Collateralized debt obligations (CDO) are new, innovative products available to institutional investors on the global financial markets. Their development is strictly related to the subprime loans expansion. In the recent years CDO have become a financial tool of transferring worldwide a risk of...

The purpose of this article is to analyze factors that can influence the credit rating granted to European countries by rating agencies. The article analyzes the literature in this field. Methodology used for credit ratings assessment by individual agencies was analyzed, and then the results...

India’s financial system compares favorably internationally, but rising credit risk and liquidity pressures are putting it under strain. The staff report for India’s 2008 Article IV Consultation discusses economic developments and policies. The authorities have already taken...

This paper discusses key findings of the Second Review Under the Poverty Reduction and Growth Facility for Albania. The outlook for 2007 is positive, with growth projected at 6 percent. These developments owe much to good macroeconomic policies. All quantitative program targets were met. The...

This 2006 Article IV Consultation highlights that Mongolia’s macroeconomic performance in 2005–06 has been robust, underpinned by a run-up on copper and gold prices, declining inflation, and budget and external current account surpluses. Real GDP growth in 2005–06 is...

This paper presents empirical evidence on the effects of achieving investment grade on borrowing costs for the sovereign and the private sector. This study provides background information on sovereign credit ratings and compares Panama’s key macroeconomic and institutional characteristics...