Search results for "recourse"
showing 9 items of 9 documents
The Case for Contingent Convertible Debt for Sovereigns
2015
We make the case for sovereigns to issue contingent convertible bonds as a means to forestall debt crises. These instruments contractually stipulate payment standstill, contingent on a sovereign’s credit default swap spread breaching a distress threshold. This is a financial innovation solution to the lack of sovereign debt restructuring mechanisms, limiting ex ante the likelihood of debt crises and imposing ex post risk sharing between creditors and the debtor. The new instruments are contingent contracts addressing neglected risks in sovereign debt. Building on literature for contingent convertible debt for banks we address the design of sovereign contingent debt, including market discipl…
Risk Profiles for Re-Profiling the Sovereign Debt of Crisis Countries
2014
This paper uses a risk-management approach to re-profile the sovereign debt of countries facing debt crises. Using scenario analysis we develop a risk measure of the sovereign's debt -- Conditional Debt-at-Risk -- and an optimization model is used to trace risk profiles that tradeoff expected cost of debt financing against the Conditional Debt-at-Risk. The risk profiles are particularly informative for crisis countries, as they allow us to identify, with high-probability, debt unsustainability. We develop risk profiles for two Eurozone countries with excessive debt, Cyprus and Italy, both in their current form and under various forms of restructuring or rescheduling, and show how to assess …
Financial stress and sovereign debt composition
2015
"Published online: 19 Oct 2015"
Alternative Financing of SMEs in the Baltic States: Myth or Reality?
2014
Abstract Alternative financing for small business can help companies whose owners can’t get traditional financing resources as small business loans, overdrafts and personal credit cards. New companies typically seek alternative financing when their companies have not been in business long enough to establish credit profiles with financial institutions. Access to alternative financing together with traditional financial resources represents one of the most significant challenges for new SMEs not only in the Baltic States but all over the world. Ensurance of new SMEs creation, existence and growth asks understanding of SMEs’ financing needs and alternative funding is one of them. Alternative …
Online Tourism System Development for Searching and Planning Trips with User’s Requirements
2020
The aim of the work is to simplify the process of finding and planning travels for users through the use of the intellectual system of integration and content creation. Information sources that comprehensively describe the concept of tourist information resources are considered. An overview and comparison of certain indicators of existing tourism information and service provider services that can be considered conceptually identical to the system being developed are carried out. The existing data integration technologies were identified and analyzed, their advantages and disadvantages were examined, and the feasibility of using each of the technologies in the developed system is considered.…
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…
Determining the appropriate timing of the next forest inventory: incorporating forest owner risk preferences and the uncertainty of forest data quali…
2017
Key message The timing to conduct new forest inventories should be based on the requirements of the decision maker. Importance should be placed on the objectives of the decision maker and his/her risk preferences related to those objectives. Context The appropriate use of pertinent and available information is paramount in any decision-making process. Within forestry, a new forest inventory is typically conducted prior to creating a forest management plan. The acquisition of new forest inventory data is justified by the simple statement of “good decisions require good data.” Aims By integrating potential risk preferences, we examine the specific needs to collect new forest information. Meth…
Financing in SMEs: Case of the Baltic States
2014
Abstract Access to finance represents one of the most significant challenges for SMEs’ entrepreneurs. To ensure SMEs creation, existence and growth it is vitally important to understand the financing needs of SMEs and entrepreneurs, the main obstacles to finance availability and accessibility. The study indicates the difficulties in SMEs financing for the three Baltic States and provides the governments and other stakeholders with a tool to understand SMEs’ financing needs. The study results highlight importance of alternative resources of external financing for small developing countries such as the Baltic ones and the need to support the design and evaluation of policy measures and to mon…