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Determinants Of Bulgarian Brady Bond Prices
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Book Synopsis Determinants of Bulgarian Brady Bond Prices by : Nina Budina
Download or read book Determinants of Bulgarian Brady Bond Prices written by Nina Budina and published by World Bank Publications. This book was released on 2000 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Macroeconomic variables and changes in foreign reserves affect the secondary market price of Brady bonds in Bulgaria. So do changes in the external environment, including crises in other parts of the world"--Cover.
Book Synopsis Determinants of Bulgarian Brady Bond Prices by : Nina Budina
Download or read book Determinants of Bulgarian Brady Bond Prices written by Nina Budina and published by . This book was released on 2016 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomic variables and changes in foreign reserves affect the secondary market price of Brady bonds in Bulgaria. So do changes in the external environment, including crises in other parts of the world. To analyze the main determinants of secondary market prices of Bulgarian Brady bonds, Budina and Mantchev investigate to what extent fluctuations in domestic fundamentals affect the bonds' secondary market price. They also assess the extent to which external shocks affect the bonds' prices. They estimate the long-term relationship between domestic fundamentals and market prices of the bonds, using cointegration techniques.In the long run, they find that gross foreign reserves and exports had a positive effect on bond prices and the real exchange rate and Mexico's nominal exchange rate depreciation had a negative effect. In the short run, the Asian crisis had a negative impact, and Bulgaria's change in political regime and introduction of a currency board had a positive impact. Mexico's economic crisis in 1995 had contagion effects. The authors' empirical results confirm the view that the so-called fundamentals approach should be used to supplement the analysis of spillover effects for Bulgarian Brady bonds.This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies.
Book Synopsis Exchange Rate Overvaluation and Trade Protection by : Howard J. Shatz
Download or read book Exchange Rate Overvaluation and Trade Protection written by Howard J. Shatz and published by World Bank Publications. This book was released on 2000 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Lessons from world experience about the consequences of exchange rate overvaluation (the frequent cause of trade crises), the consequences of trying to defend an overvalued exchange rate, and the most appropriate policies for resolving an overvaluation"--Cover.
Book Synopsis Brady Bonds and Default Probabilities by : Ivailo Izvorski
Download or read book Brady Bonds and Default Probabilities written by Ivailo Izvorski and published by International Monetary Fund. This book was released on 1998-02-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper computes the default probabilities implicit in the prices of Brady bonds of seven developing countries and examines the factors that determine the high cross-correlation of the probability paths. The term structure of U.S. interest rates and the ratio of long-term foreign debt to GDP, together with a developing market index, explain more than 75 percent of the cross-sectional distribution of the default probabilities. The paper also demonstrates a new way to extract sovereign riskiness, implicit in traded bond prices. This allows the above results to be interpreted as explaining the cross-sectional distribution of sovereign riskiness as well.
Book Synopsis Sources of Ethnic Inequality in Vietnam by : Dominique Van de Walle
Download or read book Sources of Ethnic Inequality in Vietnam written by Dominique Van de Walle and published by World Bank Publications. This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: To redress ethnic inequality in Vietnam, it is not enough to target poor area. Policies must be designed to reach minority households in poor areas, to open up options by ensuring that minority groups are not disadvantaged (in labor markets, for example).
Book Synopsis Dividing the Spoils by : Ethan B. Kapstein
Download or read book Dividing the Spoils written by Ethan B. Kapstein and published by World Bank Publications. This book was released on 2000 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The gains from the transition in post-communist Russia were captured by the new managerial class, which won rents from the state in the form of privatized enterprises, state subsidies, credits, and opportunities for tax evasion. Those rents reduced state revenues that could have supported social policy-- including pension reform, which in turn could have fueled industrial restructuring. With neither pension reform nor industrial restructuring, Russia's economy has continued to shrink"--Cover.
Book Synopsis Incentives for Pollution Control by : J?r?me·Foulon
Download or read book Incentives for Pollution Control written by J?r?me·Foulon and published by World Bank Publications. This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Both regulation and public disclosure belong in the environmental regulators' arsenal. Strong, clear standards combined with a significant, credible penalty system send the right signals to the regulated community, which responds by lowering pollution emissions. The public disclosure of environmental performance also provides strong additional incentives to pollution control"--Cover.
Book Synopsis Should Capital Flows Be Regulated? by : Roumeen Islam
Download or read book Should Capital Flows Be Regulated? written by Roumeen Islam and published by World Bank Publications. This book was released on 2000 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Vicious Circles of Control by : Raj M. Desai
Download or read book The Vicious Circles of Control written by Raj M. Desai and published by World Bank Publications. This book was released on 2000 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In Russia and other transition economies that have implemented voucher privatization programs, how can one account for the puzzling behavior of insider-managers who, in stripping assets from the very firms they own, appear to be stealing from one pocket to fill the other?"--Cover.
Book Synopsis Government at Risk by : Hana Polackova Brixi
Download or read book Government at Risk written by Hana Polackova Brixi and published by World Bank Publications. This book was released on 2002 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many governments have faced serious instability as a result of their contingent liabilities. But conventional public finance analysis and institutions fail to address such fiscal risks. This book aims to provide motivation and practical guidance to governments seeking to improve their management of fiscal risks. The book addresses some of the difficult analytical and institutional challenges that face reformers tooling up to manage government fiscal risks. It discusses the inadequacies of conventional practices as well as recent advances in dealing with fiscal risk.
Book Synopsis Industrial Environmental Performance in China by :
Download or read book Industrial Environmental Performance in China written by and published by World Bank Publications. This book was released on 2000 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Inspections have a statistically significant impact on firms' environmental performance in the Chinese city of Zhenjiang, and citizens' complaints have significant impact on inspections. So stronger information and education campaigns may improve social welfare in the city"--Cover.
Book Synopsis The Use of Asset Management Companies in the Resolution of Banking Crises by : Daniela Klingebiel
Download or read book The Use of Asset Management Companies in the Resolution of Banking Crises written by Daniela Klingebiel and published by . This book was released on 2000 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asset management companies have been used to address the overhang of bad debt in the financial system. There are two main types of asset management company: those set up to expedite corporate restructuring and those established for rapid disposal of assets. A review of seven asset management companies reveals a mixed record. In two of three cases, asset management companies for corporate restructuring did not achieve their narrow goal of expediting bank or corporate restructuring, suggesting that they are not good vehicles for expediting corporate restructuring. Only a Swedish asset management company successfully managed its portfolio, acting sometimes as lead agent in restructuring - and helped by the fact that the assets acquired had mostly to do with real estate, not manufacturing, which is harder to restructure, and represented a small fraction of the banking system's assets, which made it easier for the company to remain independent of political pressures and to sell assets back to the private sector. Asset management companies used to dispose of assets rapidly fared somewhat better. Two of four agencies (in Spain and the United States) achieved their objectives, suggesting that asset management companies can be used effectively for narrowly defined purposes of resolving insolvent and inviable financial institutions and selling off their assets. Achieving these objectives required an easily liquefiable asset - real estate - mostly professional management, political independence, adequate bankruptcy and foreclosure laws, appropriate funding, skilled resources, good information and management systems, and transparent operations and processes. The other two agencies (in Mexico and the Philippines) were doomed from the start, as governments transferred to them politically motivated loans or fraudulent assets, which were difficult for a government agency susceptible to political pressure and lacking independence to resolve or sell off.
Book Synopsis Willingness to Pay for Air Quality Improvements in Sofia, Bulgaria by : Hua Wang
Download or read book Willingness to Pay for Air Quality Improvements in Sofia, Bulgaria written by Hua Wang and published by World Bank Publications. This book was released on 2000 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: "People in Sofia are willing to pay 4.2 percent of their income or more for a program to improve air quality"--Cover.
Book Synopsis Household Savings in Transition Economies by :
Download or read book Household Savings in Transition Economies written by and published by World Bank Publications. This book was released on with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Transparency, Liberalization and Banking Crises by : Gil Mehrez
Download or read book Transparency, Liberalization and Banking Crises written by Gil Mehrez and published by World Bank Publications. This book was released on 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Lack of transparency increases the probability of a banking crisis following financial liberalization. In a country where government policy is not transparent, banks may tend to increase credit above the optimal level"--Cover.
Book Synopsis Fiscal Deficits, Monetary Reform, and Inflation Stabilization in Romania by : Nina Budina
Download or read book Fiscal Deficits, Monetary Reform, and Inflation Stabilization in Romania written by Nina Budina and published by . This book was released on 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal problems are a key factor behind the inflation that has persisted in Eastern Europe since 1989. Deficits need to be cut back, but by how much for a given inflation target? A simple framework links debt, the deficit, and inflation to assess the fiscal stance of the Romanian economy.
Book Synopsis Liquidity Constraints and Investment in Transition Economies by : Nina Budina
Download or read book Liquidity Constraints and Investment in Transition Economies written by Nina Budina and published by World Bank Publications. This book was released on 2000 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In Bulgaria and other transition economies, liquidity constraints and hence access to external funds must be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. Liquidity constraints in Bulgaria may be seen as a sign of financial weakness"--Cover.
