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Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012

Velloso, Helvia; Bustillo, Inés
Fonte: ECLAC Publicador: ECLAC
EN
Relevância na Pesquisa
46.87%
Includes bibliography; Foreword by Alicia Bárcena.; This report examines how the access of Latin American and Caribbean countries to external debt financing has evolved in the three decades since the debt crisis of 1982. In these thirty years, as the global financial environment evolved and structural shifts took place in the region, the market for Latin American and Caribbean tradable debt opened, deepened and broadened, developing from an unsecuritized loan market in the 1980s to a robust and improved securitized bond market by the end of the period. The study highlights how bond financing today is very different from what it was in the 1980s and 1990s and how access to external bond financing has become more widespread and less costly. Through the analysis of the forces behind the evolution of spreads, issuance and credit ratings, the report shows that by the end of 2012, debt spreads had declined considerably from the high levels prevalent in the late 1990s and early 2000s; the composition of debt issuance had shifted from sovereigns to the corporate sector and to local markets; debt was issued on a broader range of currencies; credit quality had improved substantially; and Latin American and Caribbean external debt attracted a larger and more diversified investor base. From 1982 to 2012...

Subnational Debt Finance and the Global Financial Crisis

Canuto, Otaviano; Liu, Lili
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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56.97%
This note focuses on the impact of the global financial crisis on subnational debt financing. The report approach the following questions: why is subnational debt financing important? What are the impacts of the crisis on the fiscal balance and financing cost of subnational governments (SNGs)? What explains the variations across countries in the ability of SNGs to proactively address the threat of fiscal deterioration? And, equally important, what are the long-term structural challenges facing SNGs in sustainable financing of infrastructure and social services?

Strategy and Business Plan for the Pakistan Infrastructure Project Financing Facility : Infrastructure Financing Market Update

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.93%
The report presented a detailed assessment of the infrastructure Public Private Partnership (PPP) financing market in Pakistan, including key financing gaps as existent in 2007. This note builds on the report by presenting an update of the state of the Pakistan infrastructure financing market as on date, and in particular, by analyzing the implications of the global financial crisis and the changes in the macroeconomic environment in Pakistan. This note is structured as follows: section two provides background information on the Pakistan economy; section three summarizes the key effects of international financial shocks and domestic political issues on the Pakistan economy; section four summarizes the progress on the infrastructure enabling environment; section five provides a summary update of the demand for infrastructure finance; section six presents recent developments in the supply of infrastructure finance; and section seven sets out the key conclusions.

Strengthening Subnational Debt Financing and Managing Risks

Liu, Lili
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
66.95%
The Chinese budget law prevents subnational governments from borrowing. However, Subnational Governments (SNG) borrows indirectly off-budget, through Urban Development and Investment Corporations (UDIC). There are various estimates on the off-budget liabilities, with one estimate having the liabilities at more than 30 percent of Gross Domestic Product (GDP). This paper provides a discussion of more reform options for China, anchored with cross-country experiences and lessons. The way forward is to develop regulatory frameworks that can expand SNG and UDIC market access and debt financing, while strengthening subnational fiscal discipline, managing default risks, promoting capital market development, and supporting macroeconomic management and a stable financial system. The paper is organized as: section two presents fiscal rules and framework - ex ante regulations for subnational debt issuing and procedures. Section three discusses what to do when a subnational government becomes insolvent - ex post system. Section four is devoted to developing regulatory frameworks for UDIC...

Financing Mechanisms for Addressing Remediation of Site Contamination

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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46.91%
Industrial and commercial facilities provide great economic benefit to communities throughout the world. Unfortunately, many industries use or have used practices and materials which have proven toxic to the environment and to those who live and work near contaminated sites. The definition and degree of contamination varies at national and regional levels of government, but leaders throughout the world now recognize the hazard that contaminated industrial and service sites present to the wellbeing of their communities and seek innovative ways to finance the remediation of these challenging sites. Industrial contamination can have a severe, direct impact on adjacent communities. The cleanup and redevelopment of a so-called brownfield can improve a community s economy, provide an opportunity for habitat restoration, and create public space. Cleanup and redevelopment of brownfields can be an effective economic development strategy, with benefits seen in two timeframes. First, there is an immediate and one-time capital expenditure for cleanup activities...

Financing Municipal Energy Efficiency Projects

Energy Sector Management Assistance Program
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.95%
Improving the energy efficiency (EE) of municipally owned buildings, such as schools and hospitals, and municipal infrastructure, such as public lighting, water supply, and district heating, offers budgetary savings on energy bills and a wide range of environmental and socioeconomic benefits. But relatively few municipal EE projects have been developed and implemented successfully. The challenges that limit EE investments in municipal buildings and facilities can be grouped into three broad areas: (i) a lack of awareness and incentives; (ii) insufficient implementation capacity; and (iii) limited access to financing. All three sets of challenges need to be addressed to scale up successful implementation of municipal EE projects. This Guidance Note focuses on the key issues faced by municipalities in accessing financing for EE investments, particularly for projects in the following four areas: indoor lighting, building retrofits, public lighting, and municipal utilities. The guidance note discusses the following potential financing mechanisms that can be used by municipalities to finance EE measures: budget financing...

Debt financing and R&D investments

Martínez-Ros, Ester; Tribó, Josep A.
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /06/1999 ENG
Relevância na Pesquisa
56.45%
Our model shows that firm's debt-equity ratio decreases with R&D investment returns, firms' R&D specialization degree, and internal funds availability. Our basic hypothesis is that firms specialized in R&D assimilate faster than others their R&D investment.

OECS Private Sector Financing : Ridging the Supply-Demand Gap

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.91%
The high levels of public debt and persistent fiscal deficits limit Organization of Eastern Caribbean States (OECS) governments' ability to pursue counter-cyclical fiscal policies during future economic downturns, leaving private investment as the key driver of future growth. This study on private sector financing in the OECS analyzes the issue of access to finance from three different angles: the demand side; the supply side; and the enabling environment. It is not possible to fully analyze problems of access to finance without a broad approach. Demand side, supply side and the enabling environment are jointly analyzed in this study to identify key measures that could be applied in order to improve the enabling environment, create better opportunities for business growth and innovation (diversification), and place financial sector institutions in a position to provide finance, especially to SMEs, in a sustainable way.

Fostering the Development of Greenfield Mining-related Transport Infrastructure through Project Financing

International Finance Corporation; Public-Private Infrastructure Advisory Facility
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: Working Paper
ENGLISH; EN_US
Relevância na Pesquisa
56.86%
The purpose of this study is to serve as a guide on developing Greenfield transport infrastructure (rail and port) primarily used to support mining operations ('mining-related infrastructure'), through Public-Private Partnership (PPP) schemes and on a project finance basis. The focus is on key financing issues and considerations, as well as recommendations for governments and private-sector participants, specifically in the context of sub-Saharan Africa and similar regions. Over the past decade, the rapid economic growth in newly industrialized markets has fueled a strong demand for various commodities (such as iron, coal, bauxite and copper), with significant impact on their prices. The last ten years have seen an unprecedented rise in the price of mineral commodities worldwide. From the mid-2000s through the early 2010s, the world's largest mining companies embarked in the planning of numerous and often very large mining projects to satisfy what was seen as an ever growing double digit demand for minerals (iron ore...

Toward Better Infrastructure : Conditions, Constraints, and Opportunities in Financing Public-Private Partnerships in Select African Countries

Shendy, Riham; Kaplan, Zachary; Mousley, Peter
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH
Relevância na Pesquisa
46.92%
Examining innovative ways to address Africa's infrastructure deficit is at the heart of this analysis. Africa's infrastructure stock and quality is among the least developed in the world, a challenge that significantly hinders economic development. The study is structured around the most inhibiting constraints to developing PPPs, as shared by all six countries. Section one provides a brief background of the infrastructure needs in the sample countries and outlines the current scope of Public-Private Partnership (PPP) transactions; section two examines the sources of financing for PPPs domestic and foreign with a particular focus on domestic sources; section three explores the supporting legislative, regulatory, and institutional environment for PPPs; section four addresses issues connected with the importance of developing a sound pipeline of PPP projects; and section five tackles the importance of managing the increased government fiscal commitments that are commonly coupled with PPPs. Section six outlines medium-term options for PPP financing. Finally...

Measuring the Impact of Debt-Financed Public Investment

Cavalcanti, Carlos B.; Marrero, Gustavo A.; Le, Tuan Minh
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
56.93%
While debt-financed productive public investment raises a country s debt ratios in the short run, it can also generate higher growth, revenues, and exports, leading over time to lower debt ratios. This paper develops a framework to assess whether countries meet the conditions for realizing the net benefits over the costs of public investment debt financing. While it is possible to achieve debt sustainability with an appropriate mix of concessional and non-concessional financing, this is a necessary but not sufficient condition. It is also important to ensure the operational viability of public investment projects by having in place adequate project management: (i) project screening and appraisal, (ii) a clear connection between capital and recurrent expenditures once the projects are launched, and (iii) safeguards for appropriate project implementation and facilities operations. To illustrate the strength of these results, the paper carries out three measurement exercises: (a) a simulation of the degree to which the ratio of optimal public investment responds to changes in key parameters related to project management in a general equilibrium model; (b) application of the public investment management (PIMa) index to benchmark a country's public investment management capacity; and (c) presentation of the results of the Investment...

Republic of Kenya : Medium Term Debt Management Strategy, 2010/11-2012/13

Ministry of Finance
Fonte: Nairobi Publicador: Nairobi
Tipo: Economic & Sector Work :: Other Financial Sector Study
ENGLISH; EN_US
Relevância na Pesquisa
46.98%
The objective of debt management in Kenya is to finance the Government financing requirements at the least cost with a prudent degree of risk. The 2010 Medium Term Debt Strategy (MTDS) is a versatile public debt management tool linked to the medium term fiscal framework that contains prudent revenue projections and planned expenditures consistent with Kenya's economic recovery effort. The strategy seeks to address the terms of new borrowing, including the appropriate mix between domestic and external debt. This report explores the objectives of debt management in Kenya, an overview of the previous medium term debt strategy, key developments, characteristics of the existing debt portfolio, outcomes of analysis of strategies, debt sustainability and implementing the 2010 MTDS.

Financing Infrastructure and Monitoring Fiscal Risks at the Subnational Level

Liu, Lili; Pradelli, Juan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
46.94%
This paper explores the building blocks of an institutional framework to govern borrowing by subnational entities to finance infrastructure investment. The framework should help in achieving sustainable financing of development needs and sound management of fiscal risks. Based on international experience, the authors suggest a minimum set of indicators for monitoring fiscal and debt developments. Recognizing the different nature and operations of the subnational entities, they propose specific indicators for special purpose vehicles and the government's general budget. The paper outlines an analytical framework to inform policy decisions concerning subnational debt limits, which are country-specific and should not be mechanically applied. Basic notions underpinning medium-term macro-fiscal frameworks and debt sustainability analyses provide effective guidance for identifying prudent levels of subnational debt. The authors argue that developing fiscal and debt indicators and setting borrowing limits should be part of a broader strategy to put in place an adequate fiscal architecture to coordinate and monitor the budgetary and borrowing policies conducted by individual subnational governments. Consistent with this general principle, they explore several areas of subnational public finance and management that need to be addressed with adequate governance structures and policy choices.

Debt Management Performance Assessment : The Gambia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work; Economic & Sector Work :: Debt Management Performance Assessment
ENGLISH; EN_US
Relevância na Pesquisa
46.96%
During January 11 to 20, 2010, a World Bank team undertook a Debt Management Performance Assessment (DeMPA) mission to Gambia. This tool provides a methodology for assessing government debt management performance through a comprehensive set of dimensions spanning the full range of DeM functions. The first time the tool was applied in Gambia was in 2007, when a pilot study was carried out, and this was a follow-up mission. The DeMPA methodology has evolved since the report made in 2007 and therefore it is not possible to carry out a strict comparison of the two DeMPA reports in terms of individual indicators as the detailed dimensions that make up an indicator are no longer aggregated; instead, each dimension is given a specific score. It is clear however that Gambia's debt management has progressed substantially in some dimensions during recent years although there are still remaining issues that would benefit from reform and institutional capacity-building. The mission notes that given that several reforms are currently being implemented...

Republic of Kenya : Medium Term Debt Management Strategy, 2011/12-2013/14

Ministry of Finance
Fonte: Nairobi Publicador: Nairobi
Tipo: Economic & Sector Work :: Other Financial Sector Study
ENGLISH; EN_US
Relevância na Pesquisa
46.98%
The objective of debt management in Kenya is to finance the Government financing requirements at the least cost with a prudent degree of risk. The 2011 Medium Term Debt Strategy (MTDS) outlines the government's preferred strategy to guide debt management operations in FY2011-12. It seeks to balance the cost and risk of both the existing public debt portfolio and alternative borrowing mix. This report explores the objectives of debt management in Kenya, an overview of the previous medium term debt strategy, key developments, characteristics of the existing debt portfolio, outcomes of analysis of strategies, debt sustainability and implementing the 2011 MTDS.

Assessment of the Financing Framework for Municipal Infrastructure in Vietnam; Danh gia khung tai tro cho co so ha tang dia phuong o Viet Nam bao cao cuoi cung

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Country Infrastructure Framework
ENGLISH; EN_US
Relevância na Pesquisa
56.96%
A fundamental challenge for Vietnam is to improve the affordability and efficiency of infrastructure investment. The fragmentation of public infrastructure investment results in duplication and waste, and is a major underlying cause of investment inefficiency. Bond issuance has been the most prominent form of debt financing at the sub-national level. At the provincial level, significant disconnects exist between total planned investment needs in infrastructure, and the effective demand for such investment. The success of any initiative to improve the financing of municipal infrastructure in Vietnam hinges on advances in the broader landscape of policy reform as part of the country's long-term development. Meeting these challenges requires a comprehensive approach that addresses issues of governance, financing, and execution. This report has been formulated with the objective of informing the Government of Vietnam (GOV) on how the financing framework for municipal infrastructure in the country can be strengthened. It is based on an assessment of the constraints and opportunities that sub-national governments face in accessing financing for infrastructure development. It also draws upon lessons and good practices from international experience in this area...

Review of Risk Mitigation Instruments for Infrastructure Financing and Recent Trends and Developments

Matsukawa, Tomoko; Habeck, Odo
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
46.97%
The objective of the Review of Risk Mitigation Instruments for Infrastructure Financing and Recent Trends and Developments is to provide a concise yet comprehensive guide as well as reference information for practitioners of infrastructure financing, including private sector financiers and developing country officials. The work is also intended as a reference for institutions offering (or developing) risk mitigation instruments, allowing them to learn from each other's recent practices. The book is organized into five chapters with the following objectives: Chapter 1 Type of Risk Mitigation Instruments: increases awareness of the different types and nature of risk mitigation instruments currently available for private financiers. Chapter 2 Recent Trends in Risk Mitigation: highlights areas in risk mitigation for developing country infrastructure financing receiving recent attention. Chapter 3 Characteristics of Providers and Compatibility: summarizes the characteristics of multilateral, bilateral, and private providers of risk mitigation instruments and the compatibility of those instruments. Chapter 4 Innovative Application of Risk Mitigation Instruments: presents recent developments and innovative applications of risk mitigation instruments through case transactions. Chapter 5 Challenges Ahead: summarizes areas that pose challenges to the use of risk mitigation instruments as catalysts of infrastructure development. The focus of this book is on the multilateral development banks and agencies (that is...

Capital Market Instruments to Mobilize Institutional Investors to Infrastructure and SME Financing in Emerging Market Economies; Report for the G20

World Bank Group; International Monetary Fund; OECD
Fonte: World Bank, Washington, DC; International Monetary Fund, Washington, DC; and OECD, Paris Publicador: World Bank, Washington, DC; International Monetary Fund, Washington, DC; and OECD, Paris
Tipo: Working Paper; Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.94%
This report seeks to identify key capital markets instruments that can help mobilize institutional investors to infrastructure and small and medium enterprises (SME) financing in emerging market economies (EMEs). EMEs face financing gaps in infrastructure and SMEs that if not addressed can stifle growth and affect shared prosperity. This report is structured as follows: this section explains the objective of this report and the scope of the work undertaken. Section two provides an overview of the size and importance of institutional investors in EMEs and their current portfolio allocation. Sections three and four analyze key capital markets instruments that might help to mobilize institutional investors in EMEs to infrastructure and SME financing, and their current use in AEs and EMEs. Section five explains the challenges affecting the development of capital markets instruments in EMEs. Section six provides an overview of the role of governments and multilateral development banks (MDBs). Section seven draws conclusions and offer recommendations about actions that EMEs will need to undertake to mobilize institutional investors to infrastructure and SME financing.

Essays in Capital Structure

Yang, Jie
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Dissertação Formato: 1224479 bytes; application/pdf
Publicado em //2010 EN_US
Relevância na Pesquisa
46.93%

The costs and constraints to financing, and the factors that influence them, play critical roles in the determination of corporate capital structures.

Chapter 1 estimates firm-specific marginal cost of debt functions for a large panel of companies between 1980 and 2007. The marginal cost curves are identified by exogenous variation in the marginal tax benefits of debt. The location of a given company's cost of debt function varies with characteristics such as asset collateral, size, book-to-market, intangible assets, cash flows, and whether the firm pays dividends. Quantifying, the total cost of debt is on average 7.9% of asset value at observed levels, reaching as high as 17.8%. Expected default costs constitute approximately half of the total ex ante cost of debt.

Chapter 2 uses the intersection between marginal cost of debt functions and marginal benefit of debt functions to examine optimal capital structure. By integrating the area between benefit and cost functions, net benefit of debt at equilibrium levels of leverage is calculated to be 3.5% of asset value, resulting from an estimated gross benefit of debt of 10.4% of asset value and an estimated cost of debt of 6.9%. Furthermore, the cost of being overlevered is asymmetrically higher than the cost of being underlevered. Case studies of several firms reveal that...

Firm age, collateral value, and access to debt financing in an emerging economy: evidence from South Africa

Ezeoha,Abel; Botha,Ferdi
Fonte: South African Journal of Economic and Management Sciences Publicador: South African Journal of Economic and Management Sciences
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/01/2012 AF
Relevância na Pesquisa
66.77%
This paper applies the Blundell and Bond system generalised method of moments (GMM) two-step estimator to examine the impact of age and collateral value on debt financing, using a panel of 177 non-financial companies listed on the Johannesburg Stock Exchange over the period 1999 to 2009. The results show that South African firms have target leverage ratios and adjust their capital structures from time to time to achieve their respective targets, that the relationship between firm age and debt financing is nonmonotonic, and that firms with higher collateral value are likely to face fewer constraints on borrowing and therefore have greater access to medium-term and long-term debts. Robustness tests also reveal that during start-up and maturity stages, a firm's access to debt markets is significantly influenced by investments in assets that are acceptable to external creditors as collateral. These findings suggest that debt financing policies could be more critical for firms in the start-up and maturity stages