Search results for "External debt"
showing 5 items of 25 documents
The impact of international influence on microbanks’ performance: A global survey
2011
NOTICE: this is the author’s version of a work that was accepted for publication in International Business Review. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in International Business Review, 20(2), 163-176. http://dx.doi.org/10.1016/j.ibusrev.2010.07.006 Microbanks serve micro-enterprises and poor people with financial services. This study examines how various aspects of international influence affect microbanks' financi…
Risk Management Optimization for Sovereign Debt Restructuring
2015
Abstract Debt restructuring is one of the policy tools available for resolving sovereign debt crises and, while unorthodox, it is not uncommon. We propose a scenario analysis for debt sustainability and integrate it with scenario optimization for risk management in restructuring sovereign debt. The scenario dynamics of debt-to-GDP ratio are used to define a tail risk measure, termed conditional Debt-at-Risk. A multi-period stochastic programming model minimizes the expected cost of debt financing subject to risk limits. It provides an operational model to handle significant aspects of debt restructuring: it collects all debt issues in a common framework, and can include contingent claims, m…
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…
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…
Sub-central Governments and Debt Crisis in Spain over the Period 2000–2011
2013
This chapter studies the quantitative evolution of sub-central sovereign debt in Spain over the period 2000–2011 and compares it with the evolution of central debt. As an intense process of political and fiscal decentralization has taken place since the mid eighties, the paper examines whether this drive to decentralization has been paralleled by any fiscally undisciplined behavior on the part of Spanish sub-central governments over the period considered. Some key formal legal rules and informal behavioral norms present at sub-central politics in Spain are examined, including legal controls on borrowing by sub-central governments. The empirical analysis will be based on the internationally …