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Countries need suitable mechanisms for balancing the risks and benefits of financial openness, including mechanisms through which to provide insurance to citizens, through the marketplace or through redistributive policy, and thus to avert political pressure for capital controls. Capital...
Persistent link: https://www.econbiz.de/10010524639
In infrastructure projects bondholders and shareholders share residual risks over time despite debt covenants meant to mitigate risk shifting. For projects accessing international bond markets to benefit from longer maturities and lower borrowing costs, it is therfore necessary to pay attention...
Persistent link: https://www.econbiz.de/10010523925
Risk shifting and incomplete contracting lie at the heart of the agency relationship inherent in the procurement and financing of large-scale projects such as power plants, oil and gas pipelines, and liquefied natural gas facilities. An investigation of Ras Gas bonds provides empirical evidence...
Persistent link: https://www.econbiz.de/10010524256