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Assessment Of Corporate Sector Value And Vulnerability
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Book Synopsis Assessment of Corporate Sector Value and Vulnerability by : Dale F. Gray
Download or read book Assessment of Corporate Sector Value and Vulnerability written by Dale F. Gray and published by World Bank Publications. This book was released on 1999-01-01 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Once equity has fallen below a certain threshold for a significant period of time, it triggers a suspension of debt payments and distorts incentives for equity holds and managers. But what is a significant period of time? You or I could pay a $10 million annual mortgage payment for a day or two but not two or three months. Similarly, owners and managers can withstand short periods of illiquidity or negative equity but not longer ones. At some point in time, the inability to meet obligations and perception of continued difficulties creates a system-wide breakdown in debt payments." The relationship between the corporate sector and a country's macroeconomy is receiving increased attention from policymakers and investors, especially those affected by the Asian crisis. Recent crises have pointed out the importance of improving our understanding of the links between the corporate sector, the financial sector, and the macroeconomy in a world of volatile capital flows. Assessing the vulnerability of the corporate sector and its links to financial and exchange rate crisis is important for both improved surveillance and in the design of policies in crisis countries. However, the analytical and operational tools available to policymakers and investors to analyze this problem have been limited. This Technical Paper was prepared as part of an initiative to develop new frameworks which can integrate state-of-the art corporate finance principles, macroeconomic, and financial sector analysis. An innovative yet practical framework is provided which has numerous applications for assessing corporate sector vulnerability, design of corporate restructuring strategies, as well as financial sector and macroeconomic policies. It will be of interest to bankers, economic policymakers, corporate finance specialists, and macroeconomists.
Book Synopsis The Contingent Claims Approach to Corporate Vulnerability Analysis: Estimating Default Risk and Economy-wide Risk Transfer by : Michael T. Gapen
Download or read book The Contingent Claims Approach to Corporate Vulnerability Analysis: Estimating Default Risk and Economy-wide Risk Transfer written by Michael T. Gapen and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-07-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we examine the ability of the contingent claims approach (CCA) to identify corporate sector and economy-wide vulnerabilities. We apply the Moody's MfRisk model, which uses aggregated CCA principles, to assess vulnerabilities retroactively in two historical country cases. The results indicate that the method may prove helpful in identifying corporate sector vulnerabilities and estimating the associated value of risk transfer across interrelated balance sheets of the corporate, financial, and public sectors.
Book Synopsis The Contingent Claims Approach to Corporate Vulnerability Analysis by : Michael Gapen
Download or read book The Contingent Claims Approach to Corporate Vulnerability Analysis written by Michael Gapen and published by . This book was released on 2008 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we examine the ability of the contingent claims approach (CCA) to identify corporate sector and economy-wide vulnerabilities. We apply the Moody`s M/Risk model, which uses aggregated CCA principles, to assess vulnerabilities retroactively in two historical country cases. The results indicate that the method may prove helpful in identifying corporate sector vulnerabilities and estimating the associated value of risk transfer across interrelated balance sheets of the corporate, financial, and public sectors.
Book Synopsis The Contingent Claims Approach to Corporate Vulnerability Analysis by :
Download or read book The Contingent Claims Approach to Corporate Vulnerability Analysis written by and published by . This book was released on 2004 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Vulnerabilities in the Middle East, North Africa, and Pakistan in the Wake of COVID-19 Pandemic by : Nordine Abidi
Download or read book Corporate Vulnerabilities in the Middle East, North Africa, and Pakistan in the Wake of COVID-19 Pandemic written by Nordine Abidi and published by International Monetary Fund. This book was released on 2022-04-29 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes corporate vulnerabilities in the Middle East, North Africa and Pakistan (MENAP hereafter) in the wake of the COVID-19 pandemic shock. Using a sample of nearly 700 firms from eleven countries in MENAP, we assess the non-financial corporate (NFC) sector’s liquidity and solvency risk and viability over the medium term under different stress test scenarios. Our findings suggest that the health crisis has exacerbated vulnerabilities in the corporate sector, though the effects are heterogenous across the region. Small firms, which entered the pandemic in a more vulnerable position, would remain under high liquidity stress over the medium term, putting a substantial share of these firms’ debt at risk of default. Similarly, liquidity needs of firms in contact-intensive sectors have also worsened and would remain elevated in 2022-23. We also show that an adverse scenario of subdued growth and premature withdrawal of policy support would impair the capacity to service interest expenses, especially among small firms, resulting in higher insolvency risk. Overall, our results indicate that some segments of the MENAP corporate sector could remain reliant on policy support during the recovery phase and that structural reforms are critical to save distressed but viable firms from bankruptcy and ensure an efficient liquidation of “zombie” firms.
Book Synopsis Assessing Financial System Vulnerabilities by : Robert Barry Johnston
Download or read book Assessing Financial System Vulnerabilities written by Robert Barry Johnston and published by . This book was released on 2000 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assessing China’s Corporate Sector Vulnerabilities by : MissMali Chivakul
Download or read book Assessing China’s Corporate Sector Vulnerabilities written by MissMali Chivakul and published by International Monetary Fund. This book was released on 2015-03-30 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat tail of highly leveraged firms accounting for a significant share of total corporate debt, mainly concentrated in the real estate and construction sector and state-owned enterprises in general. The real estate and construction firms tend to face lower borrowing costs and could withstand a modest increase of interest rate shocks despite their high leverage. The corporate sector is however vulnerable to a significant slowdown in the real estate and construction sector. Our sensitivity analysis suggests that the share of debt that would be in financial distress would rise to about a quarter of total listed firm debt in the event of a 20 percent decline in real estate and construction profits.
Book Synopsis Local Governments’ Financial Vulnerability by : Emanuele Padovani
Download or read book Local Governments’ Financial Vulnerability written by Emanuele Padovani and published by Routledge. This book was released on 2022-02-20 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local Governments’ Financial Vulnerability presents a conceptual framework developed to examine how vulnerable local finances were before and in the immediate aftermath of the COVID-19 pandemic crisis by mapping and systematising its dimensions and sources. The model is then applied to eight countries with different administrative models and traditions: Australia, Austria, Bosnia and Herzegovina, Germany, Italy, Portugal, Spain, and the United States. Comparative results reveal not only that COVID-19 impacts and policy tools had a lot of similarities across countries, but also that financial vulnerability has an inherently contingent nature in time and space and can lead to paradoxical outcomes. The book shows that the impact of the crisis on local governments’ finances has been postponed and that financial vulnerability is expected to increase dramatically for a few years following the pandemic, especially in larger and richer municipalities which are traditionally more autonomous and less financially vulnerable. The authors provide timely insights and analytical tools that can be useful for both academic and public policy purposes, to further appreciate local governments’ financial vulnerability, especially during crises. This book is a valuable resource for practitioners and academics, as well as students of public policy, public management, financial management, and public accounting. Local governments can use the framework to better appreciate and manage their financial vulnerability, while oversight authorities can use it to help local governments become less financially vulnerable or, at least, more aware of their financial vulnerability. Financial institutions, advisors, and rating agencies may use this publication to refine or revise their models of credit risk assessment.
Book Synopsis Utility Pricing and the Poor by : Julian A. Lampietti
Download or read book Utility Pricing and the Poor written by Julian A. Lampietti and published by World Bank Publications. This book was released on 2001-01-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Utility Pricing and the Poor' evaluates the 1999 electricity tariff increase and the potential for improved water-sector cost recovery, with a particular focus on service accessibility and affordability for the poor. A two-stage approach is recommended. In the first stage, revenues should be increased by ensuring payment from households that have reliable service but are not paying their bills. After collection capacity is strengthened, the utility should implement a program of tariff adjustment, based on improved service and meter-based billing.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498324029 Total Pages :109 pages Book Rating :4.4/5 (983 download)
Book Synopsis Global Financial Stability Report, October 2019 by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Global Financial Stability Report, October 2019 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-10-16 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.
Book Synopsis Telecommunications Legislation in Transitional and Developing Economies by : Tim Schwarz
Download or read book Telecommunications Legislation in Transitional and Developing Economies written by Tim Schwarz and published by World Bank Publications. This book was released on 2000 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the design of telecommunications legislation in countries with transitional and developing economies (TDCs) engaged in liberalising and privatising their telecommunications sectors. It attempts to synthesise good practice and is intended to be used as a tool for legislative drafting. The main purpose of the paper is to highlight some of the issues which policy makers and legislators in TDCs may wish to bear in mind. The paper has three components. The first section outlines the scope and underlying principles of telecommunications legislation; the second section outlines the regulatory imperatives of telecommunications legislation and the third part, the annex, contains framework telecommunications legislation.
Book Synopsis Subsidies in World Fisheries by : Matteo Milazzo
Download or read book Subsidies in World Fisheries written by Matteo Milazzo and published by World Bank Publications. This book was released on 1998-01-01 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past six years, the world's fishery sector has reached a turning point with global fish production reaching a plateau of approximately 100 million tons annually. While aquaculture output continued to grow, yields from capture fisheries were uneven and showed increasing signs of stagnation because of widespread overfishing and overcapitalization, ineffective management, deteriorating resource health, declining or flat global harvests, and inefficient economic and trade policies. This paper examines the role of subsidies in fisheries.
Book Synopsis Assessing Corporate Vulnerabilities in Indonesia by : Mr.Jorge A Chan-Lau
Download or read book Assessing Corporate Vulnerabilities in Indonesia written by Mr.Jorge A Chan-Lau and published by International Monetary Fund. This book was released on 2017-04-26 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under adverse macroeconomic conditions, the potential realization of corporate sector vulnerabilities could pose major risks to the economy. This paper assesses corporate vulnerabilities in Indonesia by using a Bottom-Up Default Analysis (BuDA) approach, which allows projecting corporate probabilities of default (PDs) under different macroeconomic scenarios. In particular, a protracted recession and the ensuing currency depreciation could erode buffers on corporate balance sheets, pushing up the probabilities of default (PDs) in the corporate sector to the high levels observed during the Global Financial Crisis. While this is a low-probability scenario, the results suggest the need to closely monitor vulnerabilities and strengthen contingency plans.
Book Synopsis Assessing Financial Vulnerability by : Morris Goldstein
Download or read book Assessing Financial Vulnerability written by Morris Goldstein and published by Columbia University Press. This book was released on 2000-06-01 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European currency crises of 1992-93, the Mexican crisis of 1994-95, and especially the Asian/global crisis of 1997-98, have all contributed to a heightened interest in the early warning signals of financial crises. This pathbreaking study presents a comprehensive battery of empirical tests on the performance of alternative early warning indicators for emerging-market economies that should prove useful in the construction of a more effective global warning system. Not only are the authors able to draw conclusions about which specific indicators have sent the most reliable early warning signals of currency and banking crises in emerging economies, they also test the out-of-sample performance of the model during the Asian crisis and find that it does a good job of identifying the most vulnerable economies. In addition, they show how the early warning system can be used to construct a "composite" crisis indicator to weigh the importance of alternative channels of cross-country "contagion" of crises, and to generate information about the recovery path from crises. This timely study comes on the eve of impending changes at the International Monetary Fund as that institution reexamines how it reacts to financial crises. Moreover, the study provides "... a wealth of valuable elements for anyone investigating and forecasting adverse developments in emerging markets as well as industrial countries," according to Ewoud Schuitemaker, vice president of the economics department at ABN AMRO Bank.
Author :Food and Agriculture Organization of the United Nations Publisher :Food & Agriculture Org. ISBN 13 :9251349444 Total Pages :156 pages Book Rating :4.2/5 (513 download)
Book Synopsis Toolkit for vulnerability and capacity assessments in Caribbean coastal and fishing communities by : Food and Agriculture Organization of the United Nations
Download or read book Toolkit for vulnerability and capacity assessments in Caribbean coastal and fishing communities written by Food and Agriculture Organization of the United Nations and published by Food & Agriculture Org.. This book was released on 2022-02-18 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: TheToolkit for vulnerability and capacity assessments in Caribbean coastal and fishing communities is aimed at national fisheries authorities and other related government agencies, civil society organizations, including fisherfolk organizations, and other technical partners looking for practical tools that can be applied at the local level to inform climate change adaptation planning and action. This document represents a sub-set of the web-based version.
Book Synopsis Recent advances in climate change vulnerability/risk assessments in the fisheries and aquaculture sector by : Comte, A.
Download or read book Recent advances in climate change vulnerability/risk assessments in the fisheries and aquaculture sector written by Comte, A. and published by Food & Agriculture Org.. This book was released on 2021-05-19 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: Vulnerability and risk assessment is an important tool that has been used in the fisheries and aquaculture sector to assess the current and potential consequences of climate change in a variety of geographical, environmental and socio-economic contexts and scales. The resulting information on risks and vulnerabilities can then feed decision-making on adaptation, including allocation of resources and prioritization of areas for action. However, there is no harmonized approach nor methodology to conduct vulnerability and risk assessments. This publication seeks to analyze the different existing methodologies in order to contribute to laying the basis of a consistent approach to design future climate vulnerability and risk assessments in the fisheries and aquaculture sector. The publication builds on the findings outlined in the FAO Technical Papers No. 597 “Assessing climate change vulnerability in fisheries and aquaculture - Available methodologies and their relevance for the sector” and No. 627 “Impacts of climate change on fisheries and aquaculture - Synthesis of current knowledge, adaptation and mitigation options” and explores the recent advances in approaches of vulnerability and risk assessments, and the methodological developments to conduct such assessments.
Book Synopsis Computer and Information Security Handbook by : John R. Vacca
Download or read book Computer and Information Security Handbook written by John R. Vacca and published by Newnes. This book was released on 2012-11-05 with total page 1200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of this comprehensive handbook of computer and information security provides the most complete view of computer security and privacy available. It offers in-depth coverage of security theory, technology, and practice as they relate to established technologies as well as recent advances. It explores practical solutions to many security issues. Individual chapters are authored by leading experts in the field and address the immediate and long-term challenges in the authors’ respective areas of expertise. The book is organized into 10 parts comprised of 70 contributed chapters by leading experts in the areas of networking and systems security, information management, cyber warfare and security, encryption technology, privacy, data storage, physical security, and a host of advanced security topics. New to this edition are chapters on intrusion detection, securing the cloud, securing web apps, ethical hacking, cyber forensics, physical security, disaster recovery, cyber attack deterrence, and more. Chapters by leaders in the field on theory and practice of computer and information security technology, allowing the reader to develop a new level of technical expertise Comprehensive and up-to-date coverage of security issues allows the reader to remain current and fully informed from multiple viewpoints Presents methods of analysis and problem-solving techniques, enhancing the reader's grasp of the material and ability to implement practical solutions
