Debt Overhang Credit Rationing And Investment

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Debt Overhang, Credit Rationing and Investment

Author : Eduardo Borensztein
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Debt Overhang, Credit Rationing and Investment by : Eduardo Borensztein

Download or read book Debt Overhang, Credit Rationing and Investment written by Eduardo Borensztein and published by . This book was released on 2006 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the effect of foreign debt on investment in a heavily-indebted country, using numerical simulations of a simple rational expectations growth model. Two particular effects are distinguished. First, the effect due to quot;debt overhangquot; of pas t accumulated debts; and second, the effect of quot;credit rationingquot; or inability to obtain new financing. The results from the simulations indicate the credit rationing may be a powerful disincentive to investment. This suggests that in order to maximize the impact on productive investment, debt reduction plans need to be accompanied by additional foreign lending.

Economic Interdependence and the International Implications of Supply-Side Policies

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451957866
Total Pages : 30 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Economic Interdependence and the International Implications of Supply-Side Policies by : International Monetary Fund

Download or read book Economic Interdependence and the International Implications of Supply-Side Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-09-14 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the effect of foreign debt on investment in a heavily-indebted country, using numerical simulations of a simple rational expectations growth model. Two particular effects are distinguished. First, the effect due to “debt overhang” of past accumulated debts; and second, the effect of “credit rationing” or inability to obtain new financing. The results from the simulations indicate the credit rationing may be a powerful disincentive to investment. This suggests that in order to maximize the impact on productive investment, debt reduction plans need to be accompanied by additional foreign lending.

Debt Overhang, Credit Rationing and Investment

Author : Eduardo Borensztein
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Debt Overhang, Credit Rationing and Investment by : Eduardo Borensztein

Download or read book Debt Overhang, Credit Rationing and Investment written by Eduardo Borensztein and published by . This book was released on 1989 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Debt Overhang Debt Reduction and Investment: the Case of the Phillipines

Author : E. Borensztein
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (11 download)

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Book Synopsis Debt Overhang Debt Reduction and Investment: the Case of the Phillipines by : E. Borensztein

Download or read book Debt Overhang Debt Reduction and Investment: the Case of the Phillipines written by E. Borensztein and published by . This book was released on 1990 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Private Investment and Macroeconomic Adjustment

Author : Luis Serven
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4./5 ( download)

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Book Synopsis Private Investment and Macroeconomic Adjustment by : Luis Serven

Download or read book Private Investment and Macroeconomic Adjustment written by Luis Serven and published by World Bank Publications. This book was released on 1989 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:

FINANCE AND INVESTMENT IN TRANSITION: CZECH ENTERPRISES, 1993-1994

Author : RONALD ANDERSON AND CHANTAL KEGELS
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.L/5 ( download)

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Book Synopsis FINANCE AND INVESTMENT IN TRANSITION: CZECH ENTERPRISES, 1993-1994 by : RONALD ANDERSON AND CHANTAL KEGELS

Download or read book FINANCE AND INVESTMENT IN TRANSITION: CZECH ENTERPRISES, 1993-1994 written by RONALD ANDERSON AND CHANTAL KEGELS and published by . This book was released on 1998 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of the Economics of Finance

Author : G. Constantinides
Publisher : Elsevier
ISBN 13 : 9780444513632
Total Pages : 698 pages
Book Rating : 4.5/5 (136 download)

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Book Synopsis Handbook of the Economics of Finance by : G. Constantinides

Download or read book Handbook of the Economics of Finance written by G. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.

The Theory of Corporate Finance

Author : Jean Tirole
Publisher : Princeton University Press
ISBN 13 : 1400830222
Total Pages : 657 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Theory of Corporate Finance by : Jean Tirole

Download or read book The Theory of Corporate Finance written by Jean Tirole and published by Princeton University Press. This book was released on 2010-08-26 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.

Can Debt-reduction Policies Restore Investment and Economic Growth in Highly Indebted Countries?

Author : Jacques Morisset
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4./5 ( download)

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Book Synopsis Can Debt-reduction Policies Restore Investment and Economic Growth in Highly Indebted Countries? by : Jacques Morisset

Download or read book Can Debt-reduction Policies Restore Investment and Economic Growth in Highly Indebted Countries? written by Jacques Morisset and published by World Bank Publications. This book was released on 1991 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1982, public and private investment rates have declined dramatically in most debtor countries. What would be the effects of debt- reduction operations for heavily indebted countries like Argentina?

Understanding Interdependence

Author : Peter B. Kenen
Publisher : Princeton University Press
ISBN 13 : 0691231133
Total Pages : 566 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Understanding Interdependence by : Peter B. Kenen

Download or read book Understanding Interdependence written by Peter B. Kenen and published by Princeton University Press. This book was released on 2021-06-08 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing together new papers by some of today's leading figures in international economics and finance, Understanding Interdependence surveys the current state of knowledge on the international monetary system and, by implication, defines the research horizon for the future. Covering topics including the behavior of exchange rates, the choice of exchange-rate regime, current-account adjustment in classical and Keynesian models, the extent and effects of capital mobility, international debt, the stabilization and reform of the formerly planned economies, European monetary union, and international policy coordination, the book underscores the importance of these subjects and identifies lessons for policymakers. The contributors to the volume are Michael Bruno, Ralph C. Bryant, Richard N. Cooper, Michael P. Dooley, Barry Eichengreen, Stanley Fischer, Charles A. E. Goodhart, Peter Hooper, Peter B. Kenen, Paul R. Krugman, Henri Lorie, Jaime Marquez, Ronald I. McKinnon, Michael Mussa, Maurice Obstfeld, John Odling-Smee, Assaf Razin, Dani Rodrik, Mark P. Taylor, and John Williamson.

Effects of Macroeconomic Stabilityon Growth, Savings, and Investment in Sub-Saharan Africa

Author : Mr.Dhaneshwar Ghura
Publisher : International Monetary Fund
ISBN 13 : 145185207X
Total Pages : 122 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Effects of Macroeconomic Stabilityon Growth, Savings, and Investment in Sub-Saharan Africa by : Mr.Dhaneshwar Ghura

Download or read book Effects of Macroeconomic Stabilityon Growth, Savings, and Investment in Sub-Saharan Africa written by Mr.Dhaneshwar Ghura and published by International Monetary Fund. This book was released on 1994-08-01 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The analysis of this paper indicates that the unsatisfactory overall economic performance of sub-Saharan African countries during 1986–93 was due to inappropriate policies pursued by a number of countries. The countries that have pursued broadly appropriate adjustment policies have performed much better, achieving positive per capita GDP growth. The analysis is supported with an econometric investigation of the effects of macroeconomic policies, structural reforms, and exogenous factors on economic performance. The results indicate that progress in achieving macroeconomic stability and implementing structural reforms have been conducive to better growth, savings, and private investment.

Analytical Aspects of the Debt Problems of Heavily Indebted Poor Countries

Author : Stijn Claessens
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4./5 ( download)

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Book Synopsis Analytical Aspects of the Debt Problems of Heavily Indebted Poor Countries by : Stijn Claessens

Download or read book Analytical Aspects of the Debt Problems of Heavily Indebted Poor Countries written by Stijn Claessens and published by World Bank Publications. This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Debt and Crisis in Latin America

Author : Robert Devlin
Publisher :
ISBN 13 : 9780691634272
Total Pages : 0 pages
Book Rating : 4.6/5 (342 download)

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Book Synopsis Debt and Crisis in Latin America by : Robert Devlin

Download or read book Debt and Crisis in Latin America written by Robert Devlin and published by . This book was released on 2016-04-19 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examining the causes of the acute Latin American debt crisis that began in mid-1982, North American analysts have typically focused on deficiencies in the debtor countries' economic policies and on shocks from the world economy. Much less emphasis has been placed on the role of the region's principal creditors--private banks--in the development of the crisis. Robert Devlin rounds out the story of Latin America's debt problem by demonstrating that the banks were an endogenous source of instability in the region's debt cycle, as they overexpanded on the upside and overcontracted on the downside. Originally published in 1990. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Adjustment Policies and Investment Performance in Developing Coutries

Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4./5 ( download)

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Book Synopsis Adjustment Policies and Investment Performance in Developing Coutries by :

Download or read book Adjustment Policies and Investment Performance in Developing Coutries written by and published by World Bank Publications. This book was released on with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:

IMF Staff Papers, Volume 57, No. 1

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 1589069110
Total Pages : 288 pages
Book Rating : 4.5/5 (89 download)

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Book Synopsis IMF Staff Papers, Volume 57, No. 1 by : International Monetary Fund. Research Dept.

Download or read book IMF Staff Papers, Volume 57, No. 1 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2010-03-26 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do highly indebted countries suffer from a debt overhang? Can debt relief foster their growth rates? To answer these important questions, this article looks at how the debt-growth relation varies with indebtedness levels, as well as with the quality of policies and institutions, in a panel of developing countries. The main findings are that, in countries with good policies and institutions, there is evidence of debt overhang when the net present value of debt rises above 20–25 percent of GDP; however, debt becomes irrelevant above 70–80 percent. In countries with bad policies and institutions, thresholds appear to be lower, but the evidence of debt overhang is weaker and we cannot rule out that debt is always irrelevant. Indeed, in such countries, as well as in countries with high indebtedness levels, investment does not depend on debt levels. The analysis suggests that not all countries are likely to profit from debt relief, and thus that a one-size-fits-all debt relief approach might not be the most appropriate one.

Lending Credibility

Author : Randall W. Stone
Publisher : Princeton University Press
ISBN 13 : 1400824435
Total Pages : 311 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Lending Credibility by : Randall W. Stone

Download or read book Lending Credibility written by Randall W. Stone and published by Princeton University Press. This book was released on 2012-01-06 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the end of the Cold War, the International Monetary Fund emerged as the most powerful international institution in history. But how much influence can the IMF exert over fiercely contested issues in domestic politics that affect the lives of millions? In Lending Credibility, Randall Stone develops the first systematic approach to answering this question. Deploying an arsenal of methods from a range of social sciences rarely combined, he mounts a forceful challenge to conventional wisdom. Focusing on the former Soviet bloc, Stone finds that the IMF is neither as powerful as some critics fear, nor as weak as others believe, but that the answer hinges on the complex factor of how much credibility it can muster from country to country. Stone begins by building a formal, game-theoretic model of lending credibility, which he then subjects to sophisticated quantitative testing on original data from twenty-six countries over the 1990s. Next come detailed, interview-based case studies on negotiations between the IMF and Russia, Ukraine, Poland, and Bulgaria. Stone asserts that the IMF has exerted startling influence over economic policy in smaller countries, such as Poland and Bulgaria. However, where U.S. foreign policy interests come more heavily into play, as in Russia, the IMF cannot credibly commit to enforcing the loans-for-policy contract. This erodes its ability to facilitate enduring market reforms. Stone's context is the postcommunist transition in Europe and Asia, but his findings carry implications for IMF activities the world over.

Strategic Investment in a Debt Bargaining Framework

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451968914
Total Pages : 34 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Strategic Investment in a Debt Bargaining Framework by : International Monetary Fund

Download or read book Strategic Investment in a Debt Bargaining Framework written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-07-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the strategic role of investment from a debtor country’s perspective. The framework is one in which, if the debtor country is unable to meet debt obligations, a bargaining regime determines the amount of debt repayment. In the context of a two-country real trade model, debt repayment is equal to the trade surplus of the debtor. The outcome of the bargaining game will therefore be dependent (among other things) on the level of production in the debtor country. In this framework, the paper shows that productive investment may increase or decrease the bargaining power of the debtor country. This ambiguity appears to be fairly robust.