This paper outlines a procedure for calculating the cash value of “menu items” in debt restructuring proposals, including par and non-par exchanges, with enhancements consisting of either interest or principal guarantees. It is argued that under certain plausible assumptions interest and...

Observers have often characterized asset markets as being subject to periods of tranquility and periods of turbulence. Until recently, however, researchers were unable to produce closed-form asset pricing formulas in a model environment of time-varying risk. Some work by Abel provided us with...

Almost all formal small and medium enterprises (SMEs) in Jamaica have access to checking or saving accounts, but the financial sector is scarcely used to finance their investments. The lack of funding for the SME sector, or its high cost, has a negative impact on entrepreneurship and business...

The assessment of the anti-money laundering and combating the financing of terrorism (AML/CFT) system of the Union of the Comoros was based on the 2003 Forty Recommendations and the 2001 Nine Special Recommendations developed by the FATF (Financial Action Task Force). It was prepared according...

This paper responds to a request from Executive Directors to review the quality and consistency of anti-money laundering and combating the financing of terrorism (AML/CFT) assessment reports prepared by the Financial Action Task Force on Money Laundering (FATF) and FATF style regional bodies...