Determination of Optimal Foreign Exchange Reserves in Nigeria
... Turkey between 1998 and 2002 indicated that actual reserves were below the optimal and adequate levels, when a cumulative GDP loss in excess of 5.0 per cent during a financial crisis is imposed on the entire sample period. Jeanne and Rancière (2006) argue that reserves allow the country to smooth do ...
... Turkey between 1998 and 2002 indicated that actual reserves were below the optimal and adequate levels, when a cumulative GDP loss in excess of 5.0 per cent during a financial crisis is imposed on the entire sample period. Jeanne and Rancière (2006) argue that reserves allow the country to smooth do ...
the determinants of capital structure: the evidence from the
... Growth opportunities (GO) is another determinant of capital structure proposed by previous studies. Myers (1977) suggests that amount of company’s debt is inversely related to the growth opportunities. Later Titman and Wessels (1988) argue that companies in growing industries face higher agency cost ...
... Growth opportunities (GO) is another determinant of capital structure proposed by previous studies. Myers (1977) suggests that amount of company’s debt is inversely related to the growth opportunities. Later Titman and Wessels (1988) argue that companies in growing industries face higher agency cost ...
words
... We are not, and the underwriters are not, making an offer of the notes in any jurisdiction where the offer or sale is not permitted. The distribution of this prospectus supplement and the accompanying prospectus and the offering or sale of the notes in some jurisdictions may be restricted by law. Th ...
... We are not, and the underwriters are not, making an offer of the notes in any jurisdiction where the offer or sale is not permitted. The distribution of this prospectus supplement and the accompanying prospectus and the offering or sale of the notes in some jurisdictions may be restricted by law. Th ...
COM SEC(2010)0791(PAR2)
... Since the onset of the economic and financial crisis, increased deficits, low, and even negative, economic growth and support measures for the financial sector have led to sharply rising government debt ratios. According to the Commission Spring forecasts, the government debt-to-GDP ratio is set to ...
... Since the onset of the economic and financial crisis, increased deficits, low, and even negative, economic growth and support measures for the financial sector have led to sharply rising government debt ratios. According to the Commission Spring forecasts, the government debt-to-GDP ratio is set to ...
expected returns
... high and the future looked bright, so we were willing to tackle them… Eight months on and we have to admit that our spirits are not in such good shape. The hoped for normalization has turned out to be nothing more than that single rate hike by the Fed. The US economy has been hit by the significant ...
... high and the future looked bright, so we were willing to tackle them… Eight months on and we have to admit that our spirits are not in such good shape. The hoped for normalization has turned out to be nothing more than that single rate hike by the Fed. The US economy has been hit by the significant ...
Social Security and Unsecured Debt
... social security schemes on the difference between annual contributions by workers and annual retiree benefits at various points in time – in other words, we estimate how our proposals would affect the solvency of a pay-as-you-go system. It should be stressed again that our policy experiments are des ...
... social security schemes on the difference between annual contributions by workers and annual retiree benefits at various points in time – in other words, we estimate how our proposals would affect the solvency of a pay-as-you-go system. It should be stressed again that our policy experiments are des ...
Discussion paper on the debt write-down tool – bail-in
... The bail-in tool The debt write down tool is a tool by which Resolution authorities could be given a statutory power, exercisable when an institution meets the trigger conditions for entry into resolution, to write off all equity, and either write off subordinated liabilities or convert it into an ...
... The bail-in tool The debt write down tool is a tool by which Resolution authorities could be given a statutory power, exercisable when an institution meets the trigger conditions for entry into resolution, to write off all equity, and either write off subordinated liabilities or convert it into an ...
Payments on Long-Term Debt As Voidable Preferences
... offering a more careful analysis, have argued that the amendment should be read as protecting payments on long-term debt because the scant legislative history surrounding the 1984 amendment does not directly indicate an intent to limit the scope of the section, and that protection of payments on lon ...
... offering a more careful analysis, have argued that the amendment should be read as protecting payments on long-term debt because the scant legislative history surrounding the 1984 amendment does not directly indicate an intent to limit the scope of the section, and that protection of payments on lon ...
chapter 2 estimating discount rates
... hold the asset. Their actual returns over this holding period may be very different from the expected returns and it is this difference between actual and expected returns that gives rise to risk. For example, assume that you are an investor with a 1-year time horizon buying a 1-year Treasury bill ( ...
... hold the asset. Their actual returns over this holding period may be very different from the expected returns and it is this difference between actual and expected returns that gives rise to risk. For example, assume that you are an investor with a 1-year time horizon buying a 1-year Treasury bill ( ...
Capital Structure of SMEs: Does Firm Size Matter?
... decisions of SMEs. Since a leverage ratio is observed only in a closed interval [0;1] and substantial proportions of SMEs follow a zero-debt policy, linear models lead to biased results. However, the specific nature of the leverage ratio so far has received little attention in the empirical literat ...
... decisions of SMEs. Since a leverage ratio is observed only in a closed interval [0;1] and substantial proportions of SMEs follow a zero-debt policy, linear models lead to biased results. However, the specific nature of the leverage ratio so far has received little attention in the empirical literat ...
Doctoral Dissertation Template
... I extend my analysis on the relation between manager-debtholder incentive alignment and opportunistic income smoothing in two settings. Both settings involve managers with low debt compensation having stronger incentives to hide volatile earnings performance (i.e., opportunistic income smoothing). ...
... I extend my analysis on the relation between manager-debtholder incentive alignment and opportunistic income smoothing in two settings. Both settings involve managers with low debt compensation having stronger incentives to hide volatile earnings performance (i.e., opportunistic income smoothing). ...
Portugal: Ex Post Evaluation of Exceptional Access Under the
... adjustment path, focused largely on expenditure, that balances the need to put debt on a firmly downward trajectory while supporting growth. Directors called for a comprehensive spending review, aiming particularly at better means-testing of social benefits and controlling pensions and public sector ...
... adjustment path, focused largely on expenditure, that balances the need to put debt on a firmly downward trajectory while supporting growth. Directors called for a comprehensive spending review, aiming particularly at better means-testing of social benefits and controlling pensions and public sector ...
The pari passu clause in sovereign debt instruments
... ("The purpose of the pani passu clause is to ensure that the borrower does not have, nor will it subsequently create, a class of creditors whose claims against the borrower will rank legally senior to the indebtedness represented by the loan agreement."); FRANK GRAAF. EUROMARKET FINANCE: ISSUES OF E ...
... ("The purpose of the pani passu clause is to ensure that the borrower does not have, nor will it subsequently create, a class of creditors whose claims against the borrower will rank legally senior to the indebtedness represented by the loan agreement."); FRANK GRAAF. EUROMARKET FINANCE: ISSUES OF E ...
Measuring Investment Distortions When Risk-Averse
... invested in shares of the firm, with the remainder invested in risk-free assets. We assume that the value of the project’s assets (e.g., the value of the cash flows from operations) is 20% of the value of the firm’s assets without the project, and that the firm finances the project by issuing new de ...
... invested in shares of the firm, with the remainder invested in risk-free assets. We assume that the value of the project’s assets (e.g., the value of the cash flows from operations) is 20% of the value of the firm’s assets without the project, and that the firm finances the project by issuing new de ...
NBER WORKING PAPER SERIES INTERNATIONAL RESERVE HOLDINGS WITH Joshua Aizenman
... in international financial markets and faced new challenges. In the aftermath of the 199798 Asian financial crises, some observers have called on emerging markets to reduce short-term external debt relative to international reserve holdings in order to lower their vulnerability to crisis. Countries ...
... in international financial markets and faced new challenges. In the aftermath of the 199798 Asian financial crises, some observers have called on emerging markets to reduce short-term external debt relative to international reserve holdings in order to lower their vulnerability to crisis. Countries ...
Government Debt and Risk Premia - Penn Economics
... reinforce each other. In equilibrium, the debt-to-GDP ratio reveals fiscal uncertainty and has implications for asset prices that are consistent with the empirical findings. Calibrated to fiscal policy data, the model quantitatively explains many features of macroeconomics dynamics and asset markets ...
... reinforce each other. In equilibrium, the debt-to-GDP ratio reveals fiscal uncertainty and has implications for asset prices that are consistent with the empirical findings. Calibrated to fiscal policy data, the model quantitatively explains many features of macroeconomics dynamics and asset markets ...
13 Fiscal Monitor Fiscal Adjustment in an Uncertain World
... the IMF staff regarding macroeconomic assumptions. The medium-term fiscal projections incorporate policy measures that are judged by the IMF staff as likely to be implemented. For countries supported by an IMF arrangement, the medium-term projections are those under the arrangement. In cases in whic ...
... the IMF staff regarding macroeconomic assumptions. The medium-term fiscal projections incorporate policy measures that are judged by the IMF staff as likely to be implemented. For countries supported by an IMF arrangement, the medium-term projections are those under the arrangement. In cases in whic ...
Some Indicators of a Firm`s Risk and Debt Capacity
... Having discussed the effect financial leverage has on a firm, the costs and benefits of different sources of funds can be evaluated. Although a firm can raise money through an increasing variety of tools, basically the firm faces two choices: debt or equity. Funds raised through debt must eventually ...
... Having discussed the effect financial leverage has on a firm, the costs and benefits of different sources of funds can be evaluated. Although a firm can raise money through an increasing variety of tools, basically the firm faces two choices: debt or equity. Funds raised through debt must eventually ...
Public Debt and Its Determinants in Market Access Countries 1
... understanding of public debt dynamics for market access countries for the last 10 plus years. It breaks down changes in public debt-to-GDP ratios into components attributable to primary fiscal deficits, real GDP growth, real interest rates, the capital gain/loss on foreign currency denominated debt ...
... understanding of public debt dynamics for market access countries for the last 10 plus years. It breaks down changes in public debt-to-GDP ratios into components attributable to primary fiscal deficits, real GDP growth, real interest rates, the capital gain/loss on foreign currency denominated debt ...
Rising Rates-What You Need to Know
... market driven and may be influenced by macroeconomic events (such as economic expansion or contraction), inflation expectations, as well as supply and demand factors (including demand from foreign central banks). From 2009–2014, longer-term rates had been held down, in part, by large-scale bond purc ...
... market driven and may be influenced by macroeconomic events (such as economic expansion or contraction), inflation expectations, as well as supply and demand factors (including demand from foreign central banks). From 2009–2014, longer-term rates had been held down, in part, by large-scale bond purc ...
APPLE INC (Form: 424B2, Received: 11/04/2014 06:07:42)
... supplement is inconsistent with the accompanying prospectus, you should rely on this prospectus supplement. We have not, and the underwriters have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should ...
... supplement is inconsistent with the accompanying prospectus, you should rely on this prospectus supplement. We have not, and the underwriters have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should ...
No - econpubblica - Università Bocconi
... • debt interest • unemployment benefits • social security • earmarked revenues • local government (own resources) 3. Contingency Reserves Building contingency margins into expenditure projections or ceilings: • Netherlands: 0.25% • UK: 0.75 – 1% • Canada: 1.5 – 2% • Sweden: 1.5 – 2% • Australia: 1.5 ...
... • debt interest • unemployment benefits • social security • earmarked revenues • local government (own resources) 3. Contingency Reserves Building contingency margins into expenditure projections or ceilings: • Netherlands: 0.25% • UK: 0.75 – 1% • Canada: 1.5 – 2% • Sweden: 1.5 – 2% • Australia: 1.5 ...
ABSTRACT ESSAYS IN INTERNATIONAL FINANCE Christian Daude, Doctor of Philosophy, 2008
... prone to suffer balance of payments crises as well as default on their debt. Mendoza (1995), for example, provides compelling evidence that fluctuations in output as well as the terms of trade are on average more than twice as large for EME compared to developed economies. Therefore, not only endoge ...
... prone to suffer balance of payments crises as well as default on their debt. Mendoza (1995), for example, provides compelling evidence that fluctuations in output as well as the terms of trade are on average more than twice as large for EME compared to developed economies. Therefore, not only endoge ...
Liquidity Policies and Systemic Risk
... due to lower distortions. Ratnovski [2009] points out that liquidity requirements can mitigate moral hazard due to public liquidity provision via lender of last resort facilities. Rochet [2008] provides an overview of liquidity regulation within the context of the banking literature. The main diffe ...
... due to lower distortions. Ratnovski [2009] points out that liquidity requirements can mitigate moral hazard due to public liquidity provision via lender of last resort facilities. Rochet [2008] provides an overview of liquidity regulation within the context of the banking literature. The main diffe ...
Fiscal targeting rules and macroeconomic stability under
... levels and other shocks to solvency ("consolidation policy"). For a …scal reaction function, consolidation policy needs to be strong enough to overcome any "con…dence" e¤ect of …scal policy on interest rates as well as a "clawback" e¤ect which results from the interaction between stabilization poli ...
... levels and other shocks to solvency ("consolidation policy"). For a …scal reaction function, consolidation policy needs to be strong enough to overcome any "con…dence" e¤ect of …scal policy on interest rates as well as a "clawback" e¤ect which results from the interaction between stabilization poli ...
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.