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Author : Olivier Jeanne
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.X/5 (6 download)
Download or read book Debt Maturity and the Global Financial Architecture written by Olivier Jeanne and published by . This book was released on 2000 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Olivier Jeanne
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (318 download)
Download or read book Debt Maturity and the International Financial Architecture written by Olivier Jeanne and published by . This book was released on 2004 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christoph Yew
Publisher : GRIN Verlag
ISBN 13 : 3656146268
Total Pages : 65 pages
Book Rating : 4.6/5 (561 download)
Download or read book Sovereign Debt Crisis and International Financial Architecture written by Christoph Yew and published by GRIN Verlag. This book was released on 2012-03-06 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2006 in the subject Business economics - Economic Policy, grade: 2.0, University of Osnabrück (Fachbereich Internationale Wirtschaftspolitik), course: Schuldenkrisen, language: English, abstract: If we have a look at the composition of total debt of different countries it is easy to see (Figure 1.2) that from 1992 to 2002 the advanced countries' total debts mainly consisted of domestic currency, whereas those of emerging market countries where mainly borrowed in foreign currency. If we focus our view on sovereign debt only, this difference vanishes. From 1980 to 2003 about 99.7 percent (Table 1) of sovereign debt in emerging market countries was borrowed in foreign currency. In advanced economies it was slightly less (92.5%). Nevertheless, in both cases the U.S. dollar was the dominating foreign currency. A reason for this might be that this currency is considered as very important in international trade. A comparison between these facts leads me to the conclusion that private persons in advanced countries trust their own currency, whereas private persons in emerging market economies seem to trust foreign currencies. Otherwise the currency composition between total debt and sovereign debt would not differ so much from each other. Another interesting fact concerns which other currencies states prefer to borrow in. They like advanced economies' currencies instead those of emerging market countries. Another important point concerning public debt structure is their composition structure concerning maturity. It can be seen (Figure 4.2) that during 1988 the average maturity of sovereign debt issued in both kinds of countries was little below 8 years. But during the following 14 years the average maturity rate in emerging market countries decreased to about 5 years while the maturity rate of advanced countries sovereign debt increased to almost 10 years. This tendency towards short-term debt can also be seen on Figure 4.1. It is interesting to n
Author : Sophia Chen
Publisher : International Monetary Fund
ISBN 13 : 1484397630
Total Pages : 77 pages
Book Rating : 4.4/5 (843 download)
Download or read book Debt Maturity and the Use of Short-Term Debt written by Sophia Chen and published by International Monetary Fund. This book was released on 2019-02-05 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: The maturity structure of debt can have financial and real consequences. Short-term debt exposes borrowers to rollover risk (where the terms of financing are renegotiated to the detriment of the borrower) and is associated with financial crises. Moreover, debt maturity can have an impact on the ability of firms to undertake long-term productive investments and, as a result, affect economic activity. The aim of this paper is to examine the evolution and determinants of debt maturity and to characterize differences across countries.
Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author :
Publisher : DIANE Publishing
ISBN 13 : 1428967842
Total Pages : 38 pages
Book Rating : 4.4/5 (289 download)
Download or read book Reforming the Global Financial Architecture written by and published by DIANE Publishing. This book was released on with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 : 9789213584866
Total Pages : 0 pages
Book Rating : 4.5/5 (848 download)
Download or read book Growth, Debt, and Climate written by and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fabio Schiantarelli
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4./5 ( download)
Download or read book The Maturity Structure of Debt written by Fabio Schiantarelli and published by World Bank Publications. This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fabio Schiantarelli
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (913 download)
Download or read book Debt Maturity and Firm Performance: A Panel Study of Indian Companies written by Fabio Schiantarelli and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: February 1997 Is long-term debt better than short-term debt in its effect on firm performance? The answer appears to be yes for privately owned companies in India. Economic policymakers traditionally hold the view that, because of imperfections in capital markets, a shortage of long-term finance acts as a barrier to industrial performance and growth. Long-term finance is thought to allow firms to invest in more productive technologies, even when they do not produce immediate payoffs, without the fear of premature liquidation. As a result, special state-supported term-lending institutions have been established, especially in developing countries. But some believe that short-term finance may offer better incentives because it allows suppliers of finance to monitor and control firms more effectively, thus improving the firms' performance. Schiantarelli and Srivastava empirically investigate the determinants and consequences of the term structure of debt. Using a rich panel of data on privately owned companies in India, they also examine the influence of debt maturity structures on those firms' performance, especially on productivity. The results are not conclusive, but seem to support conventional beliefs about the importance of long-term finance to firm performance. Heavy leveraging, however, has a strong negative impact on productivity. They base their econometric evidence on estimates of a maturity equation and of a production function augmented by financial variables. The data on which these results are based have been generated by a financial system in which there is little competition, in which state-owned financial institutions are not guided by the profit motive and have no control over interest rates, so one cannot say whether short term finance would have been more beneficial in a less regulated system. Moreover, by the end of the 1980s, the capital base of India's government-owned financial institutions had been severely eroded and they carried a heavy burden of nonperforming assets. This means that the benefits of long term finance must be weighed against the costs. This paper - a product of the Finance and Private Sector Development Division, Policy Research Department - was prepared for the conference Firm Finance: Theory and Evidence held on June 14, 1996. The study was funded by the Bank's Research Support Budget under research project Term Finance (RPO 679-62).
Author : International Monetary Fund,
Publisher : International Monetary Fund
ISBN 13 : 1498330665
Total Pages : 40 pages
Book Rating : 4.4/5 (983 download)
Download or read book Revised Guidelines for Public Debt Management written by International Monetary Fund, and published by International Monetary Fund. This book was released on 2015-03-11 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote policies and practices that contribute to financial stability and transparency, and reduce countries external vulnerabilities.
Author : Fabio Schiantarelli
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Debt Maturity and Firm Performance written by Fabio Schiantarelli and published by . This book was released on 1997 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Luc Laeven
Publisher : International Monetary Fund
ISBN 13 : 1451963025
Total Pages : 42 pages
Book Rating : 4.4/5 (519 download)
Download or read book Lessons and Policy Implications from the Global Financial Crisis written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2010-02-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ongoing global financial crisis is rooted in a combination of factors common to previous financial crises and some new factors. The crisis has brought to light a number of deficiencies in financial regulation and architecture, particularly in the treatment of systemically important financial institutions, the assessments of systemic risks and vulnerabilities, and the resolution of financial institutions. The global nature of the financial crisis has made clear that financially integrated markets, while offering many benefits, can also pose significant risks, with large real economic consequences. Deep reforms are therefore needed to the international financial architecture to safeguard the stability of an increasingly financially integrated world.
Author : Fabio Schiantarelli
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (913 download)
Download or read book The Maturity Structure of Debt: Determinants and Effects on Firms' Performance: Evidence from the United Kingdom and Italy written by Fabio Schiantarelli and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: January 1997 Firms tend to match assets with liabilities, and more profitable firms have more long-term debt. Long-term debt has a positive effect on firms' performance, but this is not true when a large fraction of that debt is subsidized. The authors empirically investigate the determinants and consequences of the maturity structure of debt, using data from a panel of UK and Italian firms. They find that in choosing a maturity structure for debt, firms tend to match assets and liabilities, as both conventional wisdom and some recent theoretical models suggest. They conclude that more profitable firms (as measured by the ratio of cash flow to capital) tend to have more long-term debt. This finding is consistent with the dominant role played by firms' fear of liquidation and loss of control associated with short-term debt. It may also reflect the willingness of financial markets to provide long-term finance only to quality firms. The data do not support the hypothesis that short-term debt, through better monitoring and control, boosts efficiency and growth -rather, the opposite can be concluded. In both countries, the data suggest a positive relationship between initial debt maturity and the firms' subsequent medium-term performance (i.e., profitability and growth in real sales). In both countries total factor productivity (TFP) depends positively on the length of debt maturity when the maturity variable is entered both contemporaneously and lagged. But in Italy the positive effect of the length of maturity on productivity is substantially reduced or even reversed when the proportion of subsidized credit increases. The authors document the relationship between firms' characteristics and their choice of shorter or long-term debt by estimating a maturity equation and interpreting the results in light of insights from theoretical literature, and by analyzing the effects of maturity on firms' later performance in terms of profitability, growth, and productivity; assess how TFP depends on the degree of leverage and the proportion of longer and shorter-term debt; and analyze the relationship between firms' debt maturity and investment. This paper--a product of the Finance and Private Sector Development Division, Policy Research Department--is part of a larger effort in the department to study the effects of financial structure on economic performance. The study was funded by the Bank's Research Support Budget under the research project Term Finance: Theory and Evidence (RPO 679-62).
Author : Juan Jose Cortina-Lorente
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (125 download)
Download or read book Corporate Borrowing and Debt Maturity written by Juan Jose Cortina-Lorente and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the extent to which access to domestic and international bond markets and syndicated loan markets and switches across them impact corporate debt maturity. Using world issuance activity during 1991-2014, the paper shows that different markets provide financing at different terms and that the importance of each market varies over time. Thus, the type of debt issued and its composition affect corporate maturity. During the global financial crisis of 2008-09, firms issued more bonds and, in developing countries, also more domestic loans. Because these markets are of longer maturity, the substitution across them allowed the largest firms that switched markets to maintain their average borrowing maturity, even when the maturity within each market declined for switchers and non-switchers. This evidence suggests that firms use different debt markets as complements and substitutes, and that compositional effects across firms and markets have a material impact on firm-specific and aggregate maturity.
Author : Mr.Maria Soledad Martinez Peria
Publisher : International Monetary Fund
ISBN 13 : 1475595751
Total Pages : 28 pages
Book Rating : 4.4/5 (755 download)
Download or read book Understanding the Use of Long-term Finance in Developing Economies written by Mr.Maria Soledad Martinez Peria and published by International Monetary Fund. This book was released on 2017-04-26 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This short paper reviews recent literature on the use of long-term finance in developing economies (relative to advanced ones) to identify where long-term financing occurs, and what role different financial intermediaries and markets play in extending this type of financing. Although banks are the most important providers of credit, they do not seem to offer long-term financing. Capital markets have grown since the 1990s and can provide financing at fairly long terms. But few firms use these markets. Only some institutional investors provide funding at long-term maturities. Governments might help to expand long-term financing, although with limited policy tools.
Author : Stijn Claessens
Publisher : Springer Science & Business Media
ISBN 13 : 1475733143
Total Pages : 461 pages
Book Rating : 4.4/5 (757 download)
Download or read book International Financial Contagion written by Stijn Claessens and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 461 pages. Available in PDF, EPUB and Kindle. Book excerpt: No sooner had the Asian crisis broken out in 1997 than the witch-hunt started. With great indignation every Asian economy pointed fingers. They were innocent bystanders. The fundamental reason for the crisis was this or that - most prominently contagion - but also the decline in exports of the new commodities (high-tech goods), the steep rise of the dollar, speculators, etc. The prominent question, of course, is whether contagion could really have been the key factor and, if so, what are the channels and mechanisms through which it operated in such a powerful manner. The question is obvious because until 1997, Asia's economies were generally believed to be immensely successful, stable and well managed. This question is of great importance not only in understanding just what happened, but also in shaping policies. In a world of pure contagion, i.e. when innocent bystanders are caught up and trampled by events not of their making and when consequences go far beyond ordinary international shocks, countries will need to look for better protective policies in the future. In such a world, the international financial system will need to change in order to offer better preventive and reactive policy measures to help avoid, or at least contain, financial crises.
Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
ISBN 13 : 1475505531
Total Pages : 128 pages
Book Rating : 4.4/5 (755 download)
Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
