24 trillion 2 ($3.81 trillion) in 2014, or 37.7% of GDP. 3 Set against a backdrop of a Chinese economy that is growing at its lowest rate since the economic reform of the 1980s, the high debt levels ha ...
Hon D Shane Gibson MP on Resolution to Borrow $58 Million Sept
... convince you that you could trust him, then you must treat it the same way you treat your child when you get home and he/she says, “daddy I didn’t break anything”. I always describe this Government as a smoke and mirror Government and always remind the Bahamian public that it is more important to li ...
... convince you that you could trust him, then you must treat it the same way you treat your child when you get home and he/she says, “daddy I didn’t break anything”. I always describe this Government as a smoke and mirror Government and always remind the Bahamian public that it is more important to li ...
Economic Bulletin. February 2016. Regional government access to
... Lastly, in some countries central government taps the markets to subsequently provide funds to sub-central governments, typically as bilateral loans. One example is that of Austria’s Länder, which are authorised to access the market directly, but can also ask the “Federal Financing Agency” to tap th ...
... Lastly, in some countries central government taps the markets to subsequently provide funds to sub-central governments, typically as bilateral loans. One example is that of Austria’s Länder, which are authorised to access the market directly, but can also ask the “Federal Financing Agency” to tap th ...
Government debt
Government debt (also known as public debt, national debt and sovereign debt) is the debt owed by a central government. (In federal states, ""government debt"" may also refer to the debt of a state or provincial, municipal or local government.) By contrast, the annual ""government deficit"" refers to the difference between government receipts and spending in a single year, that is, the increase of debt over a particular year.Government debt is one method of financing government operations, but it is not the only method. Governments can also create money to monetize their debts, thereby removing the need to pay interest. But this practice simply reduces government interest costs rather than truly canceling government debt, and can result in hyperinflation if used unsparingly.Governments usually borrow by issuing securities, government bonds and bills. Less creditworthy countries sometimes borrow directly from a supranational organization (e.g. the World Bank) or international financial institutions.As the government draws its income from much of the population, government debt is an indirect debt of the taxpayers. Government debt can be categorized as internal debt (owed to lenders within the country) and external debt (owed to foreign lenders). Another common division of government debt is by duration until repayment is due. Short term debt is generally considered to be for one year or less, long term is for more than ten years. Medium term debt falls between these two boundaries. A broader definition of government debt may consider all government liabilities, including future pension payments and payments for goods and services the government has contracted but not yet paid.