Voluntary Debt Reduction Under Asymmetric Information
Author : Jorge Fernández Ruiz
Publisher :
Page : 74 pages
File Size : 39,50 MB
Release : 1993
Category : Debts, External
ISBN :
Voluntary Debt Reduction
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 50 pages
File Size : 39,7 MB
Release : 1988-09-06
Category : Business & Economics
ISBN : 1451954328
Book Description
In an economy with a debt overhang, investment depends on expected tax rates. On the other hand, expected tax rates depend on the debt’s face value. Therefore investment depends on the face value of debt. I show that this may lead to a positive or negative association between debt and investment depending on the degree of international capital mobility and attitudes toward risk. There may also exist multiple equilibria; with high and low investment levels. The paper explores the desirability of debt reduction in this environment. First, it characterizes circumstances in which debt reduction is desirable from the collective point of view of the creditors. Second, it formulates the forgiveness decision as a noncooperative game among creditors and explores the scope for debt reduction as an outcome of this game.
Voluntary Approaches to Debt Relief
Author : John Williamson
Publisher : Peterson Institute
Page : 98 pages
File Size : 40,50 MB
Release : 1989
Category : Debt equity conversion
ISBN :
Book Description
Voluntary Debt Reduction
Author : Elhanan Helpman
Publisher :
Page : 76 pages
File Size : 37,64 MB
Release : 1988
Category : Capital movements
ISBN :
Book Description
In an economy with a debt overhang, investment depends on expected tax rates. On the other hand, expected tax rates depend on the debt's face value. Therefore investment depends on the face value of debt. I show that this may lead to a positive or negative association between debt and investment depending on the degree of international capital mobility and attitudes toward risk. There may also exist multiple equilibria; with high and low investment levels. The paper explores the desirability of debt reduction in this environment. First, it characterizes circumstances in which debt reduction is desirable from the collective point of view of the creditors. Second, it formulates the forgiveness decision as a noncooperative game among creditors and explores the scope for debt reduction as an outcome of this game.
Analytical Issues in Debt
Author : Mr.Peter Wickham
Publisher : International Monetary Fund
Page : 430 pages
File Size : 26,55 MB
Release : 1989-03-15
Category : Business & Economics
ISBN : 9781557750419
Book Description
This book, edited by Jacob A. Frenkel, Michael P. Dooley, and Peter Wickham, presents a sample of the work of the IMF and that of world-renowned scholars on the analytical issues surrounding the explosion of countries with debt-servicing difficulties and describes debt initiatives and debt-reduction techniques that hold the best promise for finding a lasting solution to the problems of debtor countries.
Global Waves of Debt
Author : M. Ayhan Kose
Publisher : World Bank Publications
Page : 403 pages
File Size : 37,54 MB
Release : 2021-03-03
Category : Business & Economics
ISBN : 1464815453
Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Information Asymmetries in Developing Country Financing
Author : Mr.George C. Anayotos
Publisher : International Monetary Fund
Page : 28 pages
File Size : 16,36 MB
Release : 1994-07-01
Category : Business & Economics
ISBN : 1451955782
Book Description
This paper assesses the impact of information asymmetries on developing country financing and considers alternative techniques to reduce the adverse implications of such asymmetries. Following an introduction, Section II examines in general terms the role of information in financial markets and analyzes the incentive and risk sharing properties of alternative financial contracts. Information asymmetries which are present in domestic finance are more prevalent in international finance, in particular in developing country financing. Section III reviews measures aiming to resolve information asymmetries. Borrowing and creditor country regulations and policies, as well as innovative contractual agreements help to resolve a range of issues related to information asymmetries. However, despite their contribution, residual problems remain unresolved. The international financial institutions, and in particular the Fund, have an important role to play in alleviating information asymmetries.
Disrupting Finance
Author : Theo Lynn
Publisher : Springer
Page : 194 pages
File Size : 10,18 MB
Release : 2018-12-06
Category : Business & Economics
ISBN : 3030023303
Book Description
This open access Pivot demonstrates how a variety of technologies act as innovation catalysts within the banking and financial services sector. Traditional banks and financial services are under increasing competition from global IT companies such as Google, Apple, Amazon and PayPal whilst facing pressure from investors to reduce costs, increase agility and improve customer retention. Technologies such as blockchain, cloud computing, mobile technologies, big data analytics and social media therefore have perhaps more potential in this industry and area of business than any other. This book defines a fintech ecosystem for the 21st century, providing a state-of-the art review of current literature, suggesting avenues for new research and offering perspectives from business, technology and industry.
On the Limits to Income Redistribution with Poll Subsidies and Commodity Taxation
Author : Jaime Sempere
Publisher :
Page : 32 pages
File Size : 15,4 MB
Release : 1993
Category : Income distribution
ISBN :
Book Description
Principles of Household Debt Restructuring
Author : Thomas Laryea
Publisher : International Monetary Fund
Page : 30 pages
File Size : 26,37 MB
Release : 2009-06-26
Category : Business & Economics
ISBN : 1462376770
Book Description
This paper examines the estimated compliance with the macroeconomic convergence targets for 2008, based on estimates contained in the IMF’s Regional Economic Outlook: Sub-Saharan Africa (the REO). SADC’s regional economic integration agenda includes a macroeconomic convergence program, intended to achieve and maintain macroeconomic stability in the region, thereby contributing to faster economic growth and laying the basis for eventual monetary union. Targets for key macroeconomic variables have been set out for 2008, 2012, and 2018. Most SADC member states have recorded solid macroeconomic performance in recent years, in general coming close to, and in many cases surpassing, the convergence targets specified for 2008. A notable exception in this regard is Zimbabwe, which was in the grip of hyperinflation. The macroeconomic targets for 2012 are ambitious and, in some cases, warrant further evaluation, given that achieving the targets may be neither necessary nor sufficient to achieve good macroeconomic results.
