Non-financial Corporate Risk Management and Exchange Rate Volatility in Latin America PDF Download

Author: Graciela Moguillansky
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 30

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Author: Graciela Moguillansky
Publisher: Santiago : ECLAC, Office of the Executive Secretary
ISBN: 9789211213966
Category : Political Science
Languages : en
Pages : 35

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Author: Carlos Caceres
Publisher: International Monetary Fund
ISBN: 1484321545
Category : Business & Economics
Languages : en
Pages : 34

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This paper analyzes the potential risks and vulnerabilities of non-financial corporates in Latin America and Canada. We quantify the impact of company-specific, countryspecific, and global factors in driving corporate spreads. Overall, we found that all these factors play a role in explaining corporate risk. In particular, country specific factors such as exchange rate and sovereign CDS spreads are significantly associated with changes in corporate spreads, underscoring the importance of solid policy frameworks. We also find that global conditions, such as the VIX, are dominant drivers of corporate spreads. In recent years, the adverse effects from deteriorating domestic conditions have been broadly offset by relatively bening global financial conditions. However, a sustained reversal in these conditions would put significant pressure on corporate risk.

Author: R. Ffrench-Davis
Publisher: Springer
ISBN: 1403990093
Category : Business & Economics
Languages : en
Pages : 354

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This book analyzes the new trends in capital flows to emerging markets since the Asian crisis, their determinants and policy implications. It explains why such flows have declined so dramatically in recent years, emphasising both structural and cyclical factors. Senior bankers, regulators, and well-known academics explain the behaviour of different players. The book breaks new ground by showing in detail how such behaviour has contributed to the decline of flows and their volatility. The book suggests what coping mechanisms developing countries could adopt to deal with crisis situations; what measures should be taken at the national and international levels to make recipient countries less vulnerable to international financial instability; how such instability can be reduced; and what can be done on the source countries to encourage larger more stable capital flows to developing countries.

Author: Mr.Fabiano Rodrigues Rodrigues Bastos
Publisher: International Monetary Fund
ISBN: 1498372791
Category : Business & Economics
Languages : en
Pages : 31

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Easy global liquidity conditions, stronger risk appetite and a retrenchment in cross-border bank lending led to a surge in emerging market firms’ bond issuance in international markets (what we term “The Bon(d)anza”). Using firm-level data for five large Latin American economies, we provide evidence of a significant change in companies’ external funding strategies and liability structures after 2010, as well as in the balance sheet risks that firms face. We find that stepped up bond issuance was mostly aimed at re-financing rather than funding investment projects, as firms extended the average duration of their debt while securing lower fixed-rates, reducing roll-over and interest rate risks. The shift towards safer maturity structures has come at the expense of a leveraging-up in foreign-currency-denominated financial debt in several countries— reversing a de-dollarization trend seen during the last decade. We also provide evidence that a substantial part of these bonds were issued through offshore vehicles, suggesting regulatory and tax arbitrage strategies. For some corporations, rising dollar debt and high leverage will be particularly taxing in an environment of US dollar strengthening, less buoyant commodity prices and slowing domestic activity.

Author: J. Santiso
Publisher: Springer
ISBN: 1403973784
Category : Political Science
Languages : en
Pages : 268

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This book takes a cross-disciplinary look at the financial markets of emerging markets in Latin America. The author wants to disassemble the black box that is the financial market: what are the motivations and interests of the various actors, both institutional and individual?; How do these interact with each other?; How does this information help us understand the Mexican crisis in the 90s and the current crisis in Argentina? The author has conducted extensive interviews with brokers, asset managers, economists, strategists, and analysts in the US, UK, Europe, and Latin America, providing significant material for this study.

Author: Greg N Gregoriou
Publisher: CRC Press
ISBN: 1439818541
Category : Business & Economics
Languages : en
Pages : 630

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Explores the Origin of the Recent Banking Crisis and how to Preclude Future CrisesShedding new light on the recent worldwide banking debacle, The Banking Crisis Handbook presents possible remedies as to what should have been done prior, during, and after the crisis. With contributions from well-known academics and professionals, the book contains e

Author: José A. Soler Ramos
Publisher: IDB
ISBN: 9781886938717
Category : Business & Economics
Languages : en
Pages : 422

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"Drawing on practical methods used by successful risk managers in emerging and developed markets throughout the world, the book provides specific guidance on establishing a modern risk management framework and developing efficient approaches to increase the profitability of risk management activities in emerging market settings."--BOOK JACKET.

Author: World Institute for Development Economics Research
Publisher:
ISBN:
Category : Development economics
Languages : en
Pages : 96

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Author: Dagva Boldbaatar
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 300

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