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Author: Nina Budina Publisher: World Bank Publications ISBN: Category : Bond Languages : en Pages : 36
Book Description
"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.
Author: Nina Budina Publisher: World Bank Publications ISBN: Category : Bond Languages : en Pages : 36
Book Description
"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.
Author: Nina Budina Publisher: ISBN: Category : Languages : en Pages : 30
Book Description
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.
Author: Ethan B. Kapstein Publisher: World Bank Publications ISBN: Category : Ajuste estructural - Rusia Languages : en Pages : 34
Book Description
"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.
Author: J?r?me·Foulon Publisher: World Bank Publications ISBN: Category : Contaminacion Languages : en Pages : 38
Book Description
"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.
Author: Ivailo Izvorski Publisher: International Monetary Fund ISBN: 1451843372 Category : Business & Economics Languages : en Pages : 25
Book Description
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.
Author: Charles Wyplosz Publisher: ISBN: Category : Ajuste estructural Languages : en Pages : 64
Book Description
"Transition was never going to be easy, even with the highly promising long-run outlook. Not only was the process itself a major theoretical and policy challenge, but politics and economics were bound to interfere. And yet, with some spectacular exceptions, most countries are now on the right track"--Cover.
Author: Daniela Klingebiel Publisher: ISBN: Category : Asset-liability management Languages : en Pages : 60
Book Description
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.
Author: Howard J. Shatz Publisher: World Bank Publications ISBN: Category : Black market in foreign exchange Languages : en Pages : 36
Book Description
"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.
Author: Nina Budina Publisher: ISBN: Category : Budget deficits Languages : en Pages : 40
Book Description
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: Nina Budina
Author: Nina Budina
Author: Nina Budina
Author: Ethan B. Kapstein
Author: J?r?me·Foulon
Author: Roumeen Islam
Author: Ivailo Izvorski
Author: Charles Wyplosz
Author: Daniela Klingebiel
Author: Howard J. Shatz
Author: Nina Budina