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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: 64.98 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 40
View: 3547

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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: 22.43 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 40
View: 2776

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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.

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: 65.60 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 27
View: 2392

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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.

Strategic Considerations For First Time Sovereign Bond Issuers

Strategic Considerations for First Time Sovereign Bond Issuers PDF
Author: Udaibir S. Das
Publisher: International Monetary Fund
ISBN:
Size: 70.65 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 27
View: 3208

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The recent round of debt relief has restored debt sustainability in many low-income countries (LICs). This, along with a continued search for yield and desire for portfolio diversification by investors, has increased the range of viable financing options, including international bonds, for many emerging market (EM) economies and LICs. This paper presents some of the advantages and disadvantages of international debut bonds, within a debt sustainability framework. It outlines key preconditions and discusses strategic considerations that countries need to take into account when contemplating bond issuance in international markets for the first time. In this context, the paper also discusses some typical pitfalls in accessing international capital markets, including excessive issue size relative to the intended use of bond proceeds, issuance of bullet bonds, and inadequate preparation for accessing the markets.

Benin

Benin PDF
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498323804
Size: 62.30 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 122
View: 6902

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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.

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: 52.10 MB
Format: PDF, ePub
Category : Business & Economics
Languages : en
Pages : 273
View: 1230

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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: 17.21 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 279
View: 2369

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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: 50.59 MB
Format: PDF
Category : Political Science
Languages : en
Pages : 172
View: 5564

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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: 24.27 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 29
View: 178

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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: 79.25 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 29
View: 5694

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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.

Global Outlook On Financing For Sustainable Development 2019 Time To Face The Challenge

Global Outlook on Financing for Sustainable Development 2019 Time to Face the Challenge PDF
Author: OECD
Publisher: OECD Publishing
ISBN: 9264307990
Size: 48.91 MB
Format: PDF, ePub, Docs
Category :
Languages : en
Pages : 340
View: 2981

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The financing for sustainable development agenda promises to bring together more actors than ever before – from businesses, governments, philanthropists, and remitting households – to address the world’s most pressing problems and achieve the Sustainable Development Goals. Yet, in spite of this ...

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: 76.76 MB
Format: PDF, ePub
Category : Business & Economics
Languages : en
Pages : 43
View: 632

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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.

Fiscal Monitor October 2014

Fiscal Monitor  October 2014 PDF
Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 1498383181
Size: 53.20 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 112
View: 6416

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At a time when job creation tops the policy agenda globally, this issue of the Fiscal Monitor explores if and how fiscal policy can do more for jobs. It finds that while fiscal policy cannot substitute for comprehensive reforms, it can support job creation in a number of ways. First, deficit reduction can be designed and timed to minimize negative effects on employment. Second, fiscal policy can facilitate structural reforms in the labor market by offsetting their potential short term costs. And third, targeted fiscal measures, including labor tax cuts, can help tackle challenges in specific segments of the labor market, such as youth and older workers.

Changing Times For Frontier Markets

Changing Times for Frontier Markets PDF
Author: Nordine Abidi
Publisher: International Monetary Fund
ISBN: 1475529546
Size: 45.29 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 37
View: 2403

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This paper investigates to what extent low-income developing countries (LIDCs) characterized as frontier markets (FMs) have begun to be subject to capital flows dynamics typically associated with emerging markets (EMs). Using a sample of developing countries covering the period 2000–14, we show that: (i) average annual portfolio flows to FMs as a share of GDP outstripped those to EMs by about 0.6 percentage points of GDP; (ii) during years of heightened stress in global financial markets, portfolio flows to FMs dried up like those to EMs; and that (iii) FMs have become more integrated into international financial markets. Our findings confirm that, in terms of portfolio flows, FMs have become more similar to EMs than to the rest of LIDCs and are therefore more vulnerable to swings in global financial markets conditions. Accordingly, it is important to have in place frameworks to strengthen FMs’ resilience to adverse capital flows shocks.

Identifying Speculative Bubbles

Identifying Speculative Bubbles PDF
Author: Bradley Jones
Publisher: International Monetary Fund
ISBN: 1498332072
Size: 32.38 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 49
View: 2291

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In the aftermath of the global financial crisis, the issue of how best to identify speculative asset bubbles (in real-time) remains in flux. This owes to the difficulty of disentangling irrational investor exuberance from the rational response to lower risk based on price behavior alone. In response, I introduce a two-pillar (price and quantity) approach for financial market surveillance. The intuition is straightforward: while asset pricing models comprise a valuable component of the surveillance toolkit, risk taking behavior, and financial vulnerabilities more generally, can also be reflected in subtler, non-price terms. The framework appears to capture stylized facts of asset booms and busts—some of the largest in history have been associated with below average risk premia (captured by the ‘pricing pillar’) and unusually elevated patterns of issuance, trading volumes, fund flows, and survey-based return projections (reflected in the ‘quantities pillar’). Based on a comparison to past boom-bust episodes, the approach is signaling mounting vulnerabilities in risky U.S. credit markets. Policy makers and regulators should be attune to any further deterioration in issuance quality, and where possible, take steps to ensure the post-crisis financial infrastructure is braced to accommodate a re-pricing in credit risk.

Playing With Fire

Playing with Fire PDF
Author: Yilmaz Akyüz
Publisher: Oxford University Press
ISBN: 0192517627
Size: 44.69 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 288
View: 4067

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Starting in the early 1990s many emerging and developing economies (EDEs) liberalized their capital accounts, allowing greater freedom for international lenders and investors to enter their markets as well as for their residents to borrow and invest in international financial markets. Despite recurrent crises, liberalization has continued and in fact accelerated in the new millennium. Integration has been greatly facilitated by progressively looser monetary policy in the United States, notably the policies that culminated in debt crises in the United States and Europe and the ultra-easy monetary policy adopted in response. Not only have their traditional cross-border linkages been deepened and external balance sheets expanded rapidly, but also foreign presence in their domestic financial markets and the presence of their nationals in foreign markets have reached unprecedented levels. As a result new channels have emerged for the transmission of financial shocks from global boom-bust cycles. Almost all EDEs are now vulnerable irrespective of their balance-of-payments, external debt, net foreign assets and international reserve positions although these play an important role in the way such shocks could impinge on them. This is a matter for concern since the multilateral system still lacks mechanisms for orderly resolution of financial crises with international dimensions. Playing with Fire provides an empirical account of deeper integration of EDEs into the global financial system and discusses its implications for stability and growth, focusing on the role of policies in the new millennium in both EDEs and the United States and Europe.

Global Financial Stability Report October 2017

Global Financial Stability Report  October 2017 PDF
Author: International Monetary Fund. Monetary and Financial Systems Dept.
Publisher: International Monetary Fund
ISBN: 1484320565
Size: 25.17 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 136
View: 5937

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The October 2017 Global Financial Stability Report finds that the global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth. It also includes a chapter that examines the short- and medium-term implications for economic growth and financial stability of the past decades’ rise in household debt. It documents large differences in household debt-to-GDP ratios across countries but a common increasing trajectory that was moderated but not reversed by the global financial crisis. Another chapter develops a new macroeconomic measure of financial stability by linking financial conditions to the probability distribution of future GDP growth and applies it to a set of 20 major advanced and emerging market economies. The chapter shows that changes in financial conditions shift the whole distribution of future GDP growth.

Too Little Too Late

Too Little  Too Late PDF
Author: Martin Guzman
Publisher: Columbia University Press
ISBN: 023154202X
Size: 14.87 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 288
View: 5357

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The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.

Joining The Club Procyclicality Of Private Capital Inflows In Low Income Developing Countries

Joining the Club  Procyclicality of Private Capital Inflows in Low Income Developing Countries PDF
Author: Juliana Dutra Araujo
Publisher: International Monetary Fund
ISBN: 1513508148
Size: 51.29 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 42
View: 146

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Using a newly developed dataset this paper examines the cyclicality of private capital inflows to low-income developing countries (LIDCs) over the period 1990-2012. The empirical analysis shows that capital inflows to LIDCs are procyclical, yet considerably less procyclical than flows to more advanced economies. The analysis also suggests that flows to LIDCs are more persistent than flows to emerging markets (EMs). There is also evidence that changes in risk aversion are a significant correlate of private capital inflows with the expected sign, but LIDCs seem to be less sensitive to changes in global risk aversion than EMs. A host of robustness checks to alternative estimation methods, samples, and control variables confirm the baseline results. In terms of policy implications, these findings suggest that private capital inflows are likely to become more procyclical as LIDCs move along the development path, which could in turn raise several associated policy challenges, not the least concerning the reform of traditional monetary policy frameworks.