Download or read book Public Debt Markets in Central America Panama and the Dominican Republic written by Laura Valderrama and published by INTERNATIONAL MONETARY FUND. This book was released on 2007-06-01 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama as at end-2005. Although they account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons. The problems of small scale, dollarization, and weak public finances in many countries are compounded by poor structure and composition of debt (with sizeable nonstandard and non-tradable components), fragmentation of public debt between central banks and the sovereigns and across instruments, poor debt management practices, weaknesses in securities market, and small investor bases all of which result in high transaction costs and a lack of liquid benchmarks. The paper also briefly discusses efforts towards and impediments to regional integration of public debt markets. The authorities recognize these problems and the paper takes note of the regional efforts to harmonize debt standards and improve issuance practices. It offers several recommendations to improve strategic debt management, issuance mechanics, and secondary trading.
Download or read book A Debt Intolerance Framework Applied to Central America Panama and the Dominican Republic written by Mr.Geoffrey J. Bannister and published by International Monetary Fund. This book was released on 2011-09-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an alternative method for calculating debt targets using the debt intolerance literature of Reinhart, Rogoff, and Savastano (2003) and Reinhart and Rogoff (2009). The methodology presented improves on the previous papers by using a dynamic panel approach, correcting for endogeneity in the regressors and basing the calculation of debt targets on credit ratings, a more objective criteria. In addition the study uses a new data base on general government debt covering 120 countries over 21 years. The paper suggests a ranking of Central America, Panama, and Dominican Republic (CAPDR) countries in terms of debt intolerance - an index which could be used to further investigate the main components of debt intolerance.
Download or read book Equity and Private Debt Markets in Central America Panama and the Dominican Republic written by and published by . This book was released on 2007 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study focuses on equity, private debt, and asset-backed securities markets in Central America. These markets are generally under-developed throughout the region due to several structural problems, economic and political factors, and weaknesses in regulation and in institutional investor base. The paper identifies key country-specific recommendations to strengthen securities laws, regulatory oversight, market infrastructure, investor base, and new products such as asset-backed securities. Despite these efforts, developing seven viable private capital markets is a difficult goal. The paper thus also explores the benefits and difficulties of creating a single capital market in a region still short of full economic integration.
Download or read book Equity and Private Debt Markets in Central America Panama and the Dominican Republic written by Hemant Shah and published by INTERNATIONAL MONETARY FUND. This book was released on 2007-12-01 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study focuses on equity, private debt, and asset-backed securities markets in Central America. These markets are generally under-developed throughout the region due to several structural problems, economic and political factors, and weaknesses in regulation and in institutional investor base. The paper identifies key country-specific recommendations to strengthen securities laws, regulatory oversight, market infrastructure, investor base, and new products such as asset-backed securities. Despite these efforts, developing seven viable private capital markets is a difficult goal. The paper thus also explores the benefits and difficulties of creating a single capital market in a region still short of full economic integration.
Download or read book Central America Panama and the Dominican Republic written by Mr.Marco Pinon and published by International Monetary Fund. This book was released on 2012-06-28 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central America, Panama, and the Dominican Republic coped well with the global financial crisis of 2008-09. The impact was generally less severe and shorter lived than in previous episodes, the balance of payments adjustment was orderly, and the stability of the financial system was not compromised. This resilience can be attributed to a large extent to the strengthening of the fiscal frameworks, monetary management, and financial reforms conducted in the years preceding the global crisis. Nevertheless, the region faces considerable challenges for the period ahead, including the need to raise medium term growth above historical levels and protect macroeconomic and financial stability. This book argues that meeting these challenges will have to come from within, in light of the anticipated modest demand growth from trade partners. Raising growth in the region will depend on the adoption of structural reforms that generate substantial productivity gains. Rebuilding fiscal space and securing debt sustainability will hinge on efforts to increase tax revenue and reorienting spending to social and investment priorities. In the non-officially dollarized economies, it will also be essential to strengthen the monetary policy frameworks to keep inflation low and increase exchange rate flexibility, and improve financial regulation and supervision.
Download or read book Public Debt Markets in Central America written by and published by . This book was released on 2007 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama as at end-2005. Although they account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons. The problems of small scale, dollarization, and weak public finances in many countries are compounded by poor structure and composition of debt (with sizeable nonstandard and non-tradable components), fragmentation of public debt between central banks and the sovereigns and across instruments, poor debt management practices, weaknesses in securities market, and small investor bases all of which result in high transaction costs and a lack of liquid benchmarks. The paper also briefly discusses efforts towards and impediments to regional integration of public debt markets. The authorities recognize these problems and the paper takes note of the regional efforts to harmonize debt standards and improve issuance practices. It offers several recommendations to improve strategic debt management, issuance mechanics, and secondary trading.
Download or read book Paving the Way to Sustained Growth and Prosperity in Central America Panama and the Dominican Republic written by Ms.Kimberly Beaton and published by International Monetary Fund. This book was released on 2019-09-13 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Accelerating economic growth in Central America, Panama and the Dominican Republic (CAPDR) remains an elusive task. While the region performed relatively well in the post-global financial crisis period, over the last five years obstacles to growth have become more evident and new challenges have emerged. In response, the region has strengthened macro-financial frameworks but more progress will be required to pave the way to sustained growth and prosperity. This book considers the structural factors underlying the region’s growth outlook and assesses its macroeconomic and financial challenges to help shape the policy agenda going forward. The book first identifies the structural determinants of growth in the region related to: capital formation; employment; demographic factors, including immigration; productivity; and violence. It then highlights the importance of creating fiscal space through the design and implementation of fiscal rules and mechanisms to increase accountability (better quality of public spending, adequate policies to reduce income inequality and sustainable retirement plans). Finally, it presents recent evidence on the importance of a supportive financial sector for growth (including through financial inclusion and development).
Download or read book Excerpt Paving the Way to Sustained Growth and Prosperity in Central America Panama and the Dominican Republic written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2018-07-23 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an excerpt from Paving the Way to Growth and Prosperity in Central America, Panama, and the Dominican Republic edited by Kimberly Beaton, Roberto Garcia Saltos, and Lorenzo Figliuoli. Over the past three decades, countries in Central America, Panama, and the Dominican Republic have experienced sustained economic transfor-mation. The region has moved away from its rural and agricultural past to a modern and urban present and has significantly integrated its econ-omies regionally and globally. Many factors have shaped the region’s economic performance and are expected to contribute to its future development. The book aims to foster policy dialogue and contribute to the efforts to address the region’s unique challenges. The first part looks at the region’s growth with a view to understanding how structural determinants have contributed to the region’s uneven gains and the resulting priorities to strengthen the foundations of growth. The second part of the book high-lights the importance of addressing the region’s fiscal challenges and supporting growth and improved social outcomes. Finally, the third part of the book emphasizes the importance of a supportive financial sector for growth, including through financial inclusion and development. This excerpt is taken from uncorrected page proofs. Please check quota-tions and attributions against the final published volume.
Download or read book The External Debt of Latin America written by Nicholas K. Bruck and published by . This book was released on 1980 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Debt and Credit Quality in Central America Panama and the Dominican Republic written by Guillermo Lagarda and published by . This book was released on 2016 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit quality has long been associated with the level of indebtedness. But the sole fact that there are countries with high creditworthiness and large stocks of debt suggests that indebtedness is just one of many factors which determine credit quality. In this paper we investigate the role that economic fundamentals have on risk perception of public debt, through both direct and indirect effects. Countries are grouped into four clusters, each corresponding to a different stage of development in their economic fundamentals. We find that the effect of the debt burden on credit quality is conditional on the current level of economic fundamentals and the degree to which they are improving. A transition to stronger fundamentals would require moving to a better cluster but would ease pressure on any debt adjustment necessary to improve creditworthiness. Consequently, there are two types of approaches countries in CAPDR could focus on to improve credit quality. On the one hand, there are a set of actions which could be carried out in the short run to move within a particular group or cluster-fiscal toolkit. On the other hand, there are actions, which in the medium term may enable a country to transition to a group with better credit perception-structural changes.
Download or read book Central America Panama and the Dominican Republic written by Mr.Marco Pinon and published by International Monetary Fund. This book was released on 2012-07-16 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central America, Panama, and the Dominican Republic coped well with the global financial crisis of 2008-09. The impact was generally less severe and shorter lived than in previous episodes, the balance of payments adjustment was orderly, and the stability of the financial system was not compromised. This resilience can be attributed to a large extent to the strengthening of the fiscal frameworks, monetary management, and financial reforms conducted in the years preceding the global crisis. Nevertheless, the region faces considerable challenges for the period ahead, including the need to raise medium term growth above historical levels and protect macroeconomic and financial stability. This book argues that meeting these challenges will have to come from within, in light of the anticipated modest demand growth from trade partners. Raising growth in the region will depend on the adoption of structural reforms that generate substantial productivity gains. Rebuilding fiscal space and securing debt sustainability will hinge on efforts to increase tax revenue and reorienting spending to social and investment priorities. In the non-officially dollarized economies, it will also be essential to strengthen the monetary policy frameworks to keep inflation low and increase exchange rate flexibility, and improve financial regulation and supervision.
Download or read book Development Centre Studies Capital Markets in the Dominican Republic Tapping the Potential for Development written by OECD and published by OECD Publishing. This book was released on 2012-08-08 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report presents a detailed analysis of the Dominican Republic’s financial system and offers a series recommendations to develop the country’s capital markets.
Download or read book Sovereign Debt Restructurings 1950 2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Download or read book A Historical Public Debt Database written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-11-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes the compilation of the first truly comprehensive database on gross government debt-to-GDP ratios, covering nearly the entire IMF membership (174 countries) and spanning an exceptionally long time period. The database was constructed by bringing together a number of other datasets and information from original sources. For the most recent years, the data are linked to the IMF World Economic Outlook (WEO) database to facilitate regular updates. The paper discusses the evolution of debt-to-GDP ratios across country groups for several decades, episodes of debt spikes and reversals, and a pattern of negative correlation between debt and growth.
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Download or read book Social Expenditure in Central America Panama and the Dominican Republic at a Glance written by Marco Solera and published by Inter-American Development Bank. This book was released on 2016-03-01 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social spending is a powerful tool to reduce poverty, achieve higher equality and better life conditions for the inhabitants of a country. In "Social Expenditure in Central America, Panama and the Dominican Republic: 2007-2013", a characterization of the different variables that have taken social expenditure to its current position is performed. During the economic crisis period, many governments of the region confront this situation with an increase in social expenditures. However, part of the increase was centered on inflexible items, particularly wages, which facilitated the increase in fiscal deficits and, consequently, on public debt. Thus, after the financial crisis, the fiscal situation has reduced governments' buffers to respond to economic shocks, which imply that we need to examine the fiscal policy given its rigidity, the scarcity of public resources and the institutional contract. The study of wage bill increases provides more information related to the causes of this dynamic, and allow us to offer recommendations to improve spending management without threatening public finances. A better use of resources could contribute to define a more efficient and equitable agenda for the countries in the region. Finally, something that was not deeply explored, as of today, is the institutional complexity and how this could facilitate, or hinder, the government's ability to express its fiscal policy, including the effectiveness in the use of public resources.
Download or read book New Approaches to the Latin American Debt Crisis written by Jeffrey Sachs and published by . This book was released on 1989 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: