Download or read book Contract Risk and Credit Spread Determinant in the International Project Bond Market written by Mansoor Dailami and published by World Bank Publications. This book was released on 2001 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: In infrastructure projects bondholders and shareholders share residual risks over time despite debt covenants meant to mitigate risk shifting. For projects accessing international bond markets to benefit from longer maturities and lower borrowing costs, it is therfore necessary to pay attention to such design features as capital structure, guarantees, off-take agreement, and project economics.
Download or read book The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions written by Jiri Podpiera and published by International Monetary Fund. This book was released on 2010-06-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper attempts to identify the fundamental variables that drive the credit default swaps during the initial phase of distress in selected European Large Complex Financial Institutions (LCFIs). It uses yearly data over 2004 - 08 for 29 European LCFIs. The results from a dynamic panel data estimator show that LCFIs’ business models, earnings potential, and economic uncertainty (represented by market expectations about the future risks of a particular LCFI and market views on prospects for economic growth) are among the most significant determinants of credit risk. The findings of the paper are broadly consistent with those of the literature on bank failure, where the determinants of the latter include the entire CAMELS structure - that is, Capital Adequacy, Asset Quality, Management Quality, Earnings Potential, Liquidity, and Sensitivity to Market Risk. By establishing a link between the financial and market fundamentals of LCFIs and their CDS spreads, the paper offers a potential tool for fundamentals-based vulnerability and early warning system for LCFIs.
Download or read book Contract Risks and Credit Spread Determinants in the International Project Bond Market written by Mansoor Dailami and published by . This book was released on 2016 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Tropical Bubbles written by Santiago Herrera and published by World Bank Publications. This book was released on 2001 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors examine if observed asset prices in Latin America depart significantly from fundamentals-determined levels. These departures, or bubbles, are found to be equally determined by both country-specific and common external variables, contrary to previous studies that found that local factors were predominant in asset price determination in Latin America.
Download or read book Hospital Governance and Incentive Design written by Florence Eid and published by World Bank Publications. This book was released on 2001 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Representation of community and government interests on hospital boards can balance the competing concerns of reducing costs and increasing the quality of service provision in corporatized hospitals.
Download or read book Applying the decision rights approach to a case of Hospital institutional Design written by Florence Eid and published by World Bank Publications. This book was released on 2001 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of a corporatized hospital in Lebanon shows that service delivery can be improved where there are appropriate incentives and mechanisms for risk sharing.
Download or read book Using Development Oriented Equity Investment as a Tool for Restructuring Transition Banking Sectors written by Helo Meigas and published by World Bank Publications. This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past 10 years th ...
Download or read book Is There a Positive Incentive Effect from Privatizing Social Security written by Truman Packard and published by World Bank Publications. This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introducing individual retirement accounts has a positive incentive effect that increases the share of the economically active population contributing to the reformed pension system. But this effect occurs only gradually as employers and workers become familiar with the new set of social insurance institutions put in place by reform.
Download or read book Implications for South Asian Countries of Abolishing the Multifibre Arrangement written by Sanjay Kathuria and published by World Bank Publications. This book was released on 2001 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modeling results suggest that South Asia as a whole will gain from the abolition of the quotas under the Multifibre Arrangement. Unambiguously, however, the gains from domestic reform will increase after the abolition of the arrangement as export demand becomes more price responsive.
Download or read book written by Books Group and published by World Bank Publications. This book was released on 2012-03 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1890 Excerpt: ...and inspection of commercial wares. Four stations are charged with the inspection of foods and beverages. Eight stations are organized with especial reference to more purely scientific research. Fifteen are conducting investigations in vegetable physiology, nine in animal physiology and nutrition, two on soils, three in dairying, four in sugar-beet culture, two in fruit and vine culture, one in agricultural physics, eight in chemistry or chemical technology, four in agricultural technology, two upon commercial agricultural products (especially wine and tobacco), and three upon beer brewing. Nine of the stations have vegetation houses for experiments in vegetable physiology, nine have experimental fields, seven have feeding stalls for experimental purposes, four have experimental gardens, two have special arrangements tor animals under experiment (Haustiergarten), two are equipped with Pettenkofers respiration apparatus, and one with a horse dynamometer. The German stations are like ours in the general character of their work, and in the fact of their connection with educational institutions, but since the latter institutions are under the control of the government, which also supplies a large amount of the revenues of the stations and appointmany of their officers, the stations are more directly subject to governmental supervision than ours. It should be observed that agricultural societies exercise the most important influence in their management; many of the stations were established by these societies and receive a considerable portion of their revenue from them. The revenues are smaller than ours, as are sala-ries and other expenses. A much larger proportion of the revenue comes from analyses of fertilizers and other commercial products. In general, the...
Download or read book Paying for Health Care written by Adam Wagstaff and published by World Bank Publications. This book was released on with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Egalitarian concepts of fairness in health care payments (requiring that payments be linked to ability to pay) are compared with minimum standards approaches (requiring that payments not exceed a prescribed share of prepayment income or not drive households into poverty). The arguments and methods are illustrated using data and out-of-pocket health spending in Vietnam in 1993 and 1998.
Download or read book First Time International Bond Issuance New Opportunities and Emerging Risks written by Ms.Anastasia Guscina and published by International Monetary Fund. This book was released on 2014-07-18 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: International bond issuance by debut issuers has risen in recent years. The uptick was a result of both demand and supply factors. The search for yield and demand for portfolio diversification have resulted in demand-driven easy financing conditions. At the same time, rising financing needs for many debut issuers, coupled with reduced access to concessional financing, relatively undeveloped domestic markets, and a favorable interest rate environment have made international bonds an attractive financing alternative for many countries. As bonds issued in the international markets are typically denominated in hard currencies, have large volumes and a bullet structure, exposure to exchange rate and refinancing risk has increased. Therefore, risk-mitigating policy actions are needed to prepare for redemption, support debt sustainability, and secure adequate debt management capacity.
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Project Finance in Theory and Practice written by Stefano Gatti and published by Elsevier. This book was released on 2023-05-24 with total page 601 pages. Available in PDF, EPUB and Kindle. Book excerpt: Project Finance in Theory and Practice: Designing, Structuring, and Financing Private and Public Projects, Fourth Edition provides essential, core coverage of project finance, offering new insights into Sharia-compliant instruments and a comprehensive overview of the current state of international regulation of banking post financial crisis. This updated edition includes new case studies and topics related to country risk, along with insights from project finance experts who share their specialized knowledge on legal issues and the role of advisors in project finance details. The book will be useful for readers at all levels of education and experience who want to learn how to succeed in project finance. - Features useful, illustrative case studies - Addresses human rights and sustainability issues, in particular the Equator Principles for determining, assessing and managing environmental and social risk in projects - Explores treatment of guarantee mechanisms that governments are increasingly providing to private developers to attract private capital
Download or read book U S Dollar Currency Premium in Corporate Bonds written by John Caramichael and published by International Monetary Fund. This book was released on 2021-07-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o utside t he U .S. a nd e uro a rea. We make s everal empirical observations that dissect the perceived advantage of borrowing in the dollar. First, while the dollar dominates global debt issuance, borrowing costs in the dollar are more expensive without a currency hedge and about the same with a currency hedge when compared to the euro. This observed parity in currency-hedged corporate borrowing stands in contrast to the persistent deviation from covered interest parity in risk-free rates. Second, we observe a dollar safety premium in relative hedged borrowing costs, found in the subset of bonds with high credit ratings and short maturities, attributes similar to those of safe sovereigns. Finally, we find that firms flexibly adjust the currency mix of their debt issuance depending on the relative borrowing cost between dollar and euro debt. In sum, the disproportionate demand for U.S. dollar debt is reflected in higher issuance volumes that drive up the currency hedged dollar borrowing costs such that at the margin they equate to euro borrowing costs.
Download or read book Structured Finance written by Stefano Caselli and published by Springer Science & Business Media. This book was released on 2005-06-23 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: First comprehensive book on all structured finance products Complete information on technical features, roles played by intermediaries, market in terms of demand and offer Clear structure of the book makes it suitable as a textbook for students and as a reference book for practitioners
Download or read book A Primer on Managing Sovereign Debt Portfolio Risks written by Thordur Jonasson and published by International Monetary Fund. This book was released on 2018-04-06 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.
