Pricing Average Price Options for the 1990 Mexican and Venezuelan Recapture Clauses


Book Description

Pricing models are developed to value the recapture clauses in the 1990 Mexican and Venezuelan debt restructuring agreements. The current values of the recapture clauses are less than one- quarter of the maximum contractually possible and decrease as the standard deviation of the oil price increases.





Book Description




The Macroeconomics of Price Reform in Socialist Countries


Book Description

The macroeconomic consequences of adopting different price rules for adjusting controlled prices in systems where controlled and market prices coexist and the implications of varying the proportions of controlled and market prices.




Firms' Responses to Relative Price Changes in Côte D'Ivoire


Book Description

Firms' in Cote d'Ivoire would sell more to the foreign market when it is more profitable to do so. Exports would respond positively to increases in export prices and negatively to increases in import prices.







Anticipated Real Exchange-rate Changes and the Dynamics of Investment


Book Description

Unanticipated changes in the real exchange rate affect investment through their impact on the desired capital stock, whose direction depends on a number of factors and is in general ambiguous. In contrast, anticipated changes can also have an important effect on the optimal timing of investment, in a direction that depends on the financial openness of the economy and on the important content of capital goods. This issue is explored using a simple macroeconomic model.







Determinants of Bulgarian Brady Bond Prices


Book Description

"Macroeconomic variables and changes in foreign reserves affect the secondary market price of Brady bonds in Bulgaria. So do changes in the external environment, including crises in other parts of the world"--Cover.







The New Fiscal Federalism in Brazil


Book Description

This paper provides an overview of the existing state of fiscal federalism in Brazil and suggests directions for change.