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"Broner, Lorenzoni, and Schmukler argue that emerging economies borrow short term due to the high risk premium charged by international capital markets on long-term debt. They first present a model where the debt maturity structure is the outcome of a risk-sharing problem between the government and bondholders. By issuing long-term debt, the government lowers the probability of a liquidity crisis, transferring risk to bondholders. In equilibrium, this risk is reflected in a higher risk premium and borrowing cost. Therefore, the government faces a tradeoff between safer long-term borrowing and cheaper short-term debt. Second, the authors construct a new database of sovereign bond prices and issuance. They show that emerging economies pay a positive term premium (a higher risk premium on long-term bonds than on short-term bonds). During crises, the term premium increases, with issuance shifting toward shorter maturities. This suggests that changes in bondholders' risk aversion are important to understand emerging market crises. This paper--a product of the Investment Climate Team, Development Research Group--is part of a larger effort in the group to understand financial markets in emerging economies"--World Bank web site.
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Debt relief --- -Debts, External --- -Debt relief --- -Debts, External -
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This annual report presents comprehensive statistics on the gross external debt of 171 developing countries and countries in transition. The 2003 edition has been enhanced with additional series providing more detailed breakdowns of categories of debt and time series data going back to end 1998. These figures are compiled by the OECD, largely on the basis of creditor sources. All figures are shown in US dollars. The External Debt Statistics database is included in OECD's International Development Statistics CD-ROM, and is available on line via www.OECD-iLibrary.org
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The external financing environment facing developing countries has brightened. In 2003, as global growth gained momentum, private capital flows to developing countries increased to USD 200 billion - their highest level in five years. Harnessing these gains to promote long-term investment and growth is the key theme of Global Development Finance 2004. By providing a comprehensive review of recent trends in and prospects for all development-related flows (including debt, equity, official aid, and workers' remittances), Global Development Finance 2004 enables government officials, economists, investors, financial consultants, academics and policymakers in the development community to better understand, manage, and promote the key challenge of financing development in today's globalized environment. I: Analysis and Summary Tables reviews recent trends in financial flows to developing countries and assesses the global outlook in light of the recent economic recovery. It highlights sources of vulnerability and risk in the recovery in private flows, notably the likely increases in interest rates in the advanced economies, volatility in major currencies and financial markets stemming from large global current-account imbalances, and fears of policy slippages in macroeconomic management in developing countries. II: Summary and Country Tables includes comprehensive data for 136 countries that report under the World Bank Debtor Reporting System, and summary data for regions and income groups. It contains data on total external debt stocks and flows, aggregates, and key debt ratios, and provides a detailed, country-by-country picture of debt.
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The external financing environment facing developing countries has brightened. In 2003, as global growth gained momentum, private capital flows to developing countries increased to USD 200 billion - their highest level in five years. Harnessing these gains to promote long-term investment and growth is the key theme of Global Development Finance 2004. By providing a comprehensive review of recent trends in and prospects for all development-related flows (including debt, equity, official aid, and workers' remittances), Global Development Finance 2004 enables government officials, economists, investors, financial consultants, academics and policymakers in the development community to better understand, manage, and promote the key challenge of financing development in today's globalized environment. I: Analysis and Summary Tables reviews recent trends in financial flows to developing countries and assesses the global outlook in light of the recent economic recovery. It highlights sources of vulnerability and risk in the recovery in private flows, notably the likely increases in interest rates in the advanced economies, volatility in major currencies and financial markets stemming from large global current-account imbalances, and fears of policy slippages in macroeconomic management in developing countries. II: Summary and Country Tables includes comprehensive data for 136 countries that report under the World Bank Debtor Reporting System, and summary data for regions and income groups. It contains data on total external debt stocks and flows, aggregates, and key debt ratios, and provides a detailed, country-by-country picture of debt.
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Debt relief --- Debts, External --- Acqui 2006
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A ball of hot money rolls around the world. It seeks anonymity and political refuge. It dodges taxes and sidesteps currency controls. It rolls through offshore shell companies and secret bank accounts, phoney charities and fraudulent religious foundations. It is kept rolling by white-collar criminals, gun-runners, drug dealers, insurgent groups, scam artists, tax evaders, gold and gem smugglers, and, not least, secret service agents plotting coups and financing revolutions. R.T. Naylor explains the origins of this pool of hot and homeless money, its origins, its uses and abuses, how the world of high finance, corporate and governmental, became hostage to it, and the price the world is paying and will continue to pay until the hostages are released. This book was one of the first, and remains the most comprehensive, to dissect the world of offshore finance, capital flight, money laundering, and tax evasion. Once a subject of concern principally to tax authorities and finance ministries, since the September 11, 2001 hot and homeless money has now become a central preoccupation for police forces and intelligence services around the world.
Money laundering. --- International finance. --- Debts, External
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Economic assistance --- Economic assistance --- Debts, External --- International economic relations --- Economic development
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Is the international financial architecture debate over? Not according to leading experts gathered together in this impressive volume who try to identify the key trends that will fashion the international financial system in the years ahead. As history has shown, the evolution of the international monetary system is a slow process.
International finance. --- Monetary policy. --- Capital movements. --- Foreign exchange. --- Debts, External. --- Finance --- Monetary policy
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