ebooks, audiobooks, and more for reads
Download Sovereign Debt Renegotiation Under Asymmetric Information full books in PDF, epub, and Kindle. Read online Sovereign Debt Renegotiation Under Asymmetric Information ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Download or read book Sovereign Debt Renegotiation Under Asymmetric Information written by Kenneth Kletzer and published by . This book was released on 1988 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author: Kenneth Kletzer
Publisher: World Bank Publications
Published: 1990
Total Pages: 64
ISBN-13:
DOWNLOAD EBOOKPrivate renegotiation of debt repayments and new loans is inefficient because of the creditors' seniority privileges and lack of commitment and the inadequate information creditors have about debtors' policy choices.
Download or read book Inefficient Private Renegotiation of Sovereign Debt written by Kenneth Kletzer and published by World Bank Publications. This book was released on 1990 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private renegotiation of debt repayments and new loans is inefficient because of the creditors' seniority privileges and lack of commitment and the inadequate information creditors have about debtors' policy choices.
Author: Boon-Chye Lee
Publisher: Routledge
Published: 2019-09-06
Total Pages: 156
ISBN-13: 1000244334
DOWNLOAD EBOOKThe author considers the risks that the failure of Third World economies pose for highly exposed banks, whose collapse would threaten domestic as well as international financial systems.
Download or read book The Economics Of International Debt Renegotiation written by Boon-Chye Lee and published by Routledge. This book was released on 2019-09-06 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author considers the risks that the failure of Third World economies pose for highly exposed banks, whose collapse would threaten domestic as well as international financial systems.
Author: Kenneth Kletzer
Publisher: International Monetary Fund
Published: 2003-06
Total Pages: 32
ISBN-13:
DOWNLOAD EBOOKThis paper compares the restructuring of sovereign bonds with and without collective action clauses. One conclusion is that collective action clauses can allow efficient debt renegotiation in a formal model of sovereign debt renegotiation while unanimity rules offer incentives for opportunistic behavior by bondholders that leads to inefficient outcomes. With collective action clauses, the mutual gains from renegotiation can be internalized by bondholders so that the holders of each bond issue have incentives to participate in a collective debt restructuring. The analysis abstracts from transactions costs, and the last conclusion might well be sensitive to renegotiation and coordination costs.
Download or read book Sovereign Bond Restructuring written by Kenneth Kletzer and published by International Monetary Fund. This book was released on 2003-06 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares the restructuring of sovereign bonds with and without collective action clauses. One conclusion is that collective action clauses can allow efficient debt renegotiation in a formal model of sovereign debt renegotiation while unanimity rules offer incentives for opportunistic behavior by bondholders that leads to inefficient outcomes. With collective action clauses, the mutual gains from renegotiation can be internalized by bondholders so that the holders of each bond issue have incentives to participate in a collective debt restructuring. The analysis abstracts from transactions costs, and the last conclusion might well be sensitive to renegotiation and coordination costs.
Download or read book The Strategy of Sovereign Debt Renegotiation written by Eric Rasmusen and published by . This book was released on 1992 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimal Adjustment Policy and Debt-restructuring Under Asymmetric Information written by Aquiles A. Almansi and published by . This book was released on 1987 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author: Yakov Amihud
Publisher: Now Publishers Inc
Published: 2006
Total Pages: 109
ISBN-13: 1933019123
DOWNLOAD EBOOKLiquidity and Asset Prices reviews the literature that studies the relationship between liquidity and asset prices. The authors review the theoretical literature that predicts how liquidity affects a security's required return and discuss the empirical connection between the two. Liquidity and Asset Prices surveys the theory of liquidity-based asset pricing followed by the empirical evidence. The theory section proceeds from basic models with exogenous holding periods to those that incorporate additional elements of risk and endogenous holding periods. The empirical section reviews the evidence on the liquidity premium for stocks, bonds, and other financial assets.
Download or read book Liquidity and Asset Prices written by Yakov Amihud and published by Now Publishers Inc. This book was released on 2006 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liquidity and Asset Prices reviews the literature that studies the relationship between liquidity and asset prices. The authors review the theoretical literature that predicts how liquidity affects a security's required return and discuss the empirical connection between the two. Liquidity and Asset Prices surveys the theory of liquidity-based asset pricing followed by the empirical evidence. The theory section proceeds from basic models with exogenous holding periods to those that incorporate additional elements of risk and endogenous holding periods. The empirical section reviews the evidence on the liquidity premium for stocks, bonds, and other financial assets.
Author: Mr.George C. Anayotos
Publisher: International Monetary Fund
Published: 1994-07-01
Total Pages: 28
ISBN-13: 1451955782
DOWNLOAD EBOOKThis paper assesses the impact of information asymmetries on developing country financing and considers alternative techniques to reduce the adverse implications of such asymmetries. Following an introduction, Section II examines in general terms the role of information in financial markets and analyzes the incentive and risk sharing properties of alternative financial contracts. Information asymmetries which are present in domestic finance are more prevalent in international finance, in particular in developing country financing. Section III reviews measures aiming to resolve information asymmetries. Borrowing and creditor country regulations and policies, as well as innovative contractual agreements help to resolve a range of issues related to information asymmetries. However, despite their contribution, residual problems remain unresolved. The international financial institutions, and in particular the Fund, have an important role to play in alleviating information asymmetries.
Download or read book Information Asymmetries in Developing Country Financing written by Mr.George C. Anayotos and published by International Monetary Fund. This book was released on 1994-07-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the impact of information asymmetries on developing country financing and considers alternative techniques to reduce the adverse implications of such asymmetries. Following an introduction, Section II examines in general terms the role of information in financial markets and analyzes the incentive and risk sharing properties of alternative financial contracts. Information asymmetries which are present in domestic finance are more prevalent in international finance, in particular in developing country financing. Section III reviews measures aiming to resolve information asymmetries. Borrowing and creditor country regulations and policies, as well as innovative contractual agreements help to resolve a range of issues related to information asymmetries. However, despite their contribution, residual problems remain unresolved. The international financial institutions, and in particular the Fund, have an important role to play in alleviating information asymmetries.
Author: Lorenzo Forni
Publisher: International Monetary Fund
Published: 2016-08-16
Total Pages: 42
ISBN-13: 1475526520
DOWNLOAD EBOOKThis paper studies the effect of sovereign debt restructurings with external private creditors on growth during the period 1970-2010. We find that there are bad and good (or not so bad) debt restructurings for growth. While growth generally declines in the aftermath of a sovereign debt restructuring, agreements that allow countries to exit a default spell (final restructurings) are associated with improving growth. The impact can be significant. In general, three years after restructuring, growth is about 5 percent lower compared to countries that did not face restructuring over the same period. The exception is for final restructurings, which result in positive growth in the years immediately after the restructuring. Final restructurings tend to be better for growth because they reduce countries’ debt, with the strongest effect for countries that exit restructurings with relatively low debt levels.
Download or read book Sovereign Debt Restructuring and Growth written by Lorenzo Forni and published by International Monetary Fund. This book was released on 2016-08-16 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effect of sovereign debt restructurings with external private creditors on growth during the period 1970-2010. We find that there are bad and good (or not so bad) debt restructurings for growth. While growth generally declines in the aftermath of a sovereign debt restructuring, agreements that allow countries to exit a default spell (final restructurings) are associated with improving growth. The impact can be significant. In general, three years after restructuring, growth is about 5 percent lower compared to countries that did not face restructuring over the same period. The exception is for final restructurings, which result in positive growth in the years immediately after the restructuring. Final restructurings tend to be better for growth because they reduce countries’ debt, with the strongest effect for countries that exit restructurings with relatively low debt levels.
Author: R. Glenn Hubbard
Publisher: University of Chicago Press
Published: 2009-05-15
Total Pages: 354
ISBN-13: 0226355942
DOWNLOAD EBOOKIn this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
Download or read book Asymmetric Information, Corporate Finance, and Investment written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 2009-05-15 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
