First Time International Bond Issuance New Opportunities And Emerging Risks

First Time International Bond Issuance   New Opportunities and Emerging Risks PDF
Author: Anastasia Guscina
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 40
View: 3051

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Book Description:
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.


Managing Domestic And International Challenges And Opportunities In Post Conflict Development

Managing Domestic and International Challenges and Opportunities in Post conflict Development PDF
Author: Dushni Weerakoon
Publisher: Springer
Category : Business & Economics
Languages : en
Pages : 273
View: 2189

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Book Description:
This book draws lessons from the story of Sri Lanka’s post-conflict development in the context of a struggle for socio-political reconciliation, a turbulent world economy, and difficult internal and external political challenges. Heightened volatility in the global economy and intensifying geopolitical rivalries pose complex policy challenges for small countries embarking on post-conflict daunting challenges. To sustain peace, development needed to be broad based and inclusive. It needed to rapidly reconstruct war-devastated regions, restore macroeconomic stability, while delivering a ‘peace dividend’. The book contains contributions that highlight Sri Lanka’s endeavours of coping with adverse shocks, while exploiting new opportunities. It showcases how the island country had to attract capital and assistance, and support of the international community, including that of the rising Asian giants – China and India. Addressing the post-conflict challenges of sourcing development finance in a new global financial and political landscape, the book would be of interest to researchers working on post-conflict development in the context of a volatile global economy and changing aid architecture, and would also act as an important resource for policy makers.


Benin

Benin PDF
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 122
View: 3691

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Book Description:
The economy continues to grow at a fast pace, driven by port activity and cotton production. The execution of the 2019 budget is on track to bring the fiscal deficit within the WAEMU convergence criterion of 3 percent of GDP this year. Program implementation remains very satisfactory with all end-December 2018 quantitative performance criteria (QPCs) and structural benchmarks (SBs) met.


Financial Deepening And Post Crisis Development In Emerging Markets

Financial Deepening and Post Crisis Development in Emerging Markets PDF
Author: Aleksandr V. Gevorkyan
Publisher: Springer
Category : Business & Economics
Languages : en
Pages : 279
View: 2708

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Book Description:
This collection empirically and conceptually advances our understanding of the intricacies of emerging markets’ financial and macroeconomic development in the post-2008 crisis context. Covering a vast geography and a broad range of economic viewpoints, this study serves as an informed guide in the unchartered waters of fundamental uncertainty as it has been redefined in the post-crisis period. Contributors to the collection go beyond risks-opportunities analyses, looking deeper into the nuanced interpretations of data and economic categories as interplay of developing world characteristics in the context of redefined fundamental uncertainty. Those concerns relate to the issues of small country finance, the industrialization of the developing world, the role of commodity cycles in the global economy, sovereign debt, speculative financial flows and currency pressures, and connections between financial markets and real markets. Compact and comprehensive, this collection offers unique perspectives into contemporary issues of financial deepening and real macroeconomic development in small developing economies that rarely surface in the larger policy and development debates.


Global Debt Dynamics

Global Debt Dynamics PDF
Author: Andreas Antoniades
Publisher: Routledge
Category : Political Science
Languages : en
Pages : 160
View: 4833

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Book Description:
This comprehensive volume explores debt dynamics and the intensification of debt crises across the globe, bringing together several recent but underexplored debt crises from different regional and socioeconomic contexts. Using detailed case studies, the authors recast the perils of debt-based growth in the context of regional/global imbalances; not to advocate ‘one-size-fits-all’ reforms, but to point to the need for accommodating diversity. They examine how current economic developments put developing and developed countries under new strain. They also interrogate the opportunities and challenges generated for developing countries by the new development finance landscape and newly (re)emerged geopolitical tensions. The book also explores the inability of existing dominant structures and thinking to effectively manage the multiple facets of the ongoing global debt crisis, pointing to responses that exacerbate rather than address unsustainable debt dynamics. The authors illustrate the adverse effects of ad hoc crisis management mechanisms which are not fit for purpose, and indicate the negative consequences that existing policies may have for democracy. They then put forward a framework for alternative thinking as well as concrete ideas on what needs to be done, in response. This book will be of great interest to students, scholars and professionals in the field of global debt studies. It was originally published as a special issue of the online journal Third World Thematics.


The Emerging Project Bond Market

The Emerging Project Bond Market PDF
Author: Mansoor Dailami
Publisher: World Bank Publications
Category : Bonds
Languages : en
Pages : 35
View: 5674

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Book Description:
The emergence in the 1990s of a nascent project bond market to fund long-term infrastructure projects in developing countries merits attention. Dailami and Hauswald compile detailed information on a sample of 105 bonds issued between January 1993 and March 2002 for financing infrastructure projects in developing countries, document their contractual covenants, and analyze their pricing determinants. They find that on average, project bonds are issued at approximately 300 basis points above U.S. Treasury securities, have a surprisingly high issue size of US$278 million, a maturity of slightly under 12 years, and are rated slightly below investment grade. In terms of geographic origin, projects in Asia and Latin America have issued more bonds than those located in other regions. Much of the recent work relating to the role of contractual covenants to the determination of bond prices has focused on the U.S. corporate bond market with its unique bankruptcy code (Chapter 11) and well developed legal framework, recognizing the bond contract as the sole instrument of defining the rights and duties of various parties. In circumstances in which the underpinning legal and institutional frameworks governing contract formation and enforcement are not well developed, the link between bond pricing and legal framework becomes important. This finding is confirmed by the authors' econometric analysis of project bond pricing model. So, investors take into account the quality of the host country's legal framework and reward projects located in countries that adhere to the rule of law with tighter credit spreads and lower funding costs. This paper--a product of the Development Prospects Group--is part of a larger effort in the group to promote a healthy flow on investment capital to developing countries' infrastructure.


Living With Debt

Living with Debt PDF
Author: Eduardo Borensztein
Publisher: Harvard Univ David Rockefeller
Category : Business & Economics
Languages : en
Pages : 326
View: 3780

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Book Description:
This book focuses on how to manage sovereign debt safely and effectively. The report traces the history of sovereign borrowing in Latin America, releases a new data set on public debt, and analyzes debt's evolution, highlighting the recent trend toward higher domestic debt and lower external borrowing.


Emerging Financial Markets

Emerging Financial Markets PDF
Author: David O. Beim
Publisher: Irwin Professional Pub
Category : Business & Economics
Languages : en
Pages : 364
View: 3539

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Book Description:
This is the first text to be written on Emerging Financial Markets. The book is partially the result of a grant given by Citibank to Columbia Business School for the purpose of designing a new course in emerging financial markets for their MBA program. The text reflects the tremendous research in recent years seeking to explain the financial crises in Latin America and Asia during the mid to late 1990's and related issues such as capital flows, currency regimes, legal and regulatory matters, corporate governance, and the functions and structure of financial systems. Emerging Financial Markets suggests and explores three key foundations that explain why emerging markets behave differently than developed markets: (1) law, (2) institutions of information and control, and (3) inflation and currency stability.


Bond Market Securities

Bond Market Securities PDF
Author: Moorad Choudhry
Publisher: Financial Times Management
Category : Business & Economics
Languages : en
Pages : 379
View: 4101

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Book Description:
Investors need to be fully conversant with the differences in the way that bonds are structured, valued and traded. "Bond Market Securities" contains a wide range of methodologies that will help the reader to gain a good understanding of fixed income securities and some of their associated derivatives. "Bond Market Securities" investigates the fundamentals of fixed income analysis, reviewing the latest research and presenting it in an accessible way that is suitable for practitioners and graduate students alike. The research is summarized in a way that allows readers to apply results to their individual requirements. Important subjects are covered in a straightforward style, using only essential mathematics, while further references are listed in full so that the reader may undertake further research. Topics covered include: Bond mathematics Spot and forward rates Yield curve fitting techniques Term structure models Credit derivatives in the fixed income markets Stochastic models and option pricing Hybrid securities Forwards and futures Market trading considerations and techniques Mortgage-backed securities. Written by a debt markets professional with many years' experience trading bonds in the markets, the book focuses on the international nature of these instruments, allowing you to apply the techniques and applications covered in the book in every debt capital market, irrespective of geographical location. "Bond Market Securities" provides a concise and accessible description of the main elements of the markets, the instruments used and their applications, and will be ofvaluable use to both the experienced practitioner and the bond market novice. ""Bond Market Securities" is accessible to both scholars and practitioners, but sacrifices little in quantitative rigour or institutional detail. It will be added to my graduate reading lists"-- Professor Steve Satchell, Faculty of Economics and Politics, Cambridge University "In bond markets it is easy to overcomplicate things with too much jargon, too many technical terms and too many long mathematical formulae. Moorad's book brings refreshing clarity to the subject, helping show how (and why) these markets really work."-- Peter Matthews, Senior Credit Trader and Head of FRN Trading, ABN Amro Bank NV "Moorad is a rare combination - technically and intellectually brilliant and blessed with the personality and ability to communicate effectively with the rest of us. He has the ability to demystify the seemingly most complex concepts and an enthusiasm for his subject that shines through his writing and captures the reader's interest."-- Martin Barber, Partner, KPMG Consulting


Chicago Journal Of International Law

Chicago Journal of International Law PDF
Author:
Publisher:
Category : International law
Languages : en
Pages :
View: 5535

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Book Description:
The Chicago Journal of International Law is an interdisciplinary forum for discussion and analysis of international law and policy issues.