NBER WORKING PAPER SERIES FINANCIAL GLOBALIZATION, FINANCIAL CRISES, AND THE EXTERNAL
... a very small decline in equity holdings and a large increase in debt. The transitional dynamics at work in the model operate as follows: Upon opening the nancial account of the emerging economy, a fall in the real interest rate and the desire to smooth consumption induce agents to borrow from abroa ...
... a very small decline in equity holdings and a large increase in debt. The transitional dynamics at work in the model operate as follows: Upon opening the nancial account of the emerging economy, a fall in the real interest rate and the desire to smooth consumption induce agents to borrow from abroa ...
5. Debt Market
... Treasury Bills: Treasury bills (T-bills) are money market instruments, i.e., short-term debt instruments issued by the Government of India, and are issued in three tenors—91 days, 182 days, and 364 days. The T-bills are zero coupon securities and pay no interest. They are issued at a discount and ar ...
... Treasury Bills: Treasury bills (T-bills) are money market instruments, i.e., short-term debt instruments issued by the Government of India, and are issued in three tenors—91 days, 182 days, and 364 days. The T-bills are zero coupon securities and pay no interest. They are issued at a discount and ar ...
Population ageing systems in and pension Latin America
... Latin America is beginning to age. Over-60s make up the fastest-growing population group in the region: their numbers, currently around 40 million, are expected to double within 20 years. The proportion of the population aged 60 and over is still modest by comparison with the more developed countrie ...
... Latin America is beginning to age. Over-60s make up the fastest-growing population group in the region: their numbers, currently around 40 million, are expected to double within 20 years. The proportion of the population aged 60 and over is still modest by comparison with the more developed countrie ...
Fiscal Austerity, Growth Prospects, and Sovereign CDS Spreads
... consumer spending and private investment may increase, expanding economic output. Giavazzi and Pagano (1990), for instance, discovered exactly this during the Danish and Irish fiscal adjustments of the mid to late 1980s.6 Recently, Alesina and Ardagna (2009) also highlighted instances of expansionar ...
... consumer spending and private investment may increase, expanding economic output. Giavazzi and Pagano (1990), for instance, discovered exactly this during the Danish and Irish fiscal adjustments of the mid to late 1980s.6 Recently, Alesina and Ardagna (2009) also highlighted instances of expansionar ...
Diapositiva 1 - Working Group on Public Debt
... country for foreign investments. Investors seek for earnings’ maximization and take risk into consideration, i. e., the possibility of less than expected earnings, or loss occurrence. ...
... country for foreign investments. Investors seek for earnings’ maximization and take risk into consideration, i. e., the possibility of less than expected earnings, or loss occurrence. ...
Vietnam: 2012 Article IV consultation Staff Report
... Further rate cuts in the course of the year have been announced (see below), which could rekindle pressures on prices and the exchange rate, if implemented prematurely. International reserves would increase further from the level reached in March, to around $19 billion by year-end (1.6 months of ...
... Further rate cuts in the course of the year have been announced (see below), which could rekindle pressures on prices and the exchange rate, if implemented prematurely. International reserves would increase further from the level reached in March, to around $19 billion by year-end (1.6 months of ...
CRT066436A Post Brexit debt markets Web
... Development finance had also opened up more widely before the referendum, but this is likely to be the area most hit by the current conditions. Development is viewed as higher risk and so borrowers looking to access loans in this market will need a very clear business case and might expect an extra ...
... Development finance had also opened up more widely before the referendum, but this is likely to be the area most hit by the current conditions. Development is viewed as higher risk and so borrowers looking to access loans in this market will need a very clear business case and might expect an extra ...
Corporate Finance
... The reasons for Vale’s dividend problem lie in it’s equity structure. Like most Brazilian companies, Vale has two classes of shares common shares with voting rights and preferred shares without voting rights. However, Vale has committed to paying out 35% of its earnings as dividends to the preferred ...
... The reasons for Vale’s dividend problem lie in it’s equity structure. Like most Brazilian companies, Vale has two classes of shares common shares with voting rights and preferred shares without voting rights. However, Vale has committed to paying out 35% of its earnings as dividends to the preferred ...
Defaultable Debt, Interest Rates and the Current Account
... emerging markets as characterized by a volatile stochastic trend that dominates the volatility of transitory shocks. In a previous paper (Aguiar and Gopinath (2004)), we document empirically that the fraction of variance at business cycle frequencies explained by permanent shocks is around 50% in a ...
... emerging markets as characterized by a volatile stochastic trend that dominates the volatility of transitory shocks. In a previous paper (Aguiar and Gopinath (2004)), we document empirically that the fraction of variance at business cycle frequencies explained by permanent shocks is around 50% in a ...
The Influence of Capital Structure and Macroeconomic Factor
... companies generally have had a relatively high leverage, so the need for further external funding (marginal financing) tend to be funded by the issuance of shares. In contrast to the results of research Dzung Nguyen, Ivan Diaz-Rainey & Andros Gregoriou (2012) in “Financial Development and the Determ ...
... companies generally have had a relatively high leverage, so the need for further external funding (marginal financing) tend to be funded by the issuance of shares. In contrast to the results of research Dzung Nguyen, Ivan Diaz-Rainey & Andros Gregoriou (2012) in “Financial Development and the Determ ...
Fiscal consolidation and its cross
... forming a currency union. An international asset market allows private agents across countries to borrow from, or lend to, each other and the same market allows national governments to sell their bonds to foreign private agents. Regarding macroeconomic policy, being in a monetary union, there is a s ...
... forming a currency union. An international asset market allows private agents across countries to borrow from, or lend to, each other and the same market allows national governments to sell their bonds to foreign private agents. Regarding macroeconomic policy, being in a monetary union, there is a s ...
Should the Maastricht fiscal criteria be redefined?
... 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 certain that the government would assume their liabilities if they fell into financial difficulties. Moreover, c ...
... 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 certain that the government would assume their liabilities if they fell into financial difficulties. Moreover, c ...
Financial Ratios
... Calculating ratios is pointless unless you know how to use them The most basic rule is: a single ratio provides very little information and may be misleading With that in mind, there are at least 4 uses of ratios: ...
... Calculating ratios is pointless unless you know how to use them The most basic rule is: a single ratio provides very little information and may be misleading With that in mind, there are at least 4 uses of ratios: ...
Fiscal Monitor - Addressing Fiscal Challenges to Reduce Economic
... implement their deficit reduction plans in full and without delay. Countries with more fiscal space could choose a more back-loaded profile should the macroeconomic environment deteriorate substantially. Some of the adverse impact of fiscal adjustment on economic growth can be alleviated through reforms ...
... implement their deficit reduction plans in full and without delay. Countries with more fiscal space could choose a more back-loaded profile should the macroeconomic environment deteriorate substantially. Some of the adverse impact of fiscal adjustment on economic growth can be alleviated through reforms ...
The Financial Structure of Startup Firms: The Role of
... threaten to walk away. Therefore, firms with a high degree of asset specificity should be financed primarily by the entrepreneur’s own resources, followed by external equity such as venture capital, and last by external debt. Insights gleaned from theory suggest that startups would use internal fun ...
... threaten to walk away. Therefore, firms with a high degree of asset specificity should be financed primarily by the entrepreneur’s own resources, followed by external equity such as venture capital, and last by external debt. Insights gleaned from theory suggest that startups would use internal fun ...
NBER WORKING PAPER SERIES CAPITAL FLOWS AND CONTROLS Ilan Goldfajn
... 3). As a consequence of the surge in capital inflows, exchange rate overvaluation, and higher economic growth, large trade deficits emerged from 1995 through 1998 (average of 0.7% of GDP, which is a value largely underestimated by the increase in dollardenominated GDP resulting from the exchange rat ...
... 3). As a consequence of the surge in capital inflows, exchange rate overvaluation, and higher economic growth, large trade deficits emerged from 1995 through 1998 (average of 0.7% of GDP, which is a value largely underestimated by the increase in dollardenominated GDP resulting from the exchange rat ...
Sovereign Debt Relief and its Aftermath
... Regarding the aftermath of debt relief, we find that per capita GDP increases 11 and 20% during the five years following decisive debt relief, for emerging markets and advanced economies, respectively. Decisive here refers to the last debt reduction in a sequence, meaning the debt operation that all ...
... Regarding the aftermath of debt relief, we find that per capita GDP increases 11 and 20% during the five years following decisive debt relief, for emerging markets and advanced economies, respectively. Decisive here refers to the last debt reduction in a sequence, meaning the debt operation that all ...
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... Regarding the aftermath of debt relief, we find that per capita GDP increases 11 and 20% during the five years following decisive debt relief, for emerging markets and advanced economies, respectively. Decisive here refers to the last debt reduction in a sequence, meaning the debt operation that all ...
... Regarding the aftermath of debt relief, we find that per capita GDP increases 11 and 20% during the five years following decisive debt relief, for emerging markets and advanced economies, respectively. Decisive here refers to the last debt reduction in a sequence, meaning the debt operation that all ...
Sovereign Default, Inequality, and Progressive Taxation
... explained by the fact that countries tend to default in adverse times when aggregate consumption is indeed low, resulting in gains of defaulting increasing sharply with inequality. Tax progressivity does not only change inequality but also adds an efficiency consideration, as incentives to work are ...
... explained by the fact that countries tend to default in adverse times when aggregate consumption is indeed low, resulting in gains of defaulting increasing sharply with inequality. Tax progressivity does not only change inequality but also adds an efficiency consideration, as incentives to work are ...
Macroeconomic Risk and Debt Overhang PRELIMINARY AND INCOMPLETE ∗ Hui Chen
... cyclical cash flows from growth opportunities is ambiguous. On one hand, more cyclical cash flows from growth opportunities increase the probability that firms will underinvest during recessions, when marginal utilities are higher. On the other hand, the value lost from delaying investment in recess ...
... cyclical cash flows from growth opportunities is ambiguous. On one hand, more cyclical cash flows from growth opportunities increase the probability that firms will underinvest during recessions, when marginal utilities are higher. On the other hand, the value lost from delaying investment in recess ...
Capital Flows to Central and Eastern Europe Philip R. Lane
... substantial recourse to foreign capital, two important issues arise. First, as the burden of investment income and principal repayments increases over time, borrowing countries need to ensure that trade surpluses allow the external position to stabilize or decline, relative to the size of the econom ...
... substantial recourse to foreign capital, two important issues arise. First, as the burden of investment income and principal repayments increases over time, borrowing countries need to ensure that trade surpluses allow the external position to stabilize or decline, relative to the size of the econom ...
ASSESSING RICARDIAN EQUIVALENCE
... deficit usually maintains that deficit-financed tax cuts raise disposable income and then stimulate aggregate demand at least in the short-run and then has a negative effect in the long run. However, this idea has been challenged, pointing out that rational consumers perceive an increase in deficit ...
... deficit usually maintains that deficit-financed tax cuts raise disposable income and then stimulate aggregate demand at least in the short-run and then has a negative effect in the long run. However, this idea has been challenged, pointing out that rational consumers perceive an increase in deficit ...
Week 11 Slides
... due until Monday, November 18 Begin analysis of international sources of capital and review of Huaneng Power case as soon as possible for write-up and discussion on November 25 J. K. Dietrich - FBE 432 – Spring, 2002 ...
... due until Monday, November 18 Begin analysis of international sources of capital and review of Huaneng Power case as soon as possible for write-up and discussion on November 25 J. K. Dietrich - FBE 432 – Spring, 2002 ...
Alberta Capital Finance Authority
... Loan growth in 2016 was up slightly by $118 million from 2015 with new loans issued of $1,577 million. Of the new loans issued, financing was most significantly focused on projects related to airport infrastructure, parks and recreation projects, sewer and water infrastructure and roads and sidewalk ...
... Loan growth in 2016 was up slightly by $118 million from 2015 with new loans issued of $1,577 million. Of the new loans issued, financing was most significantly focused on projects related to airport infrastructure, parks and recreation projects, sewer and water infrastructure and roads and sidewalk ...
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.