Search results for " debt"
showing 10 items of 158 documents
Disentangling the sources of sovereign rating adjustments: An examination of changes in rating policies following the GFC
2022
Abstract This paper disentangles and quantifies the sources of sovereign rating adjustments issued by the main rating agencies (Fitch, Standard and Poor's and Moody's) because of the global financial and European sovereign debt crises. We use a methodology (Rating Adjustment Decomposition) that allows us to decompose and quantify the portion of the rating adjustments motivated by changes in economic, financial and institutional quality factors (Δeconomic situation) and by changes in CRAs’ rating policies (Δrating policy). A third component (misprediction) is considered as the measure relies on a set of prediction exercises. Using 3,581 sovereign ratings from 104 (developed and developing) c…
Cross-border capital flows and information spillovers across the equity and currency markets in emerging economies
2021
This paper presents a novel perspective on the interaction between equity and currency markets in emerging market economies (EMEs) by (i) examining the nonlinear effects of capital flows on return spillovers between the stock and currency markets in a sample of twelve EMEs via the causality-in-quantiles approach of Balcilar et al., (2016), and (ii) providing a comparative analysis of the influence of debt versus equity flows over the spillover patterns. We show that the causal effects of international debt and equity flows on return spillovers across the equity and FX markets are largely concentrated at lower quantiles, suggesting that the arrival of information via capital flows tends to e…
Subordinated debt in banking: a regulatory perspective
2018
The banking industry during the 1980s was characterised by the rapid spread of products and services innovations. A vast growth in this area belongs to subordinated debt. Among the instruments created for the banks' need of self-financing, subordinated debts are identified as a particular category: people who are granted a subordinated debt mainly assume the risk of the issuer's insolvency accepting to place themselves in an intermediate position between the owners and all the other creditors. Purpose of this study is to analyse the framework of this particular class of debt. Subordinated debts tend to be the first shock absorber able to incorporate the losses and tend to be very volatile w…
CREATION OF INNOVATIVE APPROACH FOR STUDY OF THE NATIONAL FISCAL SPACE
2017
The choice and topicality of the theme is substantiated by the fact that a sustainable development of a country is affected by the policy implemented by the government. One of its main parts is the fiscal or budget policy which means the formation of the necessary funds of the revenues and expenditures to ensure the functioning of the government. Accordingly, the concept of fiscal space has been activated which is closely connected with the implementation of the instruments of fiscal policy (taxes, government expenditures, government debt). The aim of the research is to create an innovative approach to the investigation of the creation of the state fiscal space applying the simulation metho…
Especialidades contempladas en la legislación española respecto de la ejecución de la deuda tributaria en los delitos contra la Hacienda Pública
2020
Este es el documento final publicado que se encuentra de forma definitiva en la siguiente URL: https://www.revista-rbd.com/wp-content/uploads/2020/02/12._Antonio_Ferrer_pp._370-391.pdf En el tratamiento del delito fiscal, el procedimiento penal podía determinar la paralización de cualquier acción de la Hacienda Pública en orden al cobro de la deuda tributaria, lo que al margen de generar la idea errónea de que esta deuda se integraba estrictamente en el ámbito de la responsabilidad civil derivada del delito, dificultaba su ejecución determinando un importante agravio comparativo respecto al mero infractor, e incluso frente a un deudor ordinario, adoptándose por ello en nuestra legislación u…
Uzņēmuma SIA "GELVORA" stratēģiskās attīstības virzieni.
2016
Bakalaura darba tēma ir uzņēmuma SIA „Gelvora” stratēģiskās attīstības virzieni. Darba izvirzītā problēma ir stratēģiskās attīstības plānošanas trūkums uzņēmumā SIA “Gelvora”. Bakalaura darba mērķis ir, veicot uzņēmuma stratēģiskās attīstības analīzi, noteikt attīstības virzienu ārpustiesas parādu piedziņas uzņēmumam SIA „Gelvora” un uz tā pamata izstrādāt priekšlikumus tālākai uzņēmuma attīstībai. Bakalaura darbā tika veikta SIA „Gelvora” darbības analīze piecu gadu griezumā, sākot ar 2011. gadu. Pētījums parāda, ka uzņēmums ierindojas līderu grupā un ir konkurētspējīgs savā nozarē, taču, lai uzņēmums varētu uzlabot savus darbības rādītājus, tam ir nepieciešams pieņemt lēmumu par stratēģis…
The European sovereign debt market: from integration to segmentation
2013
This paper investigates the impact of European Monetary Union (EMU) and of the recent financial and fiscal crisis on the integration of the European sovereign debt market using annual data 1992–2010. The panel regression dependent variable is time-varying market linkages computed from daily realised correlations between sovereign bond returns for 13 European economies and Germany. The results indicate that the elimination of currency risk following the implementation of EMU led to a fundamental and significant one-off increase in integration. The net impact of fiscal fundamentals was negligible up until 2009 as the markets seemed to be pricing in a potential bailout for member states in cri…
Main intrinsic factors driving land grabbing in the African countries’ agro-food industry
2022
Land grabbing is a phenomenon that has spread widely over the last two decades and which involves rich and emerging countries and international companies as protagonists in the large-scale acquisition of land in developing countries. Through the development of an econometric model that takes into account the annual size of land grabbing in the African countries, the research aims to understand the main intrinsic factors, linked to the hosting countries, that guide the large-scale acquisition of land by foreign investors. Results show that the presence of a high debt towards foreign organisations, the high availability of virgin lands, the strong vocation of the hosting country for the culti…
The African Legal Support Facility as a Tool against Vulture Funds
2012
The article describes the action of vulture funds in enforcing sovereign debts against countries and the tools adopted to address the issue.
Stochastic debt sustainability analysis for sovereigns and the scope for optimization modeling
2017
We argue that sovereign debt sustainability analysis must be augmented by stochastic correlated risk factors and a risk measure to capture tail effects. Crisis situations can thus be adequately specified and analyzed with sufficient accuracy to warrant the relevance of policy decisions. In this context there is significant scope for optimization modeling for both strategic planning and operational management. We discuss diverse aspects of the problem of debt sustainability and highlight modeling approaches that can be brought to bear on the problem. Results with the fictitious, but nor unrealistic, Kingdom of Atlantis, which is sinking under excessive debt, illustrate the proposed models.