Private and public sector sponsors of infrastructure, industrial and other commercial projects in developing countries are looking increasingly to the project finance structure to fund these operations. The World Bank has an array of financial instruments to support these projects. This paper...

This World Bank Discussion Paper brings together two contributions on external debt issues. The first paper discusses the insurability of sovereign debt against default. The second paper reviews numerous studies that have been conducted over the years to identify the variables that could predict...

In this paper we will be estimating risk-neutral densities (RND) for the largest euro area stock market (the index of which is the German DAX), reporting their statistical properties, and evaluating their forecasting performance. We have applied an innovative test procedure to a new, rich, and...