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Author: Nigel Andrew Chalk Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 36
Book Description
Since the mid-1980s, the securitization of future flow receivables has grown in importance as a financing alternative for the public sector. In a world of perfect capital markets, there appears to be little rationale-in terms of reducing the average cost of public sector financing-to resort to secured borrowing. However, for many developing countries, financial markets are far from perfect. In particular, there may be an important role for secured financing where increased uncertainty or financial market volatility leads to credit rationing driven by information asymmetries. Secured financing, however, does not provide a free lunch. Such arrangements subordinate existing and future creditors and, as a result, may raise the cost of future borrowing. In addition, high transaction costs, the thin market in secured instruments, the risk of legal challenges, and reduced budget and debt management flexibility may offset the cost advantage of public sector securitization.
Author: Nigel Andrew Chalk Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 36
Book Description
Since the mid-1980s, the securitization of future flow receivables has grown in importance as a financing alternative for the public sector. In a world of perfect capital markets, there appears to be little rationale-in terms of reducing the average cost of public sector financing-to resort to secured borrowing. However, for many developing countries, financial markets are far from perfect. In particular, there may be an important role for secured financing where increased uncertainty or financial market volatility leads to credit rationing driven by information asymmetries. Secured financing, however, does not provide a free lunch. Such arrangements subordinate existing and future creditors and, as a result, may raise the cost of future borrowing. In addition, high transaction costs, the thin market in secured instruments, the risk of legal challenges, and reduced budget and debt management flexibility may offset the cost advantage of public sector securitization.
Author: Nigel Chalk Publisher: ISBN: Category : Languages : en Pages : 30
Book Description
Since the mid-1980s, the securitization of future flow receivables has grown in importance as a financing alternative for the public sector. In a world of perfect capital markets, there appears to be little rationale in terms of reducing the average cost of public sector financing to resort to secured borrowing. However, for many developing countries, financial markets are far from perfect. In particular, there may be an important role for secured financing where increased uncertainty or financial market volatility leads to credit rationing driven by information asymmetries. Secured financing, however, does not provide a free lunch. Such arrangements subordinate existing and future creditors and, as a result, may raise the cost of future borrowing. In addition, high transaction costs, the thin market in secured instruments, the risk of legal challenges, and reduced budget and debt management flexibility may offset the cost advantage of public sector securitization.
Author: Inge Kaul Publisher: Oxford University Press ISBN: 9780195179972 Category : Business & Economics Languages : en Pages : 696
Book Description
Globalisation has meant the closer integration of countries and a greater need for collective action. This book, which contains 24 essays from contributors from around the world, provides one of the first systematic treatments of public finance in this new era. It deals with such topics as: increasing aid efficiency; public-private cooperation and competition; and taking the outside world into consideration.
Author: International Monetary Fund. Fiscal Affairs Dept. Publisher: International Monetary Fund ISBN: 1498329373 Category : Business & Economics Languages : en Pages : 33
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1589064925 Category : Business & Economics Languages : en Pages : 141
Book Description
Intraregional financial activity in Central America has grown substantially in the past decade, contributing to efficiency and economic development. At the same time, the expansion of activities by regional conglomerates has increased the challenges to supervisory authorities of containing the risks of contagion. Prepared as part of the Central America Financial Sector Regional Project by an IMF and World Bank staff team, this book outlines trends in the region's financial sector integration, supervisory responses, development of the insurance sector, payment and securities settlement arrangements, and worker remittances. It addresses the many common policy challenges facing Central American countries--Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama--in financial sector reform. The book offers key policy recommendations.
Author: Mr.Barry Anderson Publisher: International Monetary Fund ISBN: 9781589064935 Category : Business & Economics Languages : en Pages : 104
Book Description
Public-private partnerships (PPPs) refer to arrangements under which the private sector supplies infrastructure assets and infrastructure-based services that traditionally have been provided by the government. PPPs are used for a wide range of economic and social infrastructure projects, but they are used mainly to build and operate roads, bridges and tunnels, light rail networks, airports and air traffic control systems, prisons, water and sanitation plants, hospitals, schools, and public buildings. PPPs offer benefits similar to those offered by privatization, which is the sale of government-owned enterprises or assets. By the late 1990s, when privatization was losing much of its earlier momentum, PPPs began to be widely seen as a means of obtaining private sector capital and management expertise for infrastructure investment. After a modest start, a wave of PPPs is now beginning to sweep the world. This Special Issue paper provides an overview of some of the issues raised by PPPs, with a particular focus on their fiscal consequences. It also looks at government guarantees, which are used fairly widely to shield the private sector from risk and are a common feature of PPPs. And it examines the consequences of PPPs and guarantees for debt sustainability. The paper concludes with a list of measures that can maximize the benefits and minimize the fiscal risks associated with the use of PPPs. Various appendices augment the discussion by examining country experiences with PPPs, summarizing the statistical reporting framework used to discuss fiscal accounting and reporting, explaining accounting for risk transfer, examining how guarantees are modeled and estimated in Chile, and summarizing international accounting and reporting standards for contingent liabilities.
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1498330258 Category : Business & Economics Languages : en Pages : 94
Author: Mr.Eduardo Borensztein Publisher: International Monetary Fund ISBN: 1589063775 Category : Business & Economics Languages : en Pages : 72
Book Description
The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution. This paper seeks to broaden this debate. It asks how government debt could be structured to pursue other objectives, including crisis prevention, international risk-sharing, and facilitating the adjustment of fiscal variables to changes in domestic economic conditions. To that end, the paper considers recently developed analytical approaches to improving sovereign debt structure using existing instruments, and reviews a number of proposals--including the introduction of explicit seniority and GDP-linked instruments--in the sovereign context.
Author: Lena Bloemertz Publisher: LIT Verlag Münster ISBN: 3643901577 Category : Business & Economics Languages : en Pages : 282
Book Description
Through a range of articles, this book explores the changing nature of risk in contemporary African societies. It provides a valuable addition to the current debate on the concept of risk, which has traditionally been skewed in favor of a European historical experience. The contributions illustrate that technological hazards, pollution, and climate change - as well as the introduction of new forms of insurance and the restructuring of civil society - are just some of the recent developments that invite us to be skeptical of prevailing notions of risk in the African context. The reader is encouraged to move away from focusing on the vulnerability of Africa as a pre-modern society to consider more localized and contemporary perspectives of risk. In exploring new ways of conceptualizing risk in Africa, the book addresses the challenge of making theoretical and methodological advances in risk research relevant to understanding the processes of social change on the continent. (Series: Articles on African Studies / Beitrage zur Afrikaforschung - Vol. 51)
Author: Nigel Andrew Chalk
Author: Nigel Andrew Chalk
Author: Nigel Andrew Chalk
Author: Nigel Chalk
Author: Inge Kaul
Author: International Monetary Fund. Fiscal Affairs Dept.
Author: International Monetary Fund
Author: Mr.Barry Anderson
Author: International Monetary Fund. Research Dept.
Author: Mr.Eduardo Borensztein
Author: Lena Bloemertz