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Market-based Eurobonds Without Cross-Subsidisation
Gopal, Manasa; Pasche, Markus - Friedrich-Schiller-University Jena - 2012
Most current Eurobond proposals imply substantial cross-subsidisation since some countries partially pay the risk … technologies of financial intermediation like pooling and collateralizing risks. The proposed Eurobond system decreases the costs …
Persistent link: https://www.econbiz.de/10010904553
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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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Lebanon; Report on Performance Under the Program Supported by Emergency Post-Conflict Assistance
International Monetary Fund (IMF); International … - 2009
This paper focuses on Lebanon’s performance under the program supported by emergency post-conflict assistance. The end-March quantitative target on international reserves was met with a wide margin. While the primary balance target was also met, the program ceiling on net government...
Persistent link: https://www.econbiz.de/10011245473
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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 near term but over a longer horizon, the country should seek to …
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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Interest Rate Determination in Lebanon
Poddar, Tushar; Goswami, Mangal; Sole, Juan; Icaza, … - International Monetary Fund (IMF) - 2006
This paper seeks to understand how interest rates are formed in Lebanon, by focusing on the pass-through from benchmark rates, prevailing liquidity conditions, and the main characteristics of the Lebanese economy, notably its open capital account, fixed exchange rate, high government borrowing...
Persistent link: https://www.econbiz.de/10005248309
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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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Monetary Policy Implementation at Different Stages of Market Development
Laurens, Bernard - International Monetary Fund (IMF) - 2005
The most salient trend in monetary policy over the past two decades has been increasing reliance on money market operations, which reflects the belief that allowing market forces to allocate financial resources brings about increased economic efficiency and growth. However, small economies and...
Persistent link: https://www.econbiz.de/10005252522
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Strategic Considerations for First-Time Sovereign Bond Issuers
Polan, Magdalena; Das, Udaibir S.; Papaioannou, Michael G. - International Monetary Fund (IMF) - 2008
The recent round of debt relief has restored debt sustainability in many low-income countries (LICs). This, along with a continued search for yield and desire for portfolio diversification by investors, has increased the range of viable financing options, including international bonds, for many...
Persistent link: https://www.econbiz.de/10005263693
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Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies
Pazarbasioglu, Ceyla; Johnsen, Gudrun; Hilbers, Paul … - International Monetary Fund (IMF) - 2005
This paper reviews trends in bank lending to the private sector, with a particular focus on Central and Eastern European countries, and finds that rapid growth of private sector credit continues to be a key challenge for most of these countries. The paper discusses possible implications for...
Persistent link: https://www.econbiz.de/10005263910