Debt, Recovery Rates and the Greek Dilemma - Eureka
... can be either secured, in which case failure to honour the debt would invoke bankruptcy proceedings which are ruled out, or unsecured, in which case the lender has a limited claim on the existing wealth of the borrower and cannot invoke bankruptcy proceedings. Thus a key feature of the paper is that ...
... can be either secured, in which case failure to honour the debt would invoke bankruptcy proceedings which are ruled out, or unsecured, in which case the lender has a limited claim on the existing wealth of the borrower and cannot invoke bankruptcy proceedings. Thus a key feature of the paper is that ...
Making a reality of GDP-linked sovereign bonds Authored by Bank
... or another bilateral/regional facility (such as the European Stability Mechanism and other similar initiatives). The maturity extension needs to be long enough to overcome the sovereign’s liquidity problems and provide breathing space to put in place required adjustment policies, but not so long tha ...
... or another bilateral/regional facility (such as the European Stability Mechanism and other similar initiatives). The maturity extension needs to be long enough to overcome the sovereign’s liquidity problems and provide breathing space to put in place required adjustment policies, but not so long tha ...
Inside Debt and Corporate Investment
... underinvestment in financially constrained firms (Stein, 2003; Franzoni, 2009). In particular, lenders protect themselves from shareholder-debtholder conflicts by charging higher interest rates, by imposing restrictive covenants or collateral requirements, and through costly monitoring (Jensen and M ...
... underinvestment in financially constrained firms (Stein, 2003; Franzoni, 2009). In particular, lenders protect themselves from shareholder-debtholder conflicts by charging higher interest rates, by imposing restrictive covenants or collateral requirements, and through costly monitoring (Jensen and M ...
Global leader in eyewear
... Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those which are anticipated. Such risks and uncertainties include, but are not limited to, fluctuations in exchange rates, economic and w ...
... Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those which are anticipated. Such risks and uncertainties include, but are not limited to, fluctuations in exchange rates, economic and w ...
Medium Term Debt Strategy
... circumstances and other constraints, this current budget focuses on improving performance, growth, and wellbeing, while ensuring sound fiscal conditions; these conditions are in turn an essential requirement for our policies and priorities to be successful. The opportunities for new prudent borrowin ...
... circumstances and other constraints, this current budget focuses on improving performance, growth, and wellbeing, while ensuring sound fiscal conditions; these conditions are in turn an essential requirement for our policies and priorities to be successful. The opportunities for new prudent borrowin ...
Overview of the Consumer Financial Protection Bureau
... and enforcement authority over the debt collection industry to the CFPB. While the FTC was the debt collection industry’s primary regulator, the FTC was unable to provide debt collectors with clarity because it could not write new rules without permission from Congress. Although some in the industry ...
... and enforcement authority over the debt collection industry to the CFPB. While the FTC was the debt collection industry’s primary regulator, the FTC was unable to provide debt collectors with clarity because it could not write new rules without permission from Congress. Although some in the industry ...
Long-term Government Bond Yields
... Government bonds are used to fund a government’s expenses including repaying ...
... Government bonds are used to fund a government’s expenses including repaying ...
Tax Biases to Debt Finance
... Tax systems typically favor corporate debt over equity, especially because interest payments are deductible for corporate income tax purposes while equity returns are not. This leads to a tax-induced bias toward debt finance. While tax specialists have long recognized this ―debt bias,‖ its economic ...
... Tax systems typically favor corporate debt over equity, especially because interest payments are deductible for corporate income tax purposes while equity returns are not. This leads to a tax-induced bias toward debt finance. While tax specialists have long recognized this ―debt bias,‖ its economic ...
I. Debt around the world
... Common-law countries enjoy larger credit markets and a lower cost of debt, as greater creditor protection and more transparent disclosure rules mitigate moral hazard and asymmetric information costs ...
... Common-law countries enjoy larger credit markets and a lower cost of debt, as greater creditor protection and more transparent disclosure rules mitigate moral hazard and asymmetric information costs ...
chapter 5
... stockholders' equity to finance operations. At some point in time, the company will have to repay this debt. The company will either have to repay this debt by (1) generating cash from operations, (2) selling assets, (3) borrowing additional cash, or (4) acquiring cash by issuing stock. From the sta ...
... stockholders' equity to finance operations. At some point in time, the company will have to repay this debt. The company will either have to repay this debt by (1) generating cash from operations, (2) selling assets, (3) borrowing additional cash, or (4) acquiring cash by issuing stock. From the sta ...
Short-Term Capital Flows
... associated with more severe crises when capital ‡ows reverse. We also …nd that shorterterm maturities of external debt are associated with higher levels of M2/GDP and percapita income. Interestingly, the volume of international trade does not seem to have any relationship to the level of short-term ...
... associated with more severe crises when capital ‡ows reverse. We also …nd that shorterterm maturities of external debt are associated with higher levels of M2/GDP and percapita income. Interestingly, the volume of international trade does not seem to have any relationship to the level of short-term ...
The Role of the IMF in Debt Restructurings: L I A , Moral Hazard and
... faced by debtor countries, particularly when adverse shocks are positively correlated and persistent, as has often been the experience in developing countries. Moreover, the IMF has shown a systematic tendency to be overoptimistic in its debt sustainability assessments. If sustainability is not reas ...
... faced by debtor countries, particularly when adverse shocks are positively correlated and persistent, as has often been the experience in developing countries. Moreover, the IMF has shown a systematic tendency to be overoptimistic in its debt sustainability assessments. If sustainability is not reas ...
Average Debt and Equity Returns: Puzzling?
... period. The average for 1960–2002 is 3.72 percent, which is close to the 4-percent average return on NIPA capital. In this postwar period, we focus on the highest-grade corporate bonds, which were held primarily in tax-deferred pension funds. An implication of the evidence of Nerlove (1932) and the ...
... period. The average for 1960–2002 is 3.72 percent, which is close to the 4-percent average return on NIPA capital. In this postwar period, we focus on the highest-grade corporate bonds, which were held primarily in tax-deferred pension funds. An implication of the evidence of Nerlove (1932) and the ...
NBER WORKING PAPER SERIES SOVEREIGN DEFAULT, DEBT RESTRUCTURING, AND RECOVERY RATES:
... Soon after taking office, Kirchner decided to restructure the external government debt. In September 2003 the Argentine government made an offer to investors to exchange defaulted bonds for new ones. This proposal became known as the “Dubai Guidelines,” and implied an average reduction of the face v ...
... Soon after taking office, Kirchner decided to restructure the external government debt. In September 2003 the Argentine government made an offer to investors to exchange defaulted bonds for new ones. This proposal became known as the “Dubai Guidelines,” and implied an average reduction of the face v ...
FRBSF L CONOMIC
... Following a 20-year decline, the U.S. personal saving rate bottomed out at around 1% in the third quarter of 2005. Since then, the rate has been trending upward, reaching around 6% in the third quarter of 2010. The era of declining saving rates coincided with a period of expanding credit availabilit ...
... Following a 20-year decline, the U.S. personal saving rate bottomed out at around 1% in the third quarter of 2005. Since then, the rate has been trending upward, reaching around 6% in the third quarter of 2010. The era of declining saving rates coincided with a period of expanding credit availabilit ...
Medium Term Debt Strategy (MTDS) 2013/14
... debt sustainability and enhancing the debt servicing capacity of the country. Owing to its vital importance and indispensable nature, Government of Pakistan has developed its first Medium Term Debt Management Strategy (MTDS) for the year 2014-18. The prime objective of MTDS is to provide the financi ...
... debt sustainability and enhancing the debt servicing capacity of the country. Owing to its vital importance and indispensable nature, Government of Pakistan has developed its first Medium Term Debt Management Strategy (MTDS) for the year 2014-18. The prime objective of MTDS is to provide the financi ...
Household Vulnerability in Austria
... (see OeNB, 2013). On the liability side, the aggregate debt burden (both mortgage and nonmortgage liabilities) in Austria has been modest compared to the euro area (see OeNB, 2012). Over the last ten years consumer credit relative to disposable national income has actually decreased while loans for ...
... (see OeNB, 2013). On the liability side, the aggregate debt burden (both mortgage and nonmortgage liabilities) in Austria has been modest compared to the euro area (see OeNB, 2012). Over the last ten years consumer credit relative to disposable national income has actually decreased while loans for ...
Common Bankruptcy Issues
... • Code § 503(b): Priority administrative expense claim for post-petition goods or services necessary for continued operation or preservation of estate assets • §503(b)(9) Claim: Available if client supplied goods in the ordinary course of business 20 days prior to petition date Generally client mu ...
... • Code § 503(b): Priority administrative expense claim for post-petition goods or services necessary for continued operation or preservation of estate assets • §503(b)(9) Claim: Available if client supplied goods in the ordinary course of business 20 days prior to petition date Generally client mu ...
ABCD DISCUSSION PAPER SERIES www.cepr.org
... creditors: just like private creditors, sovereign creditors may wish to borrow again in the future. Default will restrict their access to finance in the future, and/or raise the cost of doing so.6 For example, Cruces and Trebesch (2011) find that a one-standard-deviation increase in haircuts is ass ...
... creditors: just like private creditors, sovereign creditors may wish to borrow again in the future. Default will restrict their access to finance in the future, and/or raise the cost of doing so.6 For example, Cruces and Trebesch (2011) find that a one-standard-deviation increase in haircuts is ass ...
US Local Government General Obligation Debt
... property tax levy or total tax rate. We use our GO methodology for evaluating such limited tax General Obligation (GOLT) bonds in the same manner as unlimited tax GO bonds, but we may notch downward from the GOULT rating (whether an implied or public rating) to reflect the narrower, limited security ...
... property tax levy or total tax rate. We use our GO methodology for evaluating such limited tax General Obligation (GOLT) bonds in the same manner as unlimited tax GO bonds, but we may notch downward from the GOULT rating (whether an implied or public rating) to reflect the narrower, limited security ...
Cost of Capital for a Project
... it is for the project. BK’s equity beta prior to starting the text editing business was 1.0 (levered beta). – What will happen to the beta of BK Industries after starting the text editing business? – Suppose that BK uses its firm cost of capital to evaluate the text business? Would this favor undert ...
... it is for the project. BK’s equity beta prior to starting the text editing business was 1.0 (levered beta). – What will happen to the beta of BK Industries after starting the text editing business? – Suppose that BK uses its firm cost of capital to evaluate the text business? Would this favor undert ...
Democratic Commissioners’ Views Is America’s trade deficit sustainable? The
... worry that the dollar is about to fall or that financial markets are about to crash, as they did in Japan in 1990. This may lead such investors to sell some of their excess dollars or other assets, which would generate upward pressure on U.S. interest rates or depreciate the dollar. Either of these ...
... worry that the dollar is about to fall or that financial markets are about to crash, as they did in Japan in 1990. This may lead such investors to sell some of their excess dollars or other assets, which would generate upward pressure on U.S. interest rates or depreciate the dollar. Either of these ...
25 KB - National Homelessness Advice Service
... Joint working across stakeholders has been key, to meet common objectives around homelessness prevention. Joint working has allowed stakeholders to develop clear targeting and communications strategies, using a wide range of tools from leafleting, newspaper articles, home visits, co-location of ser ...
... Joint working across stakeholders has been key, to meet common objectives around homelessness prevention. Joint working has allowed stakeholders to develop clear targeting and communications strategies, using a wide range of tools from leafleting, newspaper articles, home visits, co-location of ser ...
Home Equity Lines of Credit: Market Trends and Consumer Issues
... Banks have made significant investments in marketing and promoting readvanceable mortgages. Sales representatives are expected to introduce and sell the product to their customers. As a result, HELOCs are now marketed to a wider cross-section of consumers. In practice, readvanceable mortgages now se ...
... Banks have made significant investments in marketing and promoting readvanceable mortgages. Sales representatives are expected to introduce and sell the product to their customers. As a result, HELOCs are now marketed to a wider cross-section of consumers. In practice, readvanceable mortgages now se ...
Reinhart and Rogoff
... most governments find it difficult to avoid backstopping significant amounts of private credit during a financial crisis. 1. Financial crises and debt Figure 2 takes advantage of newly unearthed historical data on domestic debt to show the rise in real government debt in the three years following se ...
... most governments find it difficult to avoid backstopping significant amounts of private credit during a financial crisis. 1. Financial crises and debt Figure 2 takes advantage of newly unearthed historical data on domestic debt to show the rise in real government debt in the three years following se ...