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Author : Fabio Basagni
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (43 download)
Download or read book International Debt, Financial Stability, and Growth written by Fabio Basagni and published by . This book was released on 1983 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : 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)
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.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1513569678
Total Pages : 92 pages
Book Rating : 4.5/5 (135 download)
Download or read book Global Financial Stability Report, April 2021 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-04-06 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions. Actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities. The recovery is also expected to be asynchronous and divergent between advanced and emerging market economies. Given large external financing needs, several emerging markets face challenges, especially if a persistent rise in US rates brings about a repricing of risk and tighter financial conditions. The corporate sector in many countries is emerging from the pandemic overindebted, with notable differences depending on firm size and sector. Concerns about the credit quality of hard-hit borrowers and profitability are likely to weigh on the risk appetite of banks. Chapter 2 studies leverage in the nonfinancial private sector before and during the COVID-19 crisis, pointing out that policymakers face a trade-off between boosting growth in the short term by facilitating an easing of financial conditions and containing future downside risks. This trade-off may be amplified by the existing high and rapidly building leverage, increasing downside risks to future growth. The appropriate timing for deployment of macroprudential tools should be country-specific, depending on the pace of recovery, vulnerabilities, and policy tools available. Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector. While there is little evidence of large price misalignments at the onset of the pandemic, signs of overvaluation have now emerged in some economies. Misalignments in commercial real estate prices, especially if they interact with other vulnerabilities, increase downside risks to future growth due to the possibility of sharp price corrections.
Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 : 1616352477
Total Pages : 94 pages
Book Rating : 4.6/5 (163 download)
Download or read book Global Financial Stability Report, April 2012 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2012-04-18 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.
Author : S. Ali Abbas
Publisher : Oxford University Press
ISBN 13 : 0192591401
Total Pages : 288 pages
Book Rating : 4.1/5 (925 download)
Download or read book Sovereign Debt written by S. Ali Abbas and published by Oxford University Press. This book was released on 2019-10-21 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last time global sovereign debt reached the level seen today was at the end of the Second World War, and this shaped a generation of economic policymaking. International institutions were transformed, country policies were often draconian and distortive, and many crises ensued. By the early 1970s, when debt fell back to pre-war levels, the world was radically different. It is likely that changes of a similar magnitude -for better and for worse - will play out over coming decades. Sovereign Debt: A Guide for Economists and Practitioners is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners and policymakers through this complicated, but not intractable, subject. Sovereign Debt brings together some of the world's leading researchers and specialists in sovereign debt to cover a range of sub-disciplines within this vast topic. It explores debt management with debt sustainability; debt reduction policies with crisis prevention policies; and the history with the conjuncture. It is a foundation text for all those interested in sovereign debt, with a particular focus real world examples and issues.
Author : Constantine Stephanou
Publisher : Springer
ISBN 13 : 1137030577
Total Pages : 275 pages
Book Rating : 4.1/5 (37 download)
Download or read book International Debt written by Constantine Stephanou and published by Springer. This book was released on 2012-11-29 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a group of international experts, this book focuses on three interdependent themes: (a) origins and consequences of the current debt crisis; (b) the systemic nature of the crisis; (c) national and international policy efforts to avoid a global collapse and bring about lasting reforms in the Euro zone and in the financial system.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.4/5 (2 download)
Download or read book Making Debt Work For Development and Macroeconomic Stability written by International Monetary Fund and published by International Monetary Fund. This book was released on 2022-04-26 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The coronavirus crisis has stiffened debt and development-related headwinds that had become strong even before 2020. Sustaining development while maintaining debt sustainability has been made harder by the protracted effects of the pandemic on public finances, earnings and employment, and human capital accumulation of vulnerable populations. The fiscal support programs financed by public debt provided relief and saved lives and livelihoods. But debt-induced uncertainty can now dampen investment and growth, especially given rising global interest rates. Bigger debt servicing burdens will reduce available fiscal space for development and stabilization and growing sovereign debt financing needs can crowd out domestic investment. Over-indebtedness can adversely affect economic development through many channels—"debt overhang,” “fiscal space,” “crowding out” and increased crisis risk —making countries vulnerable to abrupt changes in market sentiment, jeopardizing both stability and growth.
Author : James A. Hanson
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4./5 ( download)
Download or read book the growth in government domestic debt: changing burdens and risks written by James A. Hanson and published by World Bank Publications. This book was released on 2007 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper analyzes the recent growth of government domestic debt, including central bank debt, using a new data base on government domestic debt in developing countries with large, open financial systems. On average, government domestic debt grew much faster than GDP between 1994 and 2004 and became larger than foreign debt. The rapid growth of domestic debt reflects financial crises, the growth of central bank debt and the greater attractiveness to governments of issuing domestic debt as well as the recent increase in demands for it. Both its attractiveness and the increased demands for it reflect the current benign international environment to some degree. The main risk of government debt, domestic or foreign, remains its overall size relative to a country's fiscal, financial, and political institutions. While government domestic debt can help the domestic private capital market, large domestic debt, like large external debt, has risks. For example, there can be "sudden stops" in the demand for domestic debt as well as in foreign lending. Governments need to be aware of the risks and burdens in domestic debt issue-crowding out small borrowers, transferring risks to banks when issuing longer maturity, fixed-interest domestic debt and reducing returns, and imposing risks on holders of pensions, annuities, and life insurance policies. Growth of central bank debt can divert central banks from pursuit of the objective of price stability.
Author : Barry Eichengreen
Publisher : Oxford University Press
ISBN 13 : 0197577911
Total Pages : 321 pages
Book Rating : 4.1/5 (975 download)
Download or read book In Defense of Public Debt written by Barry Eichengreen and published by Oxford University Press. This book was released on 2021-08-11 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: A dive into the origins, management, and uses and misuses of sovereign debt through the ages. Public debts have exploded to levels unprecedented in modern history as governments responded to the Covid-19 pandemic and ensuing economic crisis. Their dramatic rise has prompted apocalyptic warnings about the dangers of heavy debtsabout the drag they will place on economic growth and the burden they represent for future generations. In Defense of Public Debt offers a sharp rejoinder to this view, marshaling the entire history of state-issued public debt to demonstrate its usefulness. Authors Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves, and Kris James Mitchener argue that the ability of governments to issue debt has played a critical role in addressing emergenciesfrom wars and pandemics to economic and financial crises, as well as in funding essential public goods and services such as transportation, education, and healthcare. In these ways, the capacity to issue debt has been integral to state building and state survival. Transactions in public debt securities have also contributed to the development of private financial markets and, through this channel, to modern economic growth. None of this is to deny that debt problems, debt crises, and debt defaults occur. But these dramatic events, which attract much attention, are not the entire story. In Defense of Public Debt redresses the balance. The authors develop their arguments historically, recounting two millennia of public debt experience. They deploy a comprehensive database to identify the factors behind rising public debts and the circumstances under which high debts are successfully stabilized and brought down. Finally, they bring the story up to date, describing the role of public debt in managing the Covid-19 pandemic and recession, suggesting a way forward once governmentsnow more heavily indebted than beforefinally emerge from the crisis.
Author : Mr.Thomas J Sargent
Publisher : International Monetary Fund
ISBN 13 : 1513516868
Total Pages : 322 pages
Book Rating : 4.5/5 (135 download)
Download or read book Debt and Entanglements Between the Wars written by Mr.Thomas J Sargent and published by International Monetary Fund. This book was released on 2019-11-08 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: World War I created a set of forces that affected the political arrangements and economies of all the countries involved. This period in global economic history between World War I and II offers rich material for studying international monetary and sovereign debt policies. Debt and Entanglements between the Wars focuses on the experiences of the United States, United Kingdom, four countries in the British Commonwealth (Australia, New Zealand, Canada, Newfoundland), France, Italy, Germany, and Japan, offering unique insights into how political and economic interests influenced alliances, defaults, and the unwinding of debts. The narratives presented show how the absence of effective international collaboration and resolution mechanisms inflicted damage on the global economy, with disastrous consequences.
Author : Roger Walton Ferguson
Publisher : Centre for Economic Policy Research
ISBN 13 : 1898128979
Total Pages : 217 pages
Book Rating : 4.8/5 (981 download)
Download or read book International Financial Stability written by Roger Walton Ferguson and published by Centre for Economic Policy Research. This book was released on 2007 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new Geneva Report examines the main threats to international financial stability, focusing on the implications of major changes that have occurred in the global financial system in the past two decades.
Author : Ms.Ratna Sahay
Publisher : International Monetary Fund
ISBN 13 : 1498312616
Total Pages : 41 pages
Book Rating : 4.4/5 (983 download)
Download or read book Rethinking Financial Deepening written by Ms.Ratna Sahay and published by International Monetary Fund. This book was released on 2015-05-04 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to excessive risk taking and instability. Encouragingly, the set of regulatory reforms that promote financial depth is essentially the same as those that contribute to greater stability. Better regulation—not necessarily more regulation—thus leads to greater possibilities both for development and stability.
Author : George McKenzie
Publisher : Springer
ISBN 13 : 1349217301
Total Pages : 211 pages
Book Rating : 4.3/5 (492 download)
Download or read book Financial Instability and the International Debt Problem written by George McKenzie and published by Springer. This book was released on 1991-11-25 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors argue clearly and convincingly in this book that the debt crisis which has plagued the world economy for the past ten years is due to the inherent fragility of financial markets. Governments, financial institutions and borrowers, including developing countries, have simply expected too much from these markets. In a world of volatile interest rates, exchange rates and uncertain government policy, it is virtually impossible for financial institutions to effectively distinguish fundamental shifts in economic activity from random shocks.
Author : Moritz Schularick
Publisher : University of Chicago Press
ISBN 13 : 022681694X
Total Pages : 318 pages
Book Rating : 4.2/5 (268 download)
Download or read book Leveraged written by Moritz Schularick and published by University of Chicago Press. This book was released on 2022-12-13 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking. The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.
Author : Ferrarini, Benno
Publisher : Edward Elgar Publishing
ISBN 13 : 1800883722
Total Pages : 456 pages
Book Rating : 4.8/5 (8 download)
Download or read book The Sustainability of Asia’s Debt written by Ferrarini, Benno and published by Edward Elgar Publishing. This book was released on 2022-02-22 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access title available under the terms of a [CC BY 3.0 IGO] License. It is free to read, download and share on Elgaronline.com. Asia has shown the world what success in economic development looks like. From the amazing transformations of Japan, the Republic of Korea, and the other ‘tigers’ in the early 70s, to the more recent takeoffs of the People’s Republic of China (PRC), India, and the leading economies in Southeast Asia, the region has prospered at a startling pace. Technologies were adopted, productivity raised, and export markets conquered. Billions were lifted out of poverty. What was once a backwater is now a global engine of growth.
Author : William R. Cline
Publisher : Peterson Institute for International Economics
ISBN 13 :
Total Pages : 570 pages
Book Rating : 4.F/5 ( download)
Download or read book International Debt Reexamined written by William R. Cline and published by Peterson Institute for International Economics. This book was released on 1995 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt: The international debt crisis that erupted in 1982 threatened the world financial system and turned the 1980s into a lost decade for Latin America. But the crisis jolted governments throughout the region into adopting sweeping economic reforms. By the early 1990s inflation was lower, growth was reviving, the major debtors had reached "Brady Plan" workout agreements reducing bank debt in exchange for collateral, and capital was entering the region in unprecedented magnitudes. This study tries to make sense of this historic financial episode and to derive lessons for future policy. Cline first returns to his 1983 projection models that figured importantly in the debate at that time, and reruns them with the benefit of hindsight to see what went wrong (e.g., capital flight) and what went right (e.g., revival of industrial country growth). He provides a critical survey of the voluminous economics literature that emerged from the debt crisis. The study evaluates performance of the evolving international debt strategy, which eventually succeeded brilliantly in preserving international financial stability and restoring debtor access to credit markets but failed to achieve debtor country growth in the 1980s. The study reviews policy reform and Brady plan results for major Latin American countries; provides new analysis of today's debt problems in Russia and Africa; and analyzes the degree of vulnerability of Latin Americas capital market renaissance to such factors as overvalued exchange rates and a resurgence of US interest rates. It concludes with suggestions for institutional change and policy guidelines to help avoid future crises.
