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Wyszukujesz frazę "sovereign debt" wg kryterium: Temat


Tytuł:
Belize’s 2016–17 Sovereign Debt Restructuring – Third Time Lucky?
Autorzy:
Asonuma, Tamon
Papaioannou, Michael G.
Togo, Eriko
van Selm, Bert
Powiązania:
https://bibliotekanauki.pl/articles/2047046.pdf
Data publikacji:
2020-12-29
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Sovereign Debt
Sovereign Defaults
Sovereign Debt Restructurings
Serial Debt
Restructurings
Belize
Opis:
This paper examines the causes, process, and outcome of Belize’s 2016–17 sovereign debt restructuring – its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006–07 and in 2012–13, the 2016–17 debt restructuring was executed through collaborative engagement with creditors outside an IMF-supported program. While providing liquidity relief and partially addressing long-term debt sustainability concerns, the restructuring will need to be underpinned by ambitious fiscal consolidation and growth-enhancing structural reforms to secure durable gains and avoid future debt distress situations.
Źródło:
Journal of Banking and Financial Economics; 2020, 2(14); 47-67
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned
Autorzy:
Asonuma, Tamon
Xin Li, Mike
Papaioannou, Michael G.
Thomas, Saji
Togo, Eriko
Powiązania:
https://bibliotekanauki.pl/articles/2040944.pdf
Data publikacji:
2018-11-15
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Sovereign Debt
Sovereign Defaults
Sovereign Debt Restructurings
Serial Debt
Restructurings
Serial Defaults
Grenada
Disaster Clause
Opis:
This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15. Both restructurings emerged as a consequence of weak fiscal and debt situations, which became unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.
Źródło:
Journal of Banking and Financial Economics; 2018, 2(10); 67-105
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Inflation and Public Debt Reversals in the G7 Countries
Autorzy:
Akitoby, Bernardin
Binder, Ariel
Komatsuzaki, Takuji
Powiązania:
https://bibliotekanauki.pl/articles/565670.pdf
Data publikacji:
2017
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Inflation
debt crisis
G7
public debt
sovereign debt
Opis:
This paper investigates the impact of low or high inflation on the public debt-to-GDP ratio in the G-7 countries. Our simulations suggest that if inflation were to fall to zero for five years, the average net debt-to-GDP ratio would increase by about 5 percentage points during that period. In contrast, raising inflation to 6 percent for the next five years would reduce the average net debtto-GDP ratio by about 11 percentage points under the full Fisher effect and about 14- percentage points under the partial Fisher effect. Thus higher inflation could help reduce the public debt-to-GDP ratio somewhat in advanced economies. However, it could hardly solve the debt problem on its own and would raise significant challenges and risks. First of all, it may be difficult to create higher inflation, as evidenced by Japan’s experience in the last few decades. In addition, an unanchoring of inflation expectations could increase long-term real interest rates, distort resource allocation, reduce economic growth, and hurt the lower–income households.
Źródło:
Journal of Banking and Financial Economics; 2017, 1(7); 28-50
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Determinants of complexity of sovereign debt negotiation
Autorzy:
Mesjasz, Lidia
Mesjasz, Czesław
Powiązania:
https://bibliotekanauki.pl/articles/522495.pdf
Data publikacji:
2016
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Complexity studies
Negotiation theory
Sovereign debt negotiation
Opis:
The situation on all kinds of financial markets is determined by their increasing complexity. Negotiation of sovereign debt is also a complex endeavor. Its complexity results both from structural characteristics – number of actors, problems of coordination, communication, cooperation and conflict and from cognitive limitations. The survey of literature on sovereign debt management shows that no research has been done on complexity of sovereign debt management, and sovereign debt negotiation in particular. The aim of the paper is to provide initial framework concepts of complexity of sovereign debt restructuring negotiation referring to a universal collection of characteristics of negotiation. A model of debt restructuring negotiation is elaborated and a set of its complexity- related characteristics is proposed.
Źródło:
Journal of Economics and Management; 2016, 25; 63-78
1732-1948
Pojawia się w:
Journal of Economics and Management
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Debt Reduction in the Eurozone
Autorzy:
Sawicki, Janusz
Powiązania:
https://bibliotekanauki.pl/articles/953225.pdf
Data publikacji:
2011-08-31
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Analiz Ekonomicznych
Tematy:
sovereign debt crisis
bailout
debt reduction
eurozone
peripheral countries
Opis:
When the Greek crisis exploded in the spring of 2010 the eurozone countries collected funds to refinance Greece’s debt in order to stave off a banking crisis. Later Ireland and Portugal asked for similar eurozone assistance. Because refinancing (bailout) was not sufficient to enable these peripheral countries to solve their debt problems, they agreed to implement austerity programs so that they could use eurozone countries’ public funds. But these austerity measures, even if politically affordable, will not suffice. It is exceedingly possible that the peripheral countries will not outgrow their problems and will be unable to return to capital markets at their pre-crisis levels. Their debt-to-GDP as well as debt services-to-income ratios are likely to grow and additional debt reorganization programs including debt reduction (haircut) will be required. At the heart of the issue is the potential impact of a reduction of the peripheral economies’ debt on the monetary financial institutions of all European Union countries. As a result of the restructuring and partial debt reduction, banks may need to receive public support. To address these problems a new solution in the form of the European Stability Mechanism (EMS) has been proposed. It is expected to change the way in which the eurozone functions. However, the EMS idea is based on the same philosophy as the existing bailout instruments. It does not address the equal treatment and moral hazard issues, while the conditionality programs proposed so far have not softened the adverse impact of the growing debt burden on the economic performance of the debt-laden countries. The entire European Union financial system is at risk and remains vulnerable as long as the refinancing mechanisms are not supported by debt restructuring and reduction. Debt managers do not seem to know how to draw on past experience and so ad hoc measures prevail. To effectively manage that kind of debt reorganization, the European Union should create the necessary procedures to efficiently address the economic future of all heavily indebted economies. The EU should also be prepared politically to accept the costs of debt reduction or of a fundamental reorganization of the eurozone.
Źródło:
Gospodarka Narodowa. The Polish Journal of Economics; 2011, 249, 7-8; 1-20
2300-5238
Pojawia się w:
Gospodarka Narodowa. The Polish Journal of Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Sovereign Debt Restructurings in Belize: Debt Sustainability and Financial Stability Aspects
Autorzy:
Asonuma, Asonuma
Papaioannou, Michael G.
Peraza, Gerardo
Vitola, Kristine
Tsuda, Takahiro
Powiązania:
https://bibliotekanauki.pl/articles/565701.pdf
Data publikacji:
2017
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Sovereign Defaults
Sovereign Debt Restructuring External Debt
Inter-Creditor Equity
Serial Defaults
Opis:
This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006–07 and in 2012–13, which occurred outside an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external liquidity concerns while the latter was motivated by a substantial increase in the coupon rates and future fi scal solvency concerns. Despite differential treatment between residents and non-residents, both 2006–07 and 2012–13 debt exchanges were executed through collaborative engagement, due in part to the existence of a broad-based creditor committee and the authorities’ effective communication strategy. However, while providing temporary liquidity relief, neither of the debt restructurings properly addressed long-term debt sustainability concerns. Going forward, the success of the 2012–13 debt restructuring will still depend on the country’s ability to strengthen fi scal efforts and the public debt management framework.
Źródło:
Journal of Banking and Financial Economics; 2017, 2(8); 5-26
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Institutional Hybridization and Economic Performance: The State of France. The State in France
Autorzy:
Goyer, Michel
Powiązania:
https://bibliotekanauki.pl/articles/942368.pdf
Data publikacji:
2012
Wydawca:
Szkoła Główna Handlowa w Warszawie
Tematy:
state
sovereign debt crisis
coordinated market economy
dirigisme
Opis:
Does the presence of institutional hybridization invariably lead to lower rates of economic growth? The absence of tight complementarities between the different spheres of the economy makes it harder for companies to secure market-based or strategic- inspired modes of coordination. I investigate this issue with the case of France - an institutionally hybrid economy whose relative economic performance has declined in the last decade. I highlight that the prominence of state intervention in the first four postwar decades lessened the weaknesses of institutional hybridization. Nonetheless, state dirigisme did not eliminate the shortcomings associated with a hybrid model. If anything, state intervention in France significantly contributed to stifle the development of institutional capacities of actors, most notably labour organisations, which are crucial in coordinated market economies.
Źródło:
Warsaw Forum of Economic Sociology; 2012, 3, 6; 55-68
2081-9633
Pojawia się w:
Warsaw Forum of Economic Sociology
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Analiza podstawowych kategorii budżetowych w krajach Unii Europejskiej
Characteristics of the main categories of government budget in UE member states
Autorzy:
Smołkowska, Urszula
Powiązania:
https://bibliotekanauki.pl/articles/11542179.pdf
Data publikacji:
2016
Wydawca:
Kancelaria Sejmu. Biuro Analiz Sejmowych
Tematy:
sovereign debt
budget deficit
public finance
European Union
COFOG
Opis:
The paper provides an overview of public finances in the EU member states. The author compares selected indicators, including budget deficit, government debt, government revenue and its sources, as well as government expenditures by COFOG (Classification of the Functions of Government). Particular attention is given to general government expenditures. The author also highlights similarities and differences between general government in Poland and other EU member states. The papers concludes with some remarks regarding challanges to improve the conditions of public finances.
Źródło:
Studia BAS; 2016, 3(47); 127-149
2080-2404
2082-0658
Pojawia się w:
Studia BAS
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Leading indicators of sovereign debt and currency crises: Comparative analysis of 2001 and 2018 shocks in Argentina
Autorzy:
Gruszczyński, Marcin
Majczak, Paweł
Powiązania:
https://bibliotekanauki.pl/articles/2024098.pdf
Data publikacji:
2020
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Argentina
Currency crisis
Early warning signals
Sovereign debt crisis
Opis:
Aim/purpose – This paper investigates the accuracy of leading indicators in the case of the 2001 sovereign default crisis and the 2018 currency turmoil in Argentina.Design/methodology/approach – In this paper, we conducted early warning signals analysis based on a-priori selected variables. For each of the macroeconomic variables, we computed yearly changes and selected the threshold to minimise the noise-to-signal ratio, i.e. the ratio of percentage of false signals in ‘normal’ times to percentage of good signals in a two-year period preceding each of the crises.Findings – The predictive power of indicators differs significantly in various crisis episodes. For the 2001 crisis, the decline in value of bank deposits was the best leading indicator based on the noise-to-signal ratio. For the 2018 currency crisis, the lowest noise-to-signal ratio was observed for the lending-deposit rate ratio.Research implications/limitations – The survey is limited mostly by the data availability and their quality.Originality/value/contribution – This paper gives a complex review of the major early warning indicators in the context of the most recent history of Argentina’s economy. It applies a set of classical leading indicators to two modern cases of financial crises. The paper proposes an original ‘knocking the window’ approach to the presentation of traditional warning concepts in the context of current economic events.
Źródło:
Journal of Economics and Management; 2020, 42; 20-47
1732-1948
Pojawia się w:
Journal of Economics and Management
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Koszty bankructwa państwa
The costs of sovereign default
Autorzy:
Gajda-Kantorowska, Małgorzata
Powiązania:
https://bibliotekanauki.pl/articles/943001.pdf
Data publikacji:
2017
Wydawca:
Uniwersytet Rzeszowski. Wydawnictwo Uniwersytetu Rzeszowskiego
Tematy:
koszty bankructwa państwa
kryzys zadłużenia
costs of sovereign defaults
sovereign debt crisis
Opis:
Celem opracowania jest przedstawienie najważniejszych teorii oraz wybranych wyników badań empirycznych dotyczących kosztów bankructwa państwa. Oszacowanie potencjalnych kosztów bankructwa państwa stanowi niezbędną wiedzę dla rządów w celu podjęcia decyzji, w jak dużym stopniu w warunkach kryzysu zadłużenia opłacalne jest unikanie niewypłacalności w porównaniu z kosztami i korzyściami wywiązywania się ze zobowiązań. Z przeprowadzonej w opracowaniu analizy wynika, że w zależności od przyjętej metody ekonometrycznej oraz badanej próby krajów nadal występują olbrzymie rozbieżności odnośnie do wpływu bankructwa państwa na tempo wzrostu gospodarczego. Przykładowo koszty w krótkim okresie mogą wynosić od 0 do 10,5%, z kolei w średnim okresie od 0 do 10%. Podobnie znaczne rozbieżności dotyczą wpływu bankructwa na dostęp do międzynarodowych rynków kapitałowych i rozmiary handlu międzynarodowego. Najważniejszym potencjalnym kosztem ekonomicznym bankructwa państwa skłaniającym rządy do spłacania swoich zobowiązań jest negatywny wpływ bankructwa na sytuację krajowych firm, w tym głównie banków, co pośrednio wpływa na stan całej gospodarki kraju. Pogorszenie warunków funkcjonowania przedsiębiorstw prowadzi do ograniczenia prywatnych inwestycji, w tym szczególnie ważnych dla rozwoju współczesnych gospodarek inwestycji w kapitał ludzki, co zwrotnie obniża efektywność gospodarki, tempo wzrostu PKB i poprzez działanie automatycznych stabilizatorów pogłębia problemy fiskalne (głębokość i czas trwania kryzysu zadłużenia). Kolejnym ważnym kosztem motywującym rządy do unikania niewypłacalności są koszty polityczne, które są zazwyczaj długotrwałe i znaczne. Reasumując, należy podkreślić, że wyniki badań empirycznych wykazują skrajne rozbieżności, co utrudnia wykorzystanie ich przez rządy do podejmowaniu decyzji w warunkach kryzysów zadłużenia.
The aim of this paper is to present the most important theories and selected empirical evidence on the costs of sovereign default. The evaluation of these costs is essential for countries facing a debt crisis for deciding how far they should go to avoid default compared with the costs and benefits resulting from the repayment of their debts. The analysis shows that depending on the selection of econometric model and sample of countries, there are still extreme differences regarding the impact of the sovereign default on economic growth. For example, the costs of not repaying debts can range from zero to 10.5% in the short run while in the medium term it can range from zero to 10%. Similarly, significant differences relate to the impact of sovereign default on the access to the international capital markets and on the size of international trade. The most important potential economic cost of sovereign default inducing governments to repay their debts is its negative impact on the domestic economy through the financial system, mainly banks, which indirectly affects the state of the whole economy. The deterioration of the business environment leads to a reduction in private investments, particularly the investments in human capital, which are very important for the development of modern economies. It leads to the reduction of the efficiency of the economy and GDP growth, and through the operation of automatic stabilizers- -exacerbates fiscal problems (the depth and the duration of the debt crisis). Another important incentive for governments to repay their debts are political costs, which are usually significant and long-lasting. In summary, the results of empirical studies show extreme differences, making it difficult for governments facing a debt crisis to use them to make optimal decisions.
Źródło:
Nierówności Społeczne a Wzrost Gospodarczy; 2017, 50; 131-143
1898-5084
2658-0780
Pojawia się w:
Nierówności Społeczne a Wzrost Gospodarczy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Programy skupu aktywów Europejskiego Banku Centralnego w dobie kryzysu zadłużeniowego w strefie euro
European Central Bank’s asset purchase programs in the age of the debt crisis in the Eurozone
Autorzy:
Grabowski, Wojciech
Stawasz, Ewa
Powiązania:
https://bibliotekanauki.pl/articles/970384.pdf
Data publikacji:
2013
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
euro area sovereign debt crisis
asset purchase programs
eurozone sovereign debt crisis
AIC
kryzys w strefie euro
programy pomocowe EBC
kryterium informacyjne Akaike
Opis:
The aim of the article is to analyse the effectiveness of the asset purchase programs implemented by the European Central Bank during the sovereign debt crisis of some euro area countries (i.e. Securities Markets Programme i Outright Monetary Transactions). We examine how those programs translate into changes in sovereign bond yields. With the aid of the Akaike information criterion we conclude that the impact of the Outright Monetary Transactions was more durable.
Przedmiotem artykułu jest analiza skuteczności programów skupu aktywów, które Europejski Bank Centralny wprowadził w odpowiedzi na kryzys zadłużeniowy części gospodarek strefy euro – tj. programów Securities Markets Programme i Outright Monetary Transactions. W artykule badana jest trwałość efektów wprowadzenia tych dwóch programów, mierzonych zmianą rentowności obligacji skarbowych. Wykorzystując kryterium informacyjne Akaike, dochodzimy do wniosku, że oddziaływanie programu Out-right Monetary Transactions było dłuższe niż programu Securities Markets Programme.
Źródło:
Ekonomia Międzynarodowa; 2013, 004; 5-21
2082-4440
2300-6005
Pojawia się w:
Ekonomia Międzynarodowa
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
What are the Principles of International Law Applicable to the Resolution of Sovereign Debt Crises?
Autorzy:
de Jonge, Alice
Powiązania:
https://bibliotekanauki.pl/articles/706841.pdf
Data publikacji:
2012
Wydawca:
Polska Akademia Nauk. Instytut Nauk Prawnych PAN
Tematy:
sovereign debt crises
debt moratorium
exchange control
bankruptcy
state immunity
international law
Opis:
This article explores the accepted and emerging international law principles applicable to the resolution of sovereign debt crises. The need for agreement on a set of guiding principles and mechanisms for resolving such crises is highlighted. The history of debt moratoriums, exchange controls and bailouts as instruments for dealing with sovereign debt crises is first outlined. The article then turns to an examination of alternatives to these policy options. Both market based and statutory approaches to sovereign debt restructuring are examined. The article ends with recommendations on a set of guiding principles for choosing between the various policy options available when a sovereign debt crisis is threatened.
Źródło:
Polish Yearbook of International Law; 2012, 32; 129-168
0554-498X
Pojawia się w:
Polish Yearbook of International Law
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Związki wolności ekonomicznej i rozwoju społeczno-gospodarczego w Unii Europejskiej w latach 2007-2013
Relations between economic liberty and socio-economic development in the European Union, 2007–2013
Autorzy:
Hajder, Krzysztof
Powiązania:
https://bibliotekanauki.pl/articles/625295.pdf
Data publikacji:
2015
Wydawca:
Uniwersytet im. Adama Mickiewicza w Poznaniu
Tematy:
economic growth
GDP
sovereign debt
budget deficit
crisis
etatis
liberal states
Opis:
This paper analyses the counter-crisis policy by means of examining crucial measures of socio-economic development, such as GDP per capita, sovereign debt, budget deficit, the share of public income and expenditure in GDP, unemployment rate, the percentage of people at risk of poverty, etc. The analysis concerns EU member states in 2007–2014 and concentrates on the division of states in terms of economic freedom which facilitates the assessment of economic efficiency in terms of the involvement of state in economy.
Źródło:
Rocznik Integracji Europejskiej; 2015, 9; 479-489
1899-6256
Pojawia się w:
Rocznik Integracji Europejskiej
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Arithmetic of influence of debt crisis on economies of visegrad group and challenges ahead
Autorzy:
Ptak, Piotr
Powiązania:
https://bibliotekanauki.pl/articles/570192.pdf
Data publikacji:
2014
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
V4 Group
sovereign debt crisis
general government debt
fiscal consolidation
ageing of population
Opis:
The global financial and economic crisis has fully revealed the risks of over- -indebted countries, whose cause was, inter alia, the maintenance of structural deficits for many years. Economies of the Visegrad Group (V4 Group) conducted even less disciplined fiscal policy than the EU. Nevertheless, the V4 Group has weathered the crisis better than the EU, even though its initial fiscal position was worse. However, in the long term, the fiscal consolidation process will be hindered due to unfavorable demographic trends and the burden on public finances imposed by scarce social security systems. In this respect, the V4 Group is going to experience even greater challenges than the EU. The purpose of this article is to show the arithmetic course and consequences of the sovereign debt crisis on economies of V4 Group as well as the challenges related among others to ageing process its population is going to face in medium and long term.
Źródło:
Ekonomia XXI Wieku; 2014, 4(4); 64-79
2353-8929
Pojawia się w:
Ekonomia XXI Wieku
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten
Autorzy:
Reinhart, Carmen M.
Rogoff, Kenneth S.
Powiązania:
https://bibliotekanauki.pl/articles/565636.pdf
Data publikacji:
2015
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Financial crises
sovereign debt crises
deleveraging
credit cycles
financial repression
debt restructuring
debt forgiveness
capital controls
austerity
Opis:
Even after one of the most severe multi-year crises on record in the advanced economies, the received wisdom in policy circles clings to the notion that high-income countries are completely different from their emerging market counterparts. The current phase of the official policy approach is predicated on the assumption that debt sustainability can be achieved through a mix of austerity, forbearance and growth. The claim is that advanced countries do not need to resort to the standard toolkit of emerging markets, including debt restructurings and conversions, higher inflation, capital controls and other forms of financial repression. As we document, this claim is at odds with the historical track record of most advanced economies, where debt restructuring or conversions, financial repression, and a tolerance for higher inflation, or a combination of these were an integral part of the resolution of significant past debt overhangs.
Źródło:
Journal of Banking and Financial Economics; 2015, 2(4); 5-17
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł

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