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What is different about loans? An analysis of the risk structure of credit spreads
Resti, Andrea; Sironi, Andrea - In: International Journal of Banking, Accounting and Finance 2 (2010) 2, pp. 130-155
While extensive research on the relationship between credit risk and spreads has been produced for bonds and loans …. Empirical results confirm the key finding of the model: while spreads increase as ratings worsen for both bonds and loans, the … accounts for informational noise, and differences between bond and loan spreads are explained through the different screening …
Persistent link: https://www.econbiz.de/10008755596
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Jamaica; Third Review Under the Stand-By Arrangement-Staff Report; Informational Annex; Staff Supplement; and the Press Release on the Executive Board Discussion.
International Monetary Fund (IMF); International … - 2011
Economic developments and growth of Jamaica are discussed in this paper. Despite the good performance under the program through end-September, mounting spending pressures and delays in some fiscal reforms have required the adoption of corrective measures by the authorities. The authorities...
Persistent link: https://www.econbiz.de/10011244977
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United Kingdom; Spillover Report for the 2011 Article IV Consultation and Supplementary Information
International Monetary Fund (IMF); International … - 2011
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Persistent link: https://www.econbiz.de/10011245540
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Former Yugoslav Republic of Macedonia; Selected Issues
International Monetary Fund (IMF); International … - 2011
This paper asks 1) whether reliance on Eurobond financing over the medium term is consistent with sound debt management policy and 2) whether Macedonia can reasonably expect Eurobond borrowing costs to fall in the future. The main conclusions are that Eurobond financing appears justified in the...
Persistent link: https://www.econbiz.de/10011245543
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Capital Markets and Financial Intermediation in The Baltics
Sheridan, Niamh; Schipke, Alfred; George, Susan Mary; … - International Monetary Fund (IMF) - 2004
In just over a decade after independence, the three Baltic countries, Estonia, Latvia, and Lithuania, have transformed themselves into fully functioning, small open-market economies that will be joining the European Union. Capital Markets and Financial Intermediation in The Baltics analyzes the...
Persistent link: https://www.econbiz.de/10005248055
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Stress Testing of Financial Systems; An Overview of Issues, Methodologies, and FSAP Experiences
Peria, Maria Soledad Martinez; Majnoni, Giovanni; … - International Monetary Fund (IMF) - 2001
The paper has three objectives. After a general introduction to some of the concepts and basic techniques of stress testing, the paper gives an overview of some of the conceptual issues involved in evaluating risks at the aggregated level of financial systems. Second, this study provides a basic...
Persistent link: https://www.econbiz.de/10005248173
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Financial Sector Evolution in the Central European Economies; Challenges in Supporting Macroeconomic Stability and Sustainable Growth
Wagner, Nancy L.; Iakova, Dora M. - International Monetary Fund (IMF) - 2001
This paper takes stock of the current state of development of the financial systems in five Central European transition economies (the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia) that are also leading EU accession candidates. It presents both a progress report and an...
Persistent link: https://www.econbiz.de/10005248292
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Bond Restructuring and Moral Hazard; Are Collective Action Clauses Costly?
Becker, Törbjörn I.; Richards, Anthony J.; … - International Monetary Fund (IMF) - 2001
Many official groups have endorsed the wider use by emerging market borrowers of contract clauses which allow for a qualified majority of bondholders to restructure repayment terms in the event of financial distress. Some have argued that such clauses will be associated with moral hazard and...
Persistent link: https://www.econbiz.de/10005248328
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Moral Hazard and International Crisis Lending: A Test
Dell'Ariccia, Giovanni; Zettelmeyer, Jeromin; Schnabel, … - International Monetary Fund (IMF) - 2002
of sovereign bond spreads in emerging markets before and after the Russian crisis. The nonbailout of Russia in August … the presence of moral hazard, such an event should raise not only the level of spreads, but also the sensitivity with … which spreads reflect fundamentals as well as their cross-country dispersion. We find strong evidence for all three effects. …
Persistent link: https://www.econbiz.de/10005263951
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Managing Financial Crises; Recent Experience and Lessons for Latin America
Kincaid, G. Russell; Collyns, Charles - International Monetary Fund (IMF) - 2003
This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...
Persistent link: https://www.econbiz.de/10005824823