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Author : J. B. Kurish,Patricia Tigue
Publisher : Unknown
Page : 88 pages
File Size : 44,9 Mb
Release : 2005
Category : Debts, Public
ISBN : 0891252789
Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 44,7 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454
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
Publisher : International Monetary Fund
Page : 31 pages
File Size : 52,9 Mb
Release : 2011-01-01
Category : Business & Economics
ISBN : 9781455211944
This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly constructed database on primary market debt issuance during 2007-09, we find evidence of a shift away from pre-crisis standards of best funding practices competitive auctions of debt instruments with a fixed coupon, long maturity and local currency denomination (DLTF). Exploiting the cross-country panel data dimension of the data, we conclude that the crisis and related changes in the macroeconomic environment and investor sentiment can account for a significant proportion of the deviation. The negative effect of the crisis on DLTF debt issuance was especially pronounced in high deficit and high debt euro area countries, and has forced governments to assume additional risk.
Author : Peter Lindner,Kay Chung
Publisher : International Monetary Fund
Page : 63 pages
File Size : 53,9 Mb
Release : 2023-03-10
Category : Business & Economics
ISBN : 9798400235047
This paper aims to provide guidance to issuers of sovereign ESG bonds, with a focus on Emerging Market and Developing Economies (EMDEs). An overview of the ESG financing options available to sovereign issuers is followed by an analysis of the operational requirements and costs that the issuance of sovereign ESG bonds entails. While green bonds are the instruments used to describe the issuance process, the paper also covers alternative instruments, including social and sustainability-linked bonds to provide issuers and other stakeholders with a comprehensive view of the ESG bond marketplace.
Author : James C. Joseph
Publisher : Unknown
Page : 136 pages
File Size : 45,8 Mb
Release : 1994
Category : Debts, Public
ISBN : 0891251863
Author : Gabriel Desgranges,Ms.Celine Rochon
Publisher : International Monetary Fund
Page : 43 pages
File Size : 47,5 Mb
Release : 2014-09-12
Category : Business & Economics
ISBN : 9781498379779
We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fiscal effort. This results into a debt crisis in case a large initial issuance of long term debt is followed by a sequence of negative macro shocks. Prior uncertainty about future fundamentals is then a source of default through its effect on long term interest rates and the optimal debt issuance. Intuitively, the Sovereign chooses a portfolio implying a risk of default because this risk generates a correlation between the future value of long term debt and future fundamentals. Long term debt serves as a hedging instrument against the risk on fundamentals. When expected fundamentals are high, the Sovereign issues a large amount of long term debt, the expected default probability increases, and so does the long term interest rate.
Author : United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Capital Markets, Securities, and Government Sponsored Enterprises
Publisher : Unknown
Page : 966 pages
File Size : 41,5 Mb
Release : 1996
Category : Business & Economics
ISBN : PSU:000025746815
Author : Jian Gao
Publisher : John Wiley & Sons
Page : 542 pages
File Size : 51,9 Mb
Release : 2011-08-31
Category : Business & Economics
ISBN : 9781118161074
An in-depth look at China’s burgeoning capital markets Author Jian Gao is the number one authority on fixed income markets in China, and with this book, he brings his considerable experience and knowledge about these markets to investors worldwide. For those interested in becoming active in China’s growing fixed income markets, Debt Capital Markets in China is the book you need to get started. It includes coverage of the primary and secondary markets, government debt instruments, corporate bonds, the collateralized bond market, and asset-backed securitizations. Debt Capital Markets in China also examines the developing market trends, which affect investors and institutions looking to make the most of this incredible financial opportunity. Dr. Jian Gao, PhD (Beijing, China) is the Vice Governor of China Development Bank (CDB).
Author : Robert T. Forrester
Publisher : Unknown
Page : 130 pages
File Size : 49,6 Mb
Release : 1988
Category : Business & Economics
ISBN : PSU:000015046550
Between 1983 and 1986, colleges and universities issued about $20 billion of debt for facilities and student financing, and it is predicted that billions of dollars of new debt will be needed for building renovation. Debt capacity, management, and accounting are now major issues, and the purpose of this book is to provide a handy reference manual for treasury and controllership personnel. Information includes a history of college debt; the need for new debt; common concerns with debt (funded depreciation and debt capacity); choosing a source of funds (debt policy, controlling the financing process, and blended pool of funds); credit support; the effect of the Tax Reform Act; accounting issues over the life cycle of debt; and federal recovery. Ten appendices offer the following examples of debt accounting (bank financing and tax-exempt financing); questions and interpretations regarding debt accounting; an annotated subject bibliography; criteria by various credit rating agencies; hospital and university credit ratings; features of tax-exempt financing alternatives; significant features of the Tax Reform Act of 1986; and three examples (choosing a source of funds, capitalization of interest, and gain on "low to high" refunding). Tables are included. (SM)
Author : T. Todd Smith
Publisher : International Monetary Fund
Page : 88 pages
File Size : 42,9 Mb
Release : 1995-07-01
Category : Business & Economics
ISBN : 9781451848878
This paper surveys markets for corporate debt securities in the major industrial countries and the international markets. The discussion includes a comparison of the sizes of the markets for various products, as well as the key operational, institutional, and legal features of primary and secondary markets. Although there are some signs that debt markets may be emphasized in the future by some countries, it remains true that North American debt markets are the most active and liquid in the world. The international debt markets are, however, growing in importance. The paper also investigates some of the reasons for the underdevelopment of domestic bond markets and the consequences of firms shifting their debt financing needs from banks to securities markets.
Author : DIANE Publishing Company
Publisher : DIANE Publishing
Page : 54 pages
File Size : 42,6 Mb
Release : 1996-12
Category : Business & Economics
ISBN : 0788136046
On Aug. 10, Ô93, Congress raised the debt ceiling to $4.9 trillion. This debt ceiling was reached in the Fall of Ô95, but was not raised until Mar. 29, Ô96. The intervening period, beginning on Nov. 15, Ô95, when the Treasury Secretary declared a debt issuance suspension period, became known as the 1995-96 debt ceiling crisis. Treasury took several steps during this period to raise funds to meet Federal obligations without exceeding the debt ceiling. This report analyzes Treasury's actions during the crisis related to investment and redemption in Federal trust funds.
Author : United States. General Accounting Office
Publisher : Unknown
Page : 44 pages
File Size : 40,5 Mb
Release : 1996
Category : Debts, Public
ISBN : STANFORD:36105126802482
Author : Eugen Tereanu,Dilek Aykut,Johanna L. Francis
Publisher : International Monetary Fund
Page : 32 pages
File Size : 43,8 Mb
Release : 2010-12-01
Category : Business & Economics
ISBN : 9781455210909
We identify global and regional fluctuations in international private debt flows to emerging and developing countries using data on cross border loans and international bond issuance over 1993 -2009. We estimate the effects of individual borrower characteristics as well as macroeconomic conditions on the cost of foreign borrowing and test whether these effects differ across phases of the lending cycle. We find that public and financial institutions benefit from lower spreads compared to private and nonfinancial firms and that lenders may differentiate the risk associated with the borrower’s industrial sector between good and bad times. The loan (bond) rating has an equally robust spread reduction effect across credit cycle phases. The results also suggest that international reserve holdings and investment ratios have a significant effect on reducing credit spreads for loans, while higher reserve holdings and longer maturities matter more for bond spreads.
Author : Suhas L. Ketkar
Publisher : World Bank Publications
Page : 23 pages
File Size : 54,5 Mb
Release : 2007
Category : Economic development
ISBN : 8210379456XXX
A diaspora bond is a debt instrument issued by a country - or potentially, a sub-sovereign entity or a private corporation - to raise financing from its overseas diaspora. Israel and India have raised $35-40 billion using these bonds. Drawing on their experiences, this paper discusses the rationale, methodology, and factors affecting the issuance of diaspora bonds for raising external development finance. The Government of Israel has offered a flexible menu of diaspora bonds since 1951 to keep the Jewish diaspora engaged. The Indian authorities, in contrast, have used this instrument for balance of payments support, to raise financing during times when they had difficulty in accessing international capital markets. Diaspora bonds are often sold at a premium to the diaspora members, thus fetching a "patriotic" discount in borrowing costs. Besides patriotism or the desire to do good in the investor's country of origin, such a discount can also be explained by the fact that diaspora investors may be more willing and able to take on sovereign risks of default in hard currency as well as devaluation as they may have local currency liabilities and they may be able to influence the borrower's decision to service such debt. The paper discusses several conditions for successful diaspora bond issuance having a sizeable diaspora, especially first-generation migrants, is understandably an important factor affecting the issuance of diaspora bonds. Countries with strong and transparent legal systems for contract enforcement are likely to find it easier to issue such bonds. Absence of civil strife is a plus. While not a pre-requisite, presence of national banks and other institutions in destination countries facilitates the marketing of bonds to the diaspora.
Author : Tamar Henkin
Publisher : Transportation Research Board
Page : 95 pages
File Size : 49,7 Mb
Release : 2009
Category : Debts, Public
ISBN : 9780309098335
This report presents basic principles of debt issuance for public agencies. The primary focus is on the current practices of state agencies with responsibilities for surface transportation investment. The report may be useful in assisting in the decision on when and how to best use debt financing techniques to fund investments in transportation infrastructure. Anticipated audiences include those with financial oversight responsibilities for state departments of transportation (DOTs), public authorities, and local governments. Others who may benefit include legislative oversight committees and the media. Information for this report was gathered through a literature review, a comprehensive survey of state DOTs, selected interviews, and a study of selected state policies, guidelines, and documentation. Tamar Henkin, on behalf of TransTech Management, Inc., Washington, D.C., collected and synthesized the information and wrote the report. The members of the topic panel are acknowledged on the preceding page. This synthesis is an immediately useful document that records the practices that were acceptable within the limitations of the knowledge available at the time of its preparation. As progress in research and practice continues, new knowledge will be added to that now at hand.
