PSN: Debt (Topic)最新文献

{"title":"Sovereign Debt Restructurings","authors":"Maximiliano A. Dvorkin, Juan M. Sánchez, Horacio. Sapriza, Emircan Yurdagul","doi":"10.20955/wp.2018.013","DOIUrl":"https://doi.org/10.20955/wp.2018.013","url":null,"abstract":"Sovereign debt crises involve debt restructurings characterized by a mix of face value haircuts and maturity extensions. The prevalence of maturity extensions has been hard to reconcile with economic theory. We develop a model of endogenous debt restructuring that captures key facts of sovereign debt and restructuring episodes. While debt dilution pushes for negative maturity extensions, three factors are important in overcoming the effects of dilution and generating maturity extensions upon restructurings: income recovery after default, credit exclusion after restructuring, and regulatory costs of book value haircuts. We employ dynamic discrete choice methods that allow for smoother decision rules, rendering the problem tractable. (JEL E44, F34, F41, H63)","PeriodicalId":376458,"journal":{"name":"PSN: Debt (Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121530709","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Performance of Stock and Treasury Bills Under Inflation and Floating: Evidence from Egypt","authors":"Osama Wagdi, Yasmine Tarek, Nihad Edres","doi":"10.2139/ssrn.3180597","DOIUrl":"https://doi.org/10.2139/ssrn.3180597","url":null,"abstract":"The aim of this study is comparing the performance of common stock & treasury bills, according to the central bank of Egypt and their monetary policy during the time period between “1994-2017”, using descriptive & inferential statistical methods. The Study concluded that there is a strong positive relationship between inflation rate & returns of Egyptian treasury bills, as the same relation as with floating Egyptian pound. in addition, the study found the impact of Inflation and Floating on the return of Egyptian T-bills, but don’t found this impact on the return of Egyptian common stock. Finally, the study founds the same average return but a different at variances of this return & the Coefficient of variation.","PeriodicalId":376458,"journal":{"name":"PSN: Debt (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123146524","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Problems of NPA in Banking Sector in India & Debt Recovery Remedies","authors":"V. Jha","doi":"10.2139/ssrn.3380757","DOIUrl":"https://doi.org/10.2139/ssrn.3380757","url":null,"abstract":"The issue of Non Performing Assets has been discussed at length for financial system all over the world. The problem of NPAs is not only affecting the banks but also the whole economy. In fact level of NPAs in Indian banks is nothing but a reflection of the state of health of the industry and trade. Granting of credit for economic activities is the prime duty of banking. Apart from raising resources through fresh deposits, borrowings and recycling of funds received back from borrowers constitute a major part of funding credit dispensation activity. Lending is generally encouraged because it has the effect of funds being transferred from the system to productive purposes, which results into economic growth. However, lending also carries a risk called credit risk, which arises from the failure of borrower. Non-recovery of loans along with interest forms a major hurdle in the process of credit cycle. These loans affect the bank’s profitability on a large scale. The rising NPA has had posed a great challenge on the survival of Banking Industry in India and with this tenuous Banking Industry smitten with NPA, our desire to become an economic superpower would just be a daydream, thus, recent steps taken by RBI and Government of India to mitigate the deleterious effect of NPA has been discussed in this paper.","PeriodicalId":376458,"journal":{"name":"PSN: Debt (Topic)","volume":"433 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116007651","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Official Debt Restructurings and Development","authors":"Gong Cheng, Javier Díaz-Cassou, Aitor Erce","doi":"10.24149/gwp339","DOIUrl":"https://doi.org/10.24149/gwp339","url":null,"abstract":"Despite the frequency of official debt restructurings, little systematic evidence has been produced on their characteristics and implications. Using a dataset covering more than 400 Paris Club agreements, this paper fills that gap. It provides a comprehensive description of the evolving characteristics of these operations and studies their impact on debtors. The progressive introduction of new terms of treatment gradually turned the Paris Club from an institution primarily concerned with preserving creditors’ claims into an instrument to foster development in the world’s poorer nations, among other objectives. Our study finds that more generous restructuring conditions involving nominal relief are associated with an acceleration of per capita GDP growth and with a reduction in poverty and inequality. We also find that countries receiving nominal relief tend to receive lower aid flows subsequently, the opposite being the case for countries receiving high reductions in the net present value of their obligations, but no nominal haircuts.","PeriodicalId":376458,"journal":{"name":"PSN: Debt (Topic)","volume":"32 5-6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120897828","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Primer on Managing Sovereign Debt-Portfolio Risks","authors":"Thordur Jonasson, Michael G. Papaioannou","doi":"10.5089/9781484350546.001","DOIUrl":"https://doi.org/10.5089/9781484350546.001","url":null,"abstract":"This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.","PeriodicalId":376458,"journal":{"name":"PSN: Debt (Topic)","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125969518","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On Fiscal Austerity and National Debt: A Retrospective Approach to the Public Finances of Greece","authors":"Christos F. Stournaras","doi":"10.2139/ssrn.3060777","DOIUrl":"https://doi.org/10.2139/ssrn.3060777","url":null,"abstract":"The growth considerations of fiscal policy reflecting budgetary imbalances, public debt evolution and methods of government finance, as well as the policy ensuing dynamic effects of the transition path toward equilibrium positions continue to be the dominant issues in international macroeconomics. Of paramount importance in both theoretical advances and empirical strategies is the crucial issue of fiscal austerity, and particularly its self-defeating attributes, as a means to correcting budget deficits while maintaining the sustainability of national debt, in conjunction to the worldwide impact of financial recession along with the procyclicality bias of the fiscal authorities, fraught with political-economy vagaries emerging in the process, which challenged many of the founding tenets of the traditional macrofinancial policy mix in smoothing aggregate demand and supporting a solid recovery trajectory with viable output growth rates and employment prospects. The core purpose of the present policy paper, reflecting upon the continuously traumatic Greek experience with persistently large imbalances in the general accounts of public finances, is to work as a notional bridge, by reconciling descriptive analyses with prescriptive methodologies, and as such produce a somewhat convenient basis for theoretical advances in the research field of appropriately defined fiscalist rules and effectively designed debt stabilisation policies. In accomplishing such a hybrid task, it adopts an over-simplistic arithmetic exercise underlying the stock-flow adjustment of pertinent policy variables and then, through a macro-financial approach to assessing the rate of interest impact and wealth effects of governmental sovereign finance, under conditions of both (im)perfect substitutability between domestic and foreign assets, for private capital accumulation and aggregate output productivity, it advances the relevant policy issues by recourse to a formal growth-modelling analysis of the equilibrium fundamentals aimed at addressing internalexternal imbalances, arising from varying budgetary constraints and accordingly adaptable debt stabilisation rules, hence ensuring the corresponding solvency constraint, and thereby underpinning the newer steady-state economy that helps enhance a rather modified index characterising the fiscal-growth nexus. Such a fiscal policy rationale on the output growth-debt dynamics interplay, although open to several alternative interpretations upon structural functional modifications, might prove both theoretically informative and technically consistent, perhaps optimistically, for conducting a conclusive policy design enriched with a robust flavour of practical applicability.","PeriodicalId":376458,"journal":{"name":"PSN: Debt (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115876337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Deteriorating Dynamics of Public Debts Across Countries within the European Monetary Unification in Comparison with Countries Outside the European Monetary","authors":"M. Coccia","doi":"10.2139/ssrn.2957949","DOIUrl":"https://doi.org/10.2139/ssrn.2957949","url":null,"abstract":"The main aim of this study is to analyze the evolution of public debts and general government deficits/surplus across European countries within and outside the monetary unification. In particular, this study compares the dynamics of public debts and general government deficits between European countries within and outside the monetary unification for the preceding and subsequent period the introduction of the Euro currency. Statistical analyses show that the evolution of public debts is significantly different between European countries. Nations within the European monetary unification seem to have, from 2001 onwards, a deteriorated sovereign debts and general government deficits in comparison to countries outside the European monetary unification. This dissimilar evolution of public debts and general government deficits between European countries can be due to manifold factors. Moreover, these asymmetric paths of public debts and general government deficits across European countries may be one of contributing factors that generates uncertain scenarios and negative socioeconomic effects on patterns of growth of the overall European Union economy.","PeriodicalId":376458,"journal":{"name":"PSN: Debt (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132798716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Heterogeneity in the Debt-Growth Nexus: Evidence from EMU Countries","authors":"Marta Gómez-Puig, S. Sosvilla‐Rivero","doi":"10.2139/ssrn.2943255","DOIUrl":"https://doi.org/10.2139/ssrn.2943255","url":null,"abstract":"The objective of this paper is to examine whether the threshold beyond which a public debt change may have a detrimental effect on economic growth changes across euro area countries during the 1961–2015 period. In contrast with previous studies, we do not use panel estimation techniques, but implement a time-series analysis for each country based on the growth literature. The results suggest that in all the countries but Belgium a debt increase begins to have detrimental effects on growth well before the SGP debt ceiling (a debt ratio of around 40% and 50% in central and peripheral countries, respectively) is reached. So, although austerity policies should be applied in EMU countries – since according to our results debt reduction barely exerts any significant beneficial impact on EMU countries' growth – they should be accompanied by structural reforms that can increase their potential GDP. Moreover, as our results suggest that the harmful impact of a debt change on growth does not occur beyond the same threshold and with the same intensity in all EMU countries, a focus on average ratios and impacts may be unsuitable for defining policies. Specifically, our findings suggest that the pace of fiscal adjustment should be lower in Greece and Spain than in the other countries.","PeriodicalId":376458,"journal":{"name":"PSN: Debt (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133693547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Private and Public Debt: Are Emerging Markets at Risk?","authors":"M. Bernardini, L. Forni","doi":"10.5089/9781475588170.001","DOIUrl":"https://doi.org/10.5089/9781475588170.001","url":null,"abstract":"Using a dataset covering a large sample of emerging economies (EMEs), we study the relationship between debt and economic performance in bad times. While previous research has shown that private debt buildups exacerbate the duration and intensity of recessions in advanced economies (AEs), we document that this effect is very pronounced in EMEs as well. Moreover, although rapid public debt buildups are unlikely to be the primary trigger of financial crises, in EMEs they are associated with deeper and longer recessions than in AEs. Part of this difference is explained by a less supportive fiscal policy in EMEs during crises.","PeriodicalId":376458,"journal":{"name":"PSN: Debt (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130587844","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exit Consents in Debt Restructurings","authors":"Benjamin Liu","doi":"10.2139/SSRN.2916453","DOIUrl":"https://doi.org/10.2139/SSRN.2916453","url":null,"abstract":"• The exit consent technique refers to an offer by a bond issuer to all the bondholders to exchange the existing bonds for new bonds or other types of securities, on the condition that the tendering bondholders must consent to a resolution which will amend the terms of the existing bonds so as to make the bonds less attractive. \u0000• In Marblegate and Caesars, the US District Court for the Southern District of New York held that the relevant exit consent in each case violated Section 316(b) of the Trust Indenture Act of 1939 (US) on the basis that Section 316(b) prohibits not only impairment of a dissenting bondholder’s formal right to payment, but also ‘practical impairment’ of such right. This article argues that there is no sufficient justification for giving Section 316(b) a broader interpretation than its plain language suggests. Such an interpretation is inconsistent with the legislative history of Section 316(b) and how the term ‘impairment of a right’ is used in other contexts. In January 2017, in a 2:1 decision, the US Court of Appeals for the Second Circuit reversed the district court’s ruling in Marblegate, holding that Section 316(b) only prohibits non-consensual amendments to an indenture’s core payment terms. \u0000• In Assenagon, the UK High Court held that the exit consent arrangement in that case was unlawful because it breached the abuse principle under English law. This article argues that the application of the abuse principle in exit consent cases should be considered in light of the factual context and the parties’ presumed intention. It is difficult to see how a consenting bondholder abuses its power when it is simply making a rational choice. Furthermore, it cannot possibly be the parties’ presumed intention that, when the issuer has made an exchange offer coupled with an exit consent, the consenting bondholder is required to prioritise the interests of the dissenting bondholders over its own interest.","PeriodicalId":376458,"journal":{"name":"PSN: Debt (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132147799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}