Search results for " debt"

Multi-Agent Financial Network (MAFN) Model of US Collateralized Debt Obligations (CDO)

2014

A database driven multi-agent model has been developed with automated access to US bank level FDIC Call Reports that yield data on balance sheet and off balance sheet activity, respectively, in Residential Mortgage Backed Securities (RMBS) and Credit Default Swaps (CDS). The simultaneous accumulation of RMBS assets on US banks’ balance sheets and also large counterparty exposures from CDS positions characterized the $2 trillion Collateralized Debt Obligation (CDO) market. The latter imploded at the end of 2007 with large scale systemic risk consequences. Based on US FDIC bank data, that could have been available to the regulator at the time, the authors investigate how a CDS negative carry …

International Debt Financing and Performance of Microfinance Institutions

2013

Using data from 319 microfinance institutions (MFIs) in 68 developing countries, we study the degree to which international debt investments are related to the financial and social performances of MFIs. We find that commercial investments are mainly related to financial performance and level of professionalisation of the MFIs. The targeting of women is not a priority, even though international commercial investors target MFIs that provide small loans. Subsidised investments, however, are mainly driven by the targeting of women, while financial performance and the level of professionalisation of the MFI is not a priority.

Absorption of European Funds by Romania

2014

Abstract The European Union provides financial support to all Member States through structural instruments (Structural Funds) and the Fund for Agriculture. Nationally, each Member State has to set up operational programs (SOP) in accordance with European requirements to access the available money. In the current multiannual financial exercise there are 7 SOP, plus the agriculture program. The absorption level of European funds for the current financial period - 2007-2013 - is low for several reasons: lack of strategic vision for programming development, poor quality of projects, excessive bureaucracy, lack of optimization of financial flows etc. For the upcoming 2014-2020 financial programm…

On the Relevance of Agency Conflicts in SME Debt Maturity Structure

2015

Previous theoretical research asserts that an optimal policy of debt maturity structure mitigates the various agency conflicts that arise through debt contracts. We test this hypothesis on Small and Medium-Sized Enterprises (SMEs), which are very sensitive to agency problems. Such problems mainly arise between owners and debt providers, due to SMEs recording high growth and having few fixed assets and informational asymmetry. We provide evidence on the relevant effect of underinvestment, asset substitution, and overinvestment problems on SME debt structure. Results appear to be robust to both the endogeneity problem of explanatory variables and the censored dependent variable.

The international debt problem: An analysis of the Brady plan

1989

Recently the American Treasury Secretary, Nicholas Brady, launched a new initiative in which he proposed reducing the developing countries’ bank debt. What are the elements of the plan, and which countries would benefit? What problems does it entail? Can it bring about a decisive improvement in the international debt situation of the developing countries? The following two articles attempt to answer these questions.

A Stochastic Programming Model for the Optimal Issuance of Government Bonds

2010

Sovereign states issue fixed and floating securities to fund their public debt. The value of such portfolios strongly depends on the fluctuations of the term structure of interest rates. This is a typical example of planning under uncertainty, where decisions has to be drawn on the base of the key stochastic economic factors underneath the model.We propose a multistage stochastic programming model to select portfolios of bonds, where the aim of the decision maker is that of minimizing the cost of the decision process. At the same time, we bound the conditional Value-at-Risk, a measure of risk which accounts for the losses of the tail distribution. We build an efficient frontier to trade-off…

The Global Crisis and Alternative Scenarios to Save the Euro: A Spanish Perspective

2013

That the euro was in trouble became evident after the financial markets' turmoil the summer of 2007. The global financial crisis called into question some of the dogma propounded by the champions of liberal capitalism, such as the efficiency of financial markets. Whereas in the US several banks went bankrupt, in the EU the banking sector was recapitalised, and fiscal measures were taken to support companies and families, and to stimulate the economy; moreover, an institutional framework was set up to improve financial regulation and supervision. The banking and financial crisis was followed, as usual, by a debt crisis. In 2010–11, successive European Summits accelerated the creation of fina…

Nuovi diritti umani e nuovi soggetti: i diritti delle generazioni future

The thesis deals with the subjects of rights of future generations through both philosophical and legal perspective. The Introduction considers the phenomenon of new subjects in legal theory and, more widely, the outbreak of new human rights related to the technological development. The First Chapter faces the problem of the definition of “future generations” and identifies three different approaches. The first one, the “Remotist” approach, defines “future generations” just as the future humankind extremely distant from the present time. The second, the “Proximist” approach, looks at “future generations” as a concept involving exclusively our direct descendants. The third one, the “Indeterm…

Do debt crises boost financial reforms?

2014

"Published online: 15 Aug. 2014"

Omission of Quality Software Development Practices : A Systematic Literature Review

2018

Software deficiencies are minimized by utilizing recommended software development and quality assurance practices. However, these recommended practices (i.e., quality practices) become ineffective if software professionals purposefully ignore them. Conducting a systematic literature review (n = 4,838), we discovered that only a small number of previous studies, within software engineering and information systems literature, have investigated the omission of quality practices. These studies explain the omission of quality practices mainly as a result of organizational decisions and trade-offs made under resource constraints or market pressure. However, our study indicates that different aspe…