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Determinants of Bulgarian Brady Bond Prices by Nina Budina,Tzvetan Mantchev Pdf
"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.
Determinants of Bulgarian Brady Bond Prices by Nina Budina Pdf
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.
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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.
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Policies to foster accumulation of the assets needed for agricultural production (including draft animals and implements) and to provide complementary public goods (education, credit, and good agricultural extension services)could greatly help reduce poverty and improve productivity in Zambia.
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Author : Augusto de la Torre Publisher : World Bank Publications Page : 40 pages File Size : 49,8 Mb Release : 2000 Category : Asset-backed financing ISBN : 8210379456XXX
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When the international financial community finally develops core principles and minimum standards for resolving bank failures, Argentina's experience should serve as an important reference in identifying best practices.
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Because of the decline in government assistance that accompanied economic reform in Russia, single mothers there, facing a greater risk of poverty, are increasingly choosing to live with other adults or relatives.
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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.
Author : Howard J. Shatz,David G. Tarr Publisher : World Bank Publications Page : 36 pages File Size : 50,9 Mb Release : 2000 Category : Black market in foreign exchange ISBN : 8210379456XXX
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