Download or read book Greco Roman Lessons for Public Debt Management and Debt Market Development written by Alessandra Campanaro and published by World Bank Publications. This book was released on 2004 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: "Greece and Italy initiated efforts to improve public debt management and develop their domestic debt markets respectively in the late 1970s and mid-1980s. At that time, both countries suffered from large and rapidly growing public debt, excessive reliance on short-term bills held by commercial banks, a strong preference of households to save in bank deposits, and a weak presence of institutional investors (pension funds, insurance companies, and mutual funds). Continuing large fiscal deficits, high levels of interest rates and inflation, and serious policy credibility problems impeded the use of long-term instruments. Campanaro and Vittas provide a detailed analysis of the characteristics of the instruments that were used in these two countries, their pace of issuance, and their impact on the composition of public debt. The authors note that the main Greco-Roman lesson for developing and transition countries concerns the transition from an excessive reliance on short-term Treasury bills, held by captive banks, to a liquid market with long-term instruments held, and actively traded, by long-term institutional investors. The transition required moving gradually to medium-term instruments, experimenting with innovation, and targeting households and foreign investors, while taking steps to establish policy credibility by lowering fiscal deficits and inflation. When reliance on captive sources of finance was substantially reduced and policy credibility was established, both countries focused on developing active money markets and liquid secondary markets with benchmark issues of fixed-rate long-term securities. They ultimately succeeded in developing active professional markets, using modern practices, targeting well-established European institutional investors, and integrating into the highly sophisticated euro markets. However, integration into the euro markets was the culmination of a prolonged effort of modernization and adaptation and was greatly facilitated by their strong political commitment to achieve economic convergence and join the euro zone. This paper a product of the Financial Sector Operations and Policy Department is part of a larger effort in the department to study public debt management and debt market development"--World Bank web site.
Download or read book Greco Roman Lessons for Public Debt Management and Debt Market Development written by Alessandra Campanaro and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Greece and Italy initiated efforts to improve public debt management and develop their domestic debt markets respectively in the late 1970s and mid-1980s. At that time, both countries suffered from large and rapidly growing public debt, excessive reliance on short-term bills held by commercial banks, a strong preference of households to save in bank deposits, and a weak presence of institutional investors (pension funds, insurance companies, and mutual funds). Continuing large fiscal deficits, high levels of interest rates and inflation, and serious policy credibility problems impeded the use of long-term instruments. The authors provide a detailed analysis of the characteristics of the instruments that were used in these two countries, their pace of issuance, and their impact on the composition of public debt. The authors note that the main Greco-Roman lesson for developing and transition countries concerns the transition from an excessive reliance on short-term Treasury bills, held by captive banks, to a liquid market with long-term instruments held, and actively traded, by long-term institutional investors. The transition required moving gradually to medium-term instruments, experimenting with innovation, and targeting households and foreign investors, while taking steps to establish policy credibility by lowering fiscal deficits and inflation. When reliance on captive sources of finance was substantially reduced and policy credibility was established, both countries focused on developing active money markets and liquid secondary markets with benchmark issues of fixed-rate long-term securities. They ultimately succeeded in developing active professional markets, using modern practices, targeting well-established European institutional investors, and integrating into the highly sophisticated euro markets. However, integration into the euro markets was the culmination of a prolonged effort of modernization and adaptation and was greatly facilitated by their strong political commitment to achieve economic convergence and join the euro zone.
Download or read book Greco Roman Lessons for Public Debt Managementand Debt Market Development written by Dimitri Vittas and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Developing the Domestic Government Debt Market written by and published by World Bank Publications. This book was released on 2007-01-01 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Domestic government debt markets play a critical role in managing public debt effectively and reducing the vulnerability of developing countries to financial crises. Many aspects of debt markets - money, primary, and secondary markets; a diversified investor base; and sound securities custody and settlement systems and regulation - interact in complex ways and are affected by previous policies and developments. Developing the Domestic Government Debt Market: From Diagnostics to Reform Implementation draws insights from a joint pilot program set up by the World Bank and International Monetary Fund to design relevant reform and capacity-building programs in twelve countries. The experiences of these geographically and economically diverse countries - Bulgaria, Colombia, Costa Rica, Croatia, Indonesia, Kenya, Lebanon, Nicaragua, Pakistan, Sri Lanka, Tunisia, and Zambia - illustrate the challenges, obstacles, and progress in applying principles of market development. Developing the Domestic Government Debt Market will serve government officials contemplating or in the process of reforming their practices, providers of technical assistance, and practitioners working on building capacity in debt market development. Because effective development of debt markets is one key piece in sound public debt management, readers will also be interested in the companion volume, Managing Public Debt, published by The World Bank in February 2007, based on the same joint pilot program.
Download or read book Debt Management and Government Securities Markets in the 21st Century written by OECD and published by OECD Publishing. This book was released on 2002-09-05 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reviews recent trends in the structure of OECD government securities markets and public debt management operations, and highlights the generic structural policy issues in emerging debt markets.
Download or read book The World Bank Research Program 2005 2007 written by and published by World Bank Publications. This book was released on 2008 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pocket-sized reference on key environmental data for over 200 countries includes key indicators on agriculture, forestry, biodiversity, energy, emission and pollution, and water and sanitation. The volume helps establish a sound base of information to help set priorities and measure progress toward environmental sustainability goals.
Download or read book Index to International Statistics written by and published by . This book was released on 2005 with total page 1064 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Coordinating Public Debt and Monetary Management written by Vasudevan Sundararajan and published by International Monetary Fund. This book was released on 1997-04-15 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited by V. Sundararajan, Peter Dattels, and Hans Blommestein, this volume outlines strategies for managing public debt, developing government securities markets, and coordinating those activities with monetary management through legal, administrative, and operational arrangements. Both transition and market economies are surveyed. The analysis draws partly on the literature on the microstructure of markets and auction systems and on selected country experiences.
Download or read book Creating Markets for Habitat Conservation when Habitats are Heterogeneous written by Kenneth M. Chomitz and published by . This book was released on 2004 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Transactions Costs of Primary Market Issuance written by Sara Zervos and published by . This book was released on 2004 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Zervos documents the precise costs of debt and equity issuance, both domestically and internationally, for firms in Brazil, Chile, and Mexico. Costs include investment banking and legal fees, regulatory and exchange listing costs, rating agency fees, and expenditures for marketing and publishing. Her findings suggest that Brazilian firms face similar costs in issuing debt locally or abroad, whereas domestic equity issuance is nearly twice as expensive as debt. While the Chilean domestic corporate debt market is well developed by emerging market standards (size of the market and maturity of issues), Chilean firms can issue debt more cheaply internationally than at home. In addition, while equity financing is cheaper in Chile from a transaction cost perspective, over the past decade most firms have used bonds rather than shares to raise capital. This financing trend is true in all three countries. Finally, Mexican firms can issue debt at the lowest costs of the three, but face the highest equity issuing costs. In addition to documenting these features, the author sheds light on how the investor base in these countries plays a strong role in influencing the ability of firms to access domestic capital markets"--Abstract.
Download or read book Universal Service Obligations in Developing Countries written by Antonio Estache and published by . This book was released on 2004 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Estache, Laffont, and Zhang develop a model to analyze the effects of asymmetric information on optimal universal service policy in the public utilities of developing countries. Optimal universal service policy is implemented using two regulatory instruments, pricing and network investment. Under discriminatory pricing, asymmetric information leads to a higher price and smaller network in the rural area than under full information. Under uniform pricing, the price is lower but the network is even smaller. In addition, under both pricing regimes, not only the firm but also taxpayers have incentives to collude with the regulator. This paper, a product of the Office of the Vice President, Infrastructure Network, is part of a larger effort in the network to promote analytical work on emerging policy issues in infrastructure service delivery"-- World Bank web site.
Download or read book North south Technology Diffusion Regional Integration and the Dynamics of the natural Trading Partners Hypothesis written by Maurice Schiff and published by . This book was released on 2004 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Can Student Loans Improve Accessibility to Higher Education and Student Performance written by Erik Canton and published by . This book was released on 2004 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Financial aid to students in tertiary education can contribute to human capital accumulation through two channels--increased enrollment and improved student performance. Canton and Blom analyze the quantitative importance of both channels in the context of a student loan program (SOFES) implemented at private universities in Mexico. With regard to the first channel, enrollment, results from the Mexican household survey indicate that financial support has a strong positive effect on university enrollment. Given completion of upper secondary education, the probability of entering higher education rises 24 percent. The authors use two data sources to investigate the second channel, student performance. They analyze administrative data provided by SOFES using a regression-discontinuity design, and survey data enable them to perform a similar analysis using a different control group. Empirical results suggest that SOFES recipients show better academic performance than students without a credit from SOFES. However, the results cannot be interpreted as a purely causal impact of the student loan program, since the impacts also could reflect (self-) selection of students"--Abstract.
Download or read book Toward a Social Policy for Argentina s Infrastructure Sectors written by Vivien Foster and published by . This book was released on 2004 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author's findings are that current social policies do not prove to be very effective in targeting resources to the poor. They have no real impact on the distribution of income across customers. An important reason for this targeting failure is the tendency to allocate resources to all households resident in a particular geographical area, irrespective of socioeconomic status. A series of simulations that limit subsidies to households reaching a minimum score on a multidimensional poverty index show that individual targeting of this kind potentially leads to a more progressive distribution of subsidies. However, the greatest improvements in targeting performance would be achieved if efforts switched from subsidizing the use of infrastructure services to subsidizing connections to those services"--Abstract.
Download or read book Bibliographie Mensuelle written by United Nations Library (Geneva, Switzerland) and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Remittances and Poverty in Guatemala written by Richard H. Adams and published by . This book was released on 2004 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Adams uses a large, nationally representative household survey to analyze the impact of internal remittances (from Guatemala) and international remittances (from the United States) on poverty in Guatemala. With only one exception, he finds that both internal and international remittances reduce the level, depth, and severity of poverty in Guatemala. However, he finds that remittances have a greater impact on reducing the severity as opposed to the level of poverty in Guatemala. For example, the squared poverty gapwhich measures the severity of povertyfalls by 21.1 percent when internal remittances are included in household income, and by 19.8 percent when international remittances are included in such income. This is true because households in the lowest decile group receive a very large share of their total household income (expenditure) from remittances. Households in the bottom decile group receive between 50 and 60 percent of their total income (expenditure) from remittances. When these "poorest of the poor" households receive remittances, their income status changes dramatically and this in turn has a large effect on any poverty measurelike the squared poverty gapthat considers the number, distance, and distribution of poor households beneath the poverty line. This paper--a product of the Trade Team, Development Research Group--is part of a larger effort in the group to understand the impact of international migration and remittances on poverty and development"--World Bank web site.
Download or read book Foreign Bank Entry Performance of Domestic Banks and Sequence of Financial Liberalization written by Nihal Bayraktar and published by . This book was released on 2004 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: One observation based on descriptive analysis is that the degree of openness to foreign bank entry varies a great deal, which is not correlated with average income levels or with GDP growth. Second, the sequence of financial liberalization matters for the performance of the domestic banking sector: After controlling for macroeconomic variables and grouping countries by their sequence of liberalization, foreign bank entry has significantly improved domestic bank competitiveness in countries that liberalized their stock market first. In these countries, both profit and cost indicators are negatively related to the share of foreign banks. Countries that liberalized their capital account first seem to have benefited less from foreign bank entry compared with the other two sets of countries"--Abstract.
