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First Time International Bond Issuance New Opportunities And Emerging Risks

First Time International Bond Issuance   New Opportunities and Emerging Risks PDF
Author: Ms.Anastasia Guscina
Publisher: International Monetary Fund
ISBN: 1498390692
Size: 35.66 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 40
View: 1723

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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.

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
ISBN: 1498310680
Size: 48.18 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 40
View: 4428

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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.

Benin

Benin PDF
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498323804
Size: 58.46 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 122
View: 2260

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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.

International Sovereign Bonds By Emerging Markets And Developing Economies

International Sovereign Bonds by Emerging Markets and Developing Economies PDF
Author: Andrea Presbitero
Publisher: International Monetary Fund
ISBN: 1513581724
Size: 61.24 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 27
View: 3769

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What determines the ability of low-income developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes emerging markets and developing economies (EMDEs) that issued sovereign bonds at least once during the period 1995-2013 as well as those that did not. We find that an EMDE is more likely to issue a bond when, in comparison with non-issuing peers, it is larger in economic size, has higher per capita GDP, and has stronger macroeconomic fundamentals and government. Spreads on sovereign bonds are lower for countries with strong external and fiscal positions, as well as robust economic growth and government effectiveness. With regard to global factors, the results show that sovereign bond spreads are reduced in periods of lower market volatility.

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
ISBN: 9811318646
Size: 11.61 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 273
View: 491

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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.

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
ISBN: 1137522461
Size: 11.86 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 279
View: 1175

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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
ISBN: 0429619154
Size: 67.51 MB
Format: PDF, Mobi
Category : Political Science
Languages : en
Pages : 160
View: 1287

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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.

Do Financial Markets Value Quality Of Fiscal Governance

Do Financial Markets Value Quality of Fiscal Governance  PDF
Author: Kady Keita
Publisher: International Monetary Fund
ISBN: 1513516124
Size: 60.99 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 29
View: 630

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We examine the link between the quality of fiscal governance and access to market-based external finance. Stronger fiscal governance is associated with improvements in several indicators of market access, including a higher likelihood of issuing sovereign bonds and having a sovereign credit rating, receiving stronger ratings, and obtaining lower spreads. Using the more granular information on quality of fiscal governance from Public Expenditure and Financial Accountability (PEFA) assessments for 89 emerging and developing economies, we find that similar indicators of market access are correlated with sound public financial management practices, especially those that improve budget transparency and reporting, debt management, and fiscal strategy.

Cabo Verde

Cabo Verde PDF
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1475557736
Size: 11.58 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 29
View: 1454

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This Selected Issues paper examines whether the recent slowdown in private sector credit growth in Cabo Verde is demand or supply driven. Although in the late 2000s, demand factors have been the main drivers in Cabo Verde’s credit market, supply dynamics’ role has increased in recent years. For Cabo Verde to promote private sector-led growth and sustainable economic development, reforms aiming at strengthening both credit demand and supply will be essential. These include improving the business environment for the private sector as well as strengthening the financial sector by ensuring prudent banking supervision and an effective resolution of the nonperforming loan overhang.

Introducing A New Broad Based Index Of Financial Development

Introducing a New Broad based Index of Financial Development PDF
Author: Katsiaryna Svirydzenka
Publisher: International Monetary Fund
ISBN: 1513583700
Size: 42.14 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 43
View: 2790

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There is a vast body of literature estimating the impact of financial development on economic growth, inequality, and economic stability. A typical empirical study approximates financial development with either one of two measures of financial depth – the ratio of private credit to GDP or stock market capitalization to GDP. However, these indicators do not take into account the complex multidimensional nature of financial development. The contribution of this paper is to create nine indices that summarize how developed financial institutions and financial markets are in terms of their depth, access, and efficiency. These indices are then aggregated into an overall index of financial development. With the coverage of 183 countries on annual frequency between 1980 and 2013, the database should offer a useful analytical tool for researchers and policy makers.