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Lifecycle investment strategies: an analysis based on european data
Fonte: Instituto Universitário de Lisboa
Publicador: Instituto Universitário de Lisboa
Tipo: Dissertação de Mestrado
Publicado em //2013
ENG
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Master in Finance/ Classificação: G11, O16; Focando-se na França, Alemanha, Itália, Espanha e Reino Unido, este estudo investiga se o seguimento de estratégias de investimento lifecycle proporciona uma maior acumulação de riqueza até à idade da reforma, comparativamente a outras estratégias de investimento. De acordo com as estratégias lifecycle, a exposição dos portfolios a activos com risco diminui e a exposição a activos sem risco aumenta, à medida que a idade dos investidores avança. Verificamos também se os nossos resultados suportam dois argumentos por detrás destas estratégias. O primeiro defende que o desempenho das ações supera o das obrigações no longo prazo e o segundo afirma que o risco das ações diminui no longo prazo. Os nossos resultados demonstram que entre 1993 e 2012, um portfólio investido nos índices acionistas de referência das 5 maiores economias europeias proporcionou um maior retorno anualizado do que um portfólio investido em obrigações a 5 e 10 anos dos mesmos países. Analisando o desvio-padrão dos retornos de um portfólio investido nos índices de referência das 5 maiores economias europeias, concluímos que o risco do investimento em ações aumentou com o horizonte temporal. Finalmente...
Link permanente para citações:
Deconstructing Herding : Evidence from Pension Fund Investment Behavior
Fonte: Banco Mundial
Publicador: Banco Mundial
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#ACCOUNTING#ACTIVE ASSETS#ALTERNATIVE INVESTMENT#ARBITRAGE#ASSET ALLOCATION#ASSET CHARACTERISTICS#ASSET CLASS#ASSET CLASSES#ASSET MANAGEMENT#ASSET MANAGERS#ASSET TYPE
Pension funds have been expected to
invest in a wide range of securities and provide liquidity
to domestic capital markets since they are the most
sophisticated investors, with plenty of resources to gather
private information and manage portfolios professionally.
However, by analyzing unique, monthly asset-level data from
the pioneer case of Chile, this paper shows that pension
funds tend to herd. This is consistent with pension funds
copying each other in their investment strategies as a way
to extract information, boost returns, and reduce risk. The
authors compute measures of herding across asset classes
(equities, government bonds, and private sector bonds) and
at different pension fund industry levels. The results show
that pension funds herd more in assets for which they have
less market information and when risk increases. Moreover,
herding is more prevalent across funds that narrowly compete
with each other, that is, when comparing funds of the same
type across pension fund administrators. There is much less
herding within pension fund administrators and across
pension fund administrators as a whole. This herding pattern
is consistent with incentives for managers to be close to
industry benchmarks...
Link permanente para citações:
On the International Transmission of Shocks : Micro-Evidence from Mutual Fund Portfolios
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
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#ACTIONS OF INVESTORS#AGENCY PROBLEMS#ANNUAL FREQUENCIES#ARBITRAGE#ASSET ALLOCATION#ASSET ALLOCATIONS#ASSET GROWTH#ASSET HOLDINGS#ASSET MANAGEMENT#ASSET POSITIONS#ASSET PRICES
Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries. The paper shows that the volatility of mutual fund investments is quantitatively driven by investors through injections of capital into, or redemptions out of, each fund, and by managers changing the country weights and cash in their portfolios. Both investors and managers respond to returns and crises, and substantially adjust their investments accordingly. These mechanisms generated large capital reallocations during the global financial crisis. Their behavior tends to be pro-cyclical, reducing their exposure to countries experiencing crises and increasing it when conditions improve. Managers actively change country weights over time, although there is significant short-run "pass-through," meaning that price changes affect country weights. Consequently, capital flows from mutual funds do not seem to stabilize markets and instead expose countries to foreign shocks.
Link permanente para citações:
Bangladesh - Non-Lending Technical Assistance on Capital Markets
Fonte: Washington, DC
Publicador: Washington, DC
EN_US
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#ACCOUNTING#ACCOUNTING STANDARDS#ASSET CLASSIFICATION#AUCTIONS#BANKING INSTITUTIONS#BANKING LAW#BANKING REGULATION#BANKING SECTOR#BANKING SECTOR ASSETS#BENCHMARK BONDS#BOND
The Bangladesh stock market experienced
significant volatility in late 2010 and early 2011 which
took stock values high above fundamentals and threatened the
stability of the financial system. This note takes a
systematic look at the capital markets underpinnings in
Bangladesh, including the regulatory framework, the
rule-making bodies and enforcement issues. It also addresses
systemic weaknesses responsible for market instability which
was observed at the end of 2010 and early 2011. The note
analyses the outlines specific areas of potential
vulnerabilities of securities markets, as assessed against
appropriate practice guidelines for stability,
sustainability, transparency, and enforcement. A plan of
action going forward is also suggested. This note draws on a
considerable amount of prior analytical work. Bangladesh
capital markets remain ineffective. The government debt
securities markets are illiquid preventing the Bangladesh
financial system from relying on a market-based yield curve.
Bangladesh has yet to develop an active money market.
Trading of treasury bills in the secondary market is limited
because these instruments...
Link permanente para citações:
Turkey - Corporate Bond Market Development : Priorities and Challenges
Fonte: Washington, DC
Publicador: Washington, DC
EN_US
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#ACCOUNT RECEIVABLES#ACCOUNTING#ALTERNATIVE FUNDING#ASSET MANAGEMENT#BALANCE SHEET#BANK CREDIT#BANK FINANCING#BANK LENDING#BANK LOANS#BANK REGULATIONS#BANKING ASSETS
The study is in response to a request by
the Capital Markets Board of Turkey to assist them in
developing the corporate bond market in line with best
practices globally. The objective of this study is to carry
out an assessment of the status of the corporate bond market
in Turkey. The study identifies key impediments and
solutions to sustainable development, and it presents a
roadmap to address the key impediments to the development of
a dynamic and robust corporate bond market. This study
provides a comprehensive review of the Turkish corporate
bond market: chapter two provides an overview of the Turkish
economy and financial sector; chapter three discusses key
impediments to the vibrant development of the corporate
bond; chapter four looks at the Turkish bond market within
global bond markets and gives a review of the Turkish
government bond market; chapter five discusses issues
relating to the investor base, factors constraining the
growth of a broad and diversified investor base are
highlighted; chapter six provides an overview of derivatives
market in Turkey and discusses its important role in
enhancing liquidity in the secondary markets for government
and corporate bonds. The study concludes with a recommended
roadmap to develop the corporate bond market in chapter
seven. The annexes cover the latest corporate bond offerings
in Turkey and examine the expected transaction costs. Survey
details of the survey are also in the annex...
Link permanente para citações:
Foreign Investment in Local Currency Bonds : Considerations for Emerging Market Public Debt Managers
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
EN_US
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#ACCOUNTING#AGGREGATE BOND INDEX#ARBITRAGE#ASSET CLASS#ASSET CLASSES#ASSET MANAGEMENT#ASSET MANAGERS#ASSET PRICES#BALANCE SHEET#BALANCE SHEETS#BANK POLICY
Foreign investors are increasingly
important participants in the local currency sovereign bond
markets of developing countries. This note provides context
on the overall growth of local currency sovereign debt
markets in emerging markets and the growth of foreign
investor participation in these markets, a short review of
the relevant academic literature, and a summary of the
sources of foreign demand. The note concludes with a
discussion of the implications of growing foreign investor
participation for the managers of public domestic debt in
developing countries. The aim of the note is to provide a
useful, practically-oriented primer for debt managers
beginning to engage on this issue, and in particular to
facilitate moving the dialogue beyond overly simple
categorizations of countries as "emerging markets"
and of investors as a homogeneous source of "hot money".
Link permanente para citações:
Greco-Roman Lessons for Public Debt Management and Debt Market Development
Fonte: World Bank, Washington, D.C.
Publicador: World Bank, Washington, D.C.
EN_US
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#ACCOUNTABILITY#ADMINISTRATIVE COSTS#ARBITRAGE#ASSET MANAGEMENT#BALANCE SHEET#BANK CREDIT#BANK DEPOSITS#BANK LIQUIDITY#BANK OF GREECE#BANK PORTFOLIOS#BANKING INSTITUTIONS
Greece and Italy initiated efforts to
improve public debt management and develop their domestic
debt markets respectively in the late 1970s and mid-1980s.
At that time, both countries suffered from large and rapidly
growing public debt, excessive reliance on short-term bills
held by commercial banks, a strong preference of households
to save in bank deposits, and a weak presence of
institutional investors (pension funds, insurance companies,
and mutual funds). Continuing large fiscal deficits, high
levels of interest rates and inflation, and serious policy
credibility problems impeded the use of long-term
instruments. The authors provide a detailed analysis of the
characteristics of the instruments that were used in these
two countries, their pace of issuance, and their impact on
the composition of public debt. The authors note that the
main Greco-Roman lesson for developing and transition
countries concerns the transition from an excessive reliance
on short-term Treasury bills, held by captive banks, to a
liquid market with long-term instruments held...
Link permanente para citações:
International Asset Allocations and Capital Flows : The Benchmark Effect
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
EN_US
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#ACCOUNTING#ACTIVE MANAGEMENT#ACTIVE SHARE#AGENCY PROBLEMS#ARBITRAGE#ASSET ALLOCATION#ASSET ALLOCATIONS#ASSET CLASS#ASSET LIQUIDATION#ASSET MANAGEMENT#ASSET MANAGERS
This paper studies channels through
which well-known benchmark indexes impact asset allocations
and capital flows across countries. The study uses unique
monthly micro-level data of benchmark compositions and
mutual fund investments during 1996-2012. Benchmarks have
important effects on equity and bond mutual fund portfolios
across funds with different degrees of activism. Benchmarks
explain, on average, around 70 percent of country
allocations and have significant impact even on active
funds. Benchmark effects are important after controlling for
industry, macroeconomic, and country-specific, time-varying
effects. Reverse causality does not drive the results.
Exogenous, pre-announced changes in benchmarks result in
movements in asset allocations mostly when these changes are
implemented (not when announced). By impacting country
allocations, benchmarks affect capital flows across
countries through direct and indirect channels, including
contagion. They explain apparently counterintuitive
movements in capital flows...
Link permanente para citações:
Mortgage Liquidity Facilities
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
EN_US
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#ACCOUNTING#ACCOUNTING FRAMEWORK#ACTIVE MARKET#AFFORDABLE HOUSING#ARBITRAGE#ASSET LIABILITY MANAGEMENT#AUDITS#BALANCE SHEET#BANK LOAN#BANK SYSTEM#BANKING INSTITUTION
This note brings together some of the
policy lessons learnt in the creation of mortgage liquidity
facilities around the world. It looks at the main benefits
which can be derived from the creation of a mortgage
liquidity facility and the conditions under which they can
operate most effectively. The note details some of the
pre-conditions necessary for the creation of a liquidity
facility. There is summary of some of the key techniques
used in obtaining security over the mortgage collateral.
Lastly two important aspects which are crucial to building
confidence in mortgage liquidity facilities are how they are
regulated and their corporate governance. The note brings in
relevant examples from liquidity facilities which have been
set up as far back as 1987 (Malaysia), from developed
countries (France) and from facilities still under
discussion (West Africa). Overall the note points to the
valuable developmental role that mortgage liquidity
facilities can play in nascent mortgage markets as an
intermediary between capital markets in the primary mortgage
markets. This is especially the case in markets where the
mortgage lending infra-structure and environment have not
developed sufficiently to allow for other more sophisticated
alternatives such as securitization or covered bonds.
Link permanente para citações:
Financial Sector Assessment Program - Albania : Public Debt Management
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
EN_US
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#ACCOUNTING#ANNUAL BORROWING PLAN#ARREARS#AUCTION#AUCTION MECHANISM#AUCTIONS#BALANCE SHEET#BALANCE SHEETS#BANK DEPOSITS#BANKING SECTOR#BASIS POINTS
Government debt continues to expand,
reaching over all 872 billion, approximately 62 percent of
gross domestic product (GDP), as of end-September 2013.
Domestic debt grew sharply in the first half of 2013,
emanating largely from poor tax revenue performance,
together with the accumulation of a large stock of unpaid
bills and arrears. External debt creditors comprise
multilaterals, bilateral creditors, and private creditors.
The concentrated nature of the investor base and the high
domestic debt stock limit the choices available to debt
management, particularly with regards to extending the
maturity of the domestic debt. Public debt management in
Albania follows an organized process but will benefit from a
number of technical changes. The domestic borrowing plan has
been revised frequently due to unexpected flows in the
treasury account. In an environment of volatile treasury
balances, cash flows safety nets or minimum cash buffers
should be implemented. A number of initiatives are
recommended to improve the transmission of price signals in
the primary market - overall this will provide incentives
for secondary market development. To support the development
of the secondary market the General Directorate of public
debt management should modify its issuance program and focus
on key maturities on the yield curve. It is suggested that
the issuance program takes a small step in this direction by
limiting the number of tenors and focusing on for example...
Link permanente para citações:
Philippine Economic Update : Pursuing Inclusive Growth through Sustainable Reconstruction and Job Creation
Fonte: Washington, DC
Publicador: Washington, DC
EN_US
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#ACCOUNTING#ADVANCED ECONOMIES#AGRICULTURE#ALTERNATIVE FUNDING#ARBITRAGE#ASSET PRICES#BALANCE OF PAYMENTS#BALANCE SHEETS#BANK DEPOSIT#BANK DEPOSITS#BANK LENDING
Despite typhoon Yolanda and a string
of natural disasters throughout 2013, Philippine economic
growth accelerated to 7.2 percent in 2013. Higher growth was
underpinned by the robust performance of consumption and
services, and supported by the expansion of investments and
manufacturing. Like other emerging markets, Philippine
financial markets experienced large volatilities as
investors responded to the tapering of the United States
(U.S.) stimulus program. Monetary and fiscal policy remained
supportive of growth. Amid the challenging global
environment and the impact of typhoon Yolanda, the
Philippines are likely to sustain high growth in the
medium-term. Risks to growth include a slower global
recovery, financial market volatilities following the
tapering of the U.S. stimulus program, potential bubbles in
the real estate sector, slower post-typhoon reconstruction,
and domestic reform lags. The government responded quickly
to the typhoon by rolling out immediate humanitarian aid and
preparing the reconstruction assistance on Yolanda (RAY)...
Link permanente para citações:
Portfolio Limits : Pension Investment Restrictions Compromise Fund Performance; Limitations de portefeuille : Les restrictions sur les investissements de pension compromettent les performances des fonds Los limites de la cartera : Las restricciones a las inversiones de las pensiones comprometen el desempeno de los fondos
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
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#ADVERSE EFFECTS#ANNUAL RETURN#ASSET PRICES#ASSETS#BENCHMARK#BONDS#CAPITAL FLIGHT#COMPETITIVENESS#CONSUMERS#DEFICIT SPENDING#DEVALUATION
The value of funded pensions can depend
critically on the funds' investment performance. To try
and protect people's savings, governments often
regulate pension funds strictly, particularly when
contributions are mandatory. For example, the new funded
pension systems in Latin America and Eastern Europe are more
stringently regulated than private pensions in OECD
countries, which are mainly voluntary. While these pension
fund regulations take three different forms, this briefing
focuses on one of these: quantitative restrictions on
pension funds' portfolios. Quantitative restrictions on
the share of particular types of assets held by the fund
limit the dispersion of outcomes, particularly for defined
contribution schemes. In most mandatory schemes, this leads
to a 'single portfolio' environment where members
of the scheme are forced to hold basically the same
portfolio. Most common are limits on risky assets such as
shares and corporate bonds. Often, foreign investments are
curtailed. This review includes a look at the adverse
effects of portfolio limits...
Link permanente para citações:
Determinants of Bulgarian Brady Bond Prices; An Empirical Assessment
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research; Publications & Research :: Policy Research Working Paper
ENGLISH; EN_US
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#BALANCE OF PAYMENTS#BANK LOANS#BENCHMARK#BONDS#CAPITAL MARKETS#CENTRAL BANK#CERTAIN EXTENT#COLLATERAL#CONSUMER PRICES#CURRENCY SUPPLY#DEBT
To analyze the main determinants of
secondary market prices of Bulgarian Brady Bonds, the
authors investigate to what extent fluctuations in domestic
fundamentals affect the bonds secondary market price. They
also assess the extent to which external shocks affect the
bonds prices. They estimate the long-term relationship
between domestic fundamentals and market prices of bonds,
using co-integration techniques. In the long-run, they find
that gross foreign reserves and exports had a positive
effect on bond prices and the real exchange rate and Mexico's
nominal exchange rate depreciation had a negative effect. In
the short run, the Asian crisis had a negative impact, and
Bulgaria's change in political regime and introduction of a
currency board had a positive impact. Mexico's economic
crisis in 1995 had contagion effects. The authors' empirical
results confirm the view that the so-called fundamentals
approach should be used to supplement the analysis of
spillover effects for Bulgaria Brady bonds.
Link permanente para citações:
Analysis and Options for Namibia's Medium-Term Debt Strategy
Fonte: Washington, DC
Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Poverty Study; Economic & Sector Work
ENGLISH; EN_US
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#ACCOUNTING#ANNUAL BORROWING PLAN#ARREARS#ASSET MANAGEMENT#AUCTIONS#BALANCE OF PAYMENTS#BASIS POINTS#BENCHMARK BONDS#BENEFICIARIES#BENEFICIARY#BOND
Since gaining its independence 23 years
ago, Namibia has established an enviable track record of
political stability, prudent macroeconomic policies,
moderate growth, poverty reduction, and natural resource
conservation. The country has achieved these gains while
facing constraints imposed by geography, legacies of
apartheid and colonialism, and the challenges of
constructing a national government. Daunting challenges
remain, however. Namibia suffers from chronic high
unemployment, the ravages of HIV/AIDS, and one of the world
most skewed distributions of income. The structure of the
economy has remained fundamentally unchanged since
Independence: minerals and metals make up the majority of
exports; the public sector remains the largest employer; and
there has been little investment in labor-intensive
manufacturing, which in many countries has absorbed
low-skilled labor exiting traditional agriculture. This
report uses the Medium-Term Debt Management Strategy (MTDS)
framework developed by the International Monetary Fund (IMF)
and the World Bank to analyze options facing the GRN as it
prepares the new Sovereign Debt Management Strategy (SDMS).
This framework emphasizes the explicit analysis of relative
costs and risks in a debt management strategy...
Link permanente para citações:
Shadow Sovereign Ratings for Unrated Developing Countries
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
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#ACCOUNTING#ACTUAL DEBT#BANK LENDING#BENCHMARK#BONDS#BORROWING#BORROWING COSTS#BUDGET BALANCE#CAPITAL FLOWS#CAPITAL MARKET#CAPITAL MARKETS
The authors attempt to predict sovereign
ratings for developing countries that do not have risk
ratings from agencies such as Fitch, Moody's, and
Standard and Poor's. Ratings affect capital flows to
developing countries through international bond, loan, and
equity markets. Sovereign rating also acts as a ceiling for
the foreign currency rating of sub-sovereign borrowers. As
of the end of 2006, however, only 86 developing countries
have been rated by the rating agencies. Of these, 15
countries have not been rated since 2004. Nearly 70
developing countries have never been rated. The results
indicate that the unrated countries are not always at the
bottom of the rating spectrum. Several unrated poor
countries appear to have a "B" or higher rating,
in a similar range as the emerging market economies with
capital market access. Drawing on the literature, the
analysis presents a stylized relationship between borrowing
costs and the credit rating of sovereign bonds. The launch
spread rises as the credit rating deteriorates...
Link permanente para citações:
Domestic Bond Market Development; The Arirang Bond Experience in Korea
Fonte: World Bank
Publicador: World Bank
Tipo: Journal Article; Journal Article
Relevância na Pesquisa
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#banking markets#bond market reform#bond markets#bonds#capital flows#corporate savings#domestic bond#domestic bond market#domestic bond market development#emerging market#emerging market economies
A two-tiered approach to financial market development aimed at both bank and bond market reform would also be complementary to longer term economic development, provided services could be delivered through efficient financial and legal institutions (Chakraborty and Ray 2006) and there was strong protection for investors and sound fiscal and monetary policy management by government (Burger and Warnock 2006b). Historically, local issuers tend to issue in the major currencies (U.S. dollars, yen, and euro), and then either swap the proceeds into local currency (interest rate parity theory suggests this should deliver funds equivalent in yield to what is available in the domestic market) or, more often, sell the foreign currency proceeds in spot foreign exchange markets, leaving the repayment cash flows unhedged. Chakraborty and Ray (2006) recently established that although stronger bank monitoring helps to resolve information asymmetries and agency concerns, it is the efficiency of financial and legal institutions that influences growth outcomes, whether there is a bank- or a market-based financial system. Among them are the need for enabling regulation, including reform of withholding and other foreign investor taxes (Lejot, Arner, and Liu 2006); continuing reform of corporate governance...
Link permanente para citações:
Small States : Performance in Public Debt Management
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
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#ACCOUNTING#ACCOUNTING STANDARDS#ACTIVE DEBT#AGGREGATE DEBT#ASPECTS OF DEBT MANAGEMENT#ASSET PRICE#AUCTION#AUCTIONS#BALANCE SHEET#BANK FINANCING#BENCHMARK BONDS
This paper analyzes the status of public
debt management performance in 17 small states through the
findings of the Debt Management Performance Assessment
reports. Empirical evidence indicates that the higher the
quality of a country's policies and institutions, the
better is its capacity to carry debt and withstand exogenous
shocks. Borrowing for productive purposes can be an
important element in boosting growth of gross domestic
product but, conversely, excessive borrowing or poorly
structured debt in terms of maturity, currency, or interest
rate composition can quickly offset the positive impact,
deter new foreign and domestic investment, compromise reform
programs, depress growth of gross domestic product,
exacerbate the challenge of meeting debt service
obligations, and may induce or propagate economic crises.
Arguments in favor of sound debt management are especially
compelling for small states that must mitigate the
particular risks to which their economies are exposed.
Against this backdrop, the paper identifies aspects of debt
management where small states do relatively well and those
where they perform poorly...
Link permanente para citações:
Global Monetary Conditions versus Country-Specific Factors in the Determination of Emerging Market Debt Spreads
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
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#ABATEMENT#AUTOREGRESSION#BALANCE OF PAYMENTS#BANK LOANS#BANK OF ENGLAND#BENCHMARK#BONDS#BORROWING#BUSINESS CYCLES#CAPITAL FLOWS#CAPITAL MARKETS
The authors offer evidence that U.S. interest rate policy has an important influence in the determination of credit spreads on emerging market bonds over U.S. benchmark treasuries and therefore on their cost of capital. Their analysis improves on the existing literature and understanding by addressing the dynamics of market expectations in shaping views on interest rate and monetary policy changes and by recognizing nonlinearities in the link between U.S. interest rates and emerging market bond spreads, as the level of interest rates affect the market's perceived probability of default and the solvency of emerging market borrowers. For a country with a moderate level of debt, repayment prospects would remain good in the face of an increase in U.S. interest rates, so there would be little increase in spreads. A country close to the borderline of solvency would face a steeper increase in spreads. Simulations of a 200 basis points (bps) increase in U.S. interest rates show an increase in emerging market spreads ranging from 6 bps to 65 bps, depending on debt/GDP ratios. This would be in addition to the increase in the benchmark U.S. 10 year Treasury rate.
Link permanente para citações:
Africa's Macroeconomic Story
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
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#ACTIVE DEBT#ARREARS#BALANCE OF PAYMENTS#BANK RATE#BASIS POINT#BASIS POINTS#BENCHMARK BOND#BENCHMARK BONDS#BENCHMARK YIELD#BENCHMARK YIELD CURVE#BENCHMARK YIELDS
Much of Sub-Saharan Africa's
post-independence macroeconomic history has been
characterized by boom-bust cycles. Growth accelerations have
been common, but short lived. Weak policy formulation and
implementation led to large external and fiscal imbalances,
excessive debt accumulation, volatile inflation, and sharp
exchange rate fluctuations. This characterization changed,
however, in the mid-1990s, when debt relief and better
macroeconomic policy began to provide a source of stability
that has helped sustain robust growth throughout much of the
region. In resource rich countries, the process was
supported over the past few years by a dramatic increase in
commodity prices. But resources are only one part of the
story. Growth has exhibited impressive resilience even in
the face of negative external shocks, as in 2008-2009. While
the short-term outlook remains positive, over the medium
term policy makers face new challenges. Several countries
have the potential to greatly expand natural resource
production and become major commodity exporters; volatile
resource revenue will complicate their fiscal and monetary
planning. Rising investor appetite for financial assets of
frontier markets and the development of domestic debt
markets will continue to broaden the menu of and trade-offs
among financing options at a time when global interest rates
may start sloping upward. Complex financing arrangements --
notably for private-public or public-public partnerships in
infrastructure -- will become more common and will generate
new types of fiscal commitments and contingencies.
Link permanente para citações:
Bonds away : baseball mythology and the 2007 home run chase
Fonte: Brock University
Publicador: Brock University
Tipo: Electronic Thesis or Dissertation
ENG
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In 2007, Barry Bonds hit his 75 6th home run, breaking Hank Aaron's all-time record for
most home runs in a Major League career. While it would be expected that such an
accomplishment would induce unending praise and adulationfor the new record-holder,
Bonds did not receive the treatment typically reserved for a beloved baseball hero. The
purpose of this thesis is to assess media representations of the 2007 home run chase in
order to shed light upon the factors which led to the mixed representations which
accompanied BOlTds ' assault on Aaron's record. Drawingfrom Roland Barthes ' concept
of myth, this thesis proposes that Bonds was portrayed in predominantly negative ways
because he was seen as failing to embody the values of baseball's mythology.
Using a qualitative content analysis of three major American newspapers, this
thesis examines portrayals of Bonds and how he was shown both to represent and oppose
elements from baseball's mythology, such as youth, and a distant, agrarian past.
Recognizing the ways in which baseball is associated with American life, the media
representations of Bonds are also evaluated to discern whether he was portrayed as
personifYing a distinctly American set of values.
The results indicate that...
Link permanente para citações: